Fidelity have talked about a 5% allocation to #bitcoin. If the other asset managers of the Spot ETFs do the same this can happen:
$17T AUM x 5% = $850B
Using the BofA Bull market multiple:
$850B x 118 = $100T in BTC market cap
$100T / 19.5M coins = $5.13M per BTC
Serious question. We have had bitcoin ETFs up here in Snow Mexico (Canada) for over a year. Why won’t Americans (or others) simply buy the USD$ version on our exchange the TSX? Symbol BTCX’u. I know there are some esoteric rules like PFIC but it is not illegal as far as I know. Is it xenophobia? P.S. we had the first ever ETF as well — beating SPY by a few months.
I believe it is not just about being able to buy. But when big guys go into this path it is like a greenlight for everyone. If an asset manager goes and buy a Canadian Bitcoin ETF and things will go wrong than nobody hesitates to blame the guy. I really don’t have much idea how these things works but as I listen more about these kind of stuff during bitcoin shows it started to feel like people/companies just look at each other and just do the same things. It is not being innovative or thinking out of the box but sheer volume that wins most.
We should never stop to be bullish
I want to believe this but keeping the Bank of America’s multiplier as a constant during a run seems like a mistake. I mean that multiplier probably change. I don’t necessarily mean that it will drop as market cap increase, but just change. Maybe it can even increase if the store of value idea holds fast.
