A crypto analyst and trader, who is the host of InvestAnswers, has recently shared how Bitcoin (BTC) could leverage the partnership between the two financial behemoths, BlackRock and Coinbase, to embark on a meteoric rise to $773,000.
It can be recalled that the two business entities sealed a partnership a few days ago to allow BlackRock to provide its institutional clients with access to cryptocurrencies.
Through the deal, BlackRock’s institutional clients will gain access to crypto trading, custody, prime brokerage, and reporting via the leading exchange’s institutional platform where a wide range of features and tools are provided.
However, the partnership is limited to Bitcoin (BTC) at the moment, according to the report.
So, it’s clear that the mega deal will open Bitcoin to larger users, which will certainly open a new door to mainstream adoption for the flagship crypto.
How the Partnership Could Send Bitcoin (BTC) to $773,000
In a new strategy session, the host of InvestAnswers told his teeming YouTube subscribers that the new deal between BlackRock and Coinbase could send the market capitalization of Bitcoin (BTC) to at least a trillion dollars
In his video, he pointed out that only 0.5% of BlackRock’s assets are capable of sending Bitcoin’s market cap to $1.05 trillion.
InvestAnswers host noted:
“If BlackRock puts 0.5% of their assets under management into Bitcoin using my multiplier which is 21x, that will impact the market cap by $1.05 trillion, which will add about $75,000 to Bitcoin’s price, taking it to $98,000, and an ROI from today’s price is 326%. This is very, very achievable…
“Now if they allocate 1%, which of course will take time to get to that level, that would add about $2.1 trillion to the market cap, $150,000 to the price, and that would take the future price of Bitcoin to $173,000, which is a 652% gain from here.
The strategist came about the analysis after being motivated by the comments of 10T Holdings CEO Dan Tapiero in relation to how Bitcoin (BTC) would react to the notable partnership. According to the famous investor, the partnership could send BTC above $250,000 price level.
Reacting to Dan Tapiero’s opinion about the possibility of BlackRock committing 5% of its assets, the InvestAnswer Host said:
“If they add 5%, which is what Dan Tapiero says, I think it’s way too aggressive. Maybe over time, maybe in the next three to five years, that could be possible. That would take the price of Bitcoin to $773,000 in the next three to five years pretty easily.”