The attorney representing XRP holders, John E Deaton, has posed a question to his Twitter followers regarding the immense potential of bitcoin.
BTC is currently trading hands at $30,360.03, and Deaton suggested the possibility of the flagship cryptocurrency rallying to an impressive $300,000. This would represent a staggering tenfold increase from its present price.
Bitcoin Could ‘10X’ From Here
In a June 25 tweet, John Deaton asked his over 276,000 followers whether they think the market capitalization of Bitcoin could one day reach half that of gold. Deaton suggested that if this happened, the price of the dominant cryptocurrency may absolutely surge to $300,000 — which would be ten times higher than its current valuation.
By predicting Bitcoin might attain half of the precious metal’s market cap, the CryptoLaw founder sought to highlight his belief that the current market price is an attractive entry point for long-term investors.
Deaton also drew attention to an exciting development, as the CEO of the world’s largest asset manager BlackRock, Larry Fink, made a U-turn regarding Bitcoin. According to Fink, more than 600,000 customer inquiries about BTC were made on his company’s official website. This, per Deaton, is an important statistic that bolsters his perspective on Bitcoin.
BTC recently achieved a year-to-date high as investors’ excitement over BlackRock applying for a spot bitcoin exchange-traded fund (ETF) fueled dreams of a new bull market.
BlackRock, Other Spot BTC ETF Filings Spark Bullish Outlook
The crypto market had been going through a crisis of confidence following the implosion of the FTX crypto exchange last November, but recent filings for spot bitcoin ETFs have helped energize cryptocurrencies. Bitcoin touched the $31,000 level recently amid increasing U.S. regulatory scrutiny, as well as inflation and other macroeconomic concerns.
The world’s biggest asset manager BlackRock on June 15, applied to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF — something that the top American financial regulator is yet to greenlight.
Several other big-name financial firms, including WisdomTree, Invesco, and Valkyrie Investments, among others, also moved to lodge similar applications for their spot bitcoin ETFs.
The road toward a spot bitcoin ETF in the U.S. has been long. As such, crypto pundits now believe that if the SEC successfully approves BlackRock’s, or the other newly-submitted ETF applications, it would be a seminal moment in the history of crypto.
