Home Crypto Bitcoin BlackRock’s Entrance to Crypto Could 2X+ the Price of Bitcoin

BlackRock’s Entrance to Crypto Could 2X+ the Price of Bitcoin

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Blackrock headquarters in New York, U.S., on Wednesday, Oct. 13, 2021. BlackRock gains 1.7% in premarket trading after reporting revenue and adjusted EPS for the third quarter that beat the average analyst estimates.Photographer: Jeenah Moon/Bloomberg via Getty Images

#crypto #bitcoin

$BTC

“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

Check Price Action

Have a prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.