- BitGo Chief underlined the renewed institutional interest in BTC.
- Based on this and the halving, BitGo’s CEO expects $80,000 by May.
A renewed institutional interest in Bitcoin [BTC] could drive more upwards. According to BitGo chief Mike Belshe, this interest is peaking and could give new impetus to the leading crypto asset.
In a recent interview with Bloomberg TV, the BitGo chief scolded weak hands that panicked during the recent retracement, saying:
“We are in a very, very good time. There’s a saying: If you’re not ready for my 20% drop, you’re definitely not ready for my 600% rise.
Belshe believes there could be significant upside if different categories of institutions start allocating capital to Bitcoin.
“We’ve seen smaller hedge funds come in; There will be bigger hedge funds. Pension funds are coming, and there are already capital investments.”
Will institutional demand for BTC ETF increase heading into summer?
Other institutions have been slow to adopt BTC ETFs. Most of the slow uptake has been attributed to due diligence and subsequent lengthy consultation with investment committees for approval.
Early February, Bloomberg reported that major companies like LPL Financial Holdings chose to conduct due diligence on the new BTC ETFs for three months.
Rob Pettman, vice president of asset management solutions for LPL, underscored the need for due diligence and stated;
“We just want to see how they work in the markets.”
The report acknowledged risks and stated that more than 250 ETFs, some of which include crypto products, would close in 2023.
Beshle also cited the lengthy process of going through investment committees before a company is allowed to tap into BTC ETFs.
Most importantly, the BitGo chief noted that most companies will complete these processes by summer.
“So now that we have an ETF available, it takes some time to go through the investment committees. But I think we’re starting to see that run-up now throughout the summer. If it rhymes, you should see $80,000 in May.”
If this is true, a new round of institutional demand for BTC ETFs could drive more inflows into the crypto markets, prolonging the bull cycle even longer.
