Bitcoin (BTC) will rise above $ 20,000 if U.S. banks even invest 1% of their assetsAccording to an analyst.
Caprioles Digital Asset Manager talks about the institutional launch of Bitcoin on July 23. Charles Edwards said “it is not difficult to spot the developing trend”.
“It is not difficult to see where this leads to”
“If US banks only invest 1% of their assets in Bitcoin as an investment, security or insurance … The Bitcoin price would more than double“he wrote in Twitterand added:
“Only 1 percent of the NASDAQ (grayscale) already owns 2% of the Bitcoin offering currently in circulation. It is not difficult to see where this is going. “
Edwards has uploaded a chart of growing US bank balances as evidence of the possible impact of a BTC bias on the largest cryptocurrency.
Grayscaleas reported by Cointelegraph, Now a giant among Bitcoin hodlersalong with the payment company Square, which is responsible for buying most of the coins mined this year.
Chart of U.S. bank balances, source: Charles Edwards / Twitter
Institutions are stacking quietly on BTC
In the meantime, Edwards’ comments are current. In this week, U.S. lenders have been given the go-ahead by regulators to conduct cryptocurrency custody activities.
Whether an influx from the sector would ultimately benefit Bitcoin as an asset remains controversial. There were concerns about it earlier Institutional support in the form of products such as a Bitcoin Exchange Traded Fund (ETF) would adversely affect pricing.
“It’s not about good or bad, it’s just a fact”Edwards added.
However, other recent movements only serve to reinforce the upward trend of the market. The loner investor Paul Tudor Jones, who is increasingly optimistic about Bitcoin, recently announced that he has already invested up to 2% of his assets in BTC.