In a recent interview with Paul Barron, Hut8 VP Sue Ennis said that in the next cycle, the price of each bitcoin could reach $100,000, based on BTC’s share of $13 trillion in gold in institutional portfolios2 % to 5% of cases.
Ennis believes that if BTC can capture 2% to 3% of gold’s market value, the price will rise sharply and break through $100,000.
Regarding the percentage chance of a spot bitcoin ETF being approved by the end of 2023, Ennis said the odds are over 50%.
Because BlackRock is also involved, BlackRock is powerful, it is the largest asset manager in the world, and its influence on the market in past moves has been huge, which is a real bullish signal.