Speaking to Yahoo Finance, Ric Edelman, founder of financial consultancy company Edelman Financial Engines, said that the future of Bitcoin is bright.
The famous name, who manages $291 billion, made a striking prediction for the price of Bitcoin and argued that the price of Bitcoin could rise to $420,000.
Basing this prediction on the increasing global allocation to Bitcoin, Edelman explained the benefits of investing in spot BTC ETFs.
Stating that ETFs are an easy way to access Bitcoin, the famous name also said that it is very cheap.
“I think spot Bitcoin ETFs are incredibly cheap. They are cheaper than going to Coinbase or another cryptocurrency exchange and being in a brokerage account.
ETFs will simplify the BTC investment process and enable it to reach a wider audience. This will cause the price to increase.
Because according to their calculations, if all global asset owners allocated just 1% of their assets to Bitcoin, this would mean a market value of $7.4 trillion for Bitcoin alone. This means that the BTC price can reach figures such as 420 thousand dollars.”
Ethereum ETFs Will Get First Rejections!
Although Edelman was optimistic about BTC, he warned investors against uncertainty in regulations, possible new lawsuits and fraud.
Edelman also criticized those who invested due to fear of missing out (FOMO), calling FOMO investing a weak investment logic.
Finally, the famous name made an evaluation about Ethereum ETFs and claimed that he expects the SEC to reject the first ETH ETF applications, but ETF approvals for ETH may come by the end of the year.
*This is not investment advice.