BlackRock’s Entrance to Crypto Could 2X+ the Price of Bitcoin
#crypto #bitcoin
"Last week, US-based crypto giant Coinbase announced that it teamed up with BlackRock, the biggest asset manager in the world, to bring cryptocurrency trading to wealthy clients"--Paul Ebeling
BlackRock’s entry into the crypto space will have huge implications for the price of Bitcoin (BTC).
The illiquid supply is about 14-M out of the roughly 19-M Bitcoin outstanding. And by our calculations, only 3-M units are truly liquid. And so the demand if we were to see a $1-T increase in demand then it will likely drive the price up higher than the 2Xing that I mentioned above.
BTC is trading for $23,122.84 at time of writing. The top-ranked crypto asset by market cap is up nearly 3% in the past 24 hours
The Knights Platform is an electronic network that links the trading floors of every relevant Crypto Exchange
Market participants, Brokers and market makers can take a price on any of the linked exchanges to find and execute the best price available. Eventually, as they are on boarded, a broker on the floor of one exchange could directly place an order through Knights rather than going through a broker on another exchange.
A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here
Have a prosperous day, Keep the Faith!
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