A recent Forbes report titled, “Imminent $3 Trillion ‘Watershed Moment’—300% Crypto Price ‘Panic’ Could Be About To Blow Up Bitcoin, Ethereum And XRP”, has drawn attention to a potentially seismic shift on the horizon for the cryptocurrency market, with XRP poised at the epicenter of this transformative event.
In a compelling analysis, Billy Bambrough, a senior Forbes contributor, foresees a forthcoming watershed moment, estimating a staggering $3 trillion impact on the crypto market.
This surge, he suggests, could catapult Bitcoin to unprecedented heights, sending ripples of market panic and significantly influencing major cryptocurrencies, including XRP and Ethereum.
Bitcoin’s Role and Market Dynamics
Bambrough attributes the recent surge in digital assets, particularly XRP, to Bitcoin rallying beyond $35,000. Although many in the community did not agree with this belief, Bambrough feels the surge injected a substantial $300 billion into the overall market valuation. Intriguingly, analysts contend that this notable shift might not have been fully factored into current market prices.
Projections indicate a potential explosion in Bitcoin’s price over the coming years, aiming for $150,000 by 2025, potentially signifying a $3 trillion market cap. The optimism surrounding this projection stems from expectations of a surge in Bitcoin spot exchange-traded funds (ETFs).
Catalysts Fueling Bitcoin (BTC) Surge
Bernstein analyst Gautam Chhugani, who shares a dispassionate view of Bitcoin as a commodity, hints at a significant shift, especially considering the imminent approval of SEC-regulated ETFs by major asset managers like BlackRock and Fidelity.
Chhugani emphasizes the crucial role of timing, stating, “A good idea is only as good as its timing.” BlackRock, the world’s largest asset manager, set the stage for a rush into the Bitcoin market when it filed an application for a Bitcoin spot ETF with the U.S. Securities and Exchange Commission (SEC) in June.
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In August, the market experienced a notable surge following a legal development involving Grayscale, a prominent crypto asset manager. A court upheld Grayscale’s challenge to the SEC’s denial of its bid to transform the Grayscale Bitcoin Trust (GBTC) into a fully-fledged Bitcoin spot ETF. The court’s decision compelled the SEC to review the application, injecting fresh optimism into the market.
Chhugani predicts that the approval of U.S. SEC-regulated ETFs could be a watershed moment for the cryptocurrency space. He anticipates SEC approval to materialize by late 2023 or the first quarter of 2024.
This is similar to a prediction of ETF approval by a notable analyst. This projection also aligns with the growing institutional interest in Bitcoin and the increasing mainstream acceptance of cryptocurrencies as viable investment options.