BlackRock, JPMorgan crypto bull run could push bitcoin price to $200,000
Large financial institutions are investing in crypto and setting the groundwork for a new bitcoin price all-time high.
A blockchain-based union between two of the worldâs largest financial institutions â BlackRock, which has $8.5 trillion in assets under management and JPMorgan, which manages $3.8 trillion â is fueling predictions that these legacy leaders will drive the next crypto bull run.
As Forbes recently reported, BlackRock became the first Wall Street giant to leverage JPMorganâs new blockchain collateral system. And this exploration comes in addition to BlackRockâs interest in offering a spot bitcoin exchange-traded fund (ETF) and JPMorganâs bullish outlook on the near future of bitcoin mining.
âForbes is predicting BlackRock and JPMorgan, they will drive the next bull run,â George Tung of TheStreetCrypto reported in the video above. âI do think that institutions will definitely play a big role in this cycle, in the cycle top, and that could be a good thing. Weâre talking about trillions, upon trillions, upon trillions coming into the space led by the likes of BlackRock, and Fidelity, and Vanguard, and even Grayscale and others.â
Growing institutional interest is a clear sign of future price momentum for a range of digital assets and, coupled with the trend of long-term bitcoin accumulation, market conditions may be poised for the next bull run.
âRight now, those long-term holders are accumulating 50,000 bitcoins per month,â Tung reported. âLong-term holders are accumulating $1.35 billion per month. Thatâs a lot⊠Supply is going down and demand is going up.â
Though the bitcoin price has been relatively stagnant in the $27,000 range for months, the history of crypto markets has been demonstrably cyclical. So, whatâs next for the current crypto cycle, and how far might the next bull run propel prices?
âHistory for bitcoin may not repeat, but it tends to rhyme exactly the same way, over and over and over again,â Tung concluded.
