The crypto market looks great today, with the most important coins trading in the green. It’s been just revealed that the latest deal between Coinbase and BlackRock could have an important effect. Check out the latest reports below.
BlackRock and Coinbase deal
Last week, US-based crypto titan Coinbase announced that it teamed up with BlackRock. Just in case you don’t know, this is the biggest asset manager in the world, to bring cryptocurrency trading to wealthy clients.
In a new strategy session, the host of InvestAnswers said that the partnership could boost Bitcoin’s market cap by a trillion dollars at the very least.
“If BlackRock puts 0.5% of their assets under management into Bitcoin using my multiplier which is 21x, that will impact the market cap by $1.05 trillion, which will add about $75,000 to Bitcoin’s price, taking it to $98,000, and an ROI (return on investment) from today’s price is 326%. This is very, very achievable…”
The analyst continued and said the following:
“Now if they allocate 1%, which of course will take time to get to that level, that would add about $2.1 trillion to the market cap, $150,000 to the price, and that would take the future price of Bitcoin to $173,000, which is a 652% gain from here.”
Ethereum and Bitcoin in the news
In a new video update, he explained how BTC’s dominance level, or the total percentage of the crypto market cap that is made up of Bitcoin, nosedived at the end of 2020 from about 73% to 41.18% at the time of writing.
Stay tuned for more news.