Bitcoin Price Surges Past $50K on Spot ETF Hype and 401(k) Adoption Predictions, Fueling Calls for $70K High
• Bitcoin price has surged to over $50,000 per bitcoin recently amid spot bitcoin ETF hype, making bitcoin a $1 trillion asset again • A Wall Street analyst predicted a $6.9 trillion earthquake for bitcoin price if U.S. 401(k) pension funds, holding that amount, enter bitcoin • The analyst expects $50-100 billion in net inflows into spot bitcoin ETFs in 2024 • Three new spot bitcoin ETFs have already amassed $1 billion in assets under management, with BlackRock's holding around $5 billion in bitcoin • Other analysts predict the bitcoin rally will continue, with price potentially reaching $55,000 soon and $70,000 in early 2024