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Peter Davis

An writer at FOMOdrive

  • Sep 07, 2023
  • 3 min read

Bitcoin to hit $150,000 by summer 2025 - Edelman Financial

Cryptocurrency prices are greatly underestimated by the market in terms of the impact of spot ETFs.

Grayscale has requested that the SEC take swift action to approve a Bitcoin spot exchange-traded fund (ETF).

It is estimated that there are over 88,000 individuals worldwide who have become crypto millionaires.

The trading of Bitcoin has dropped to its least amount in almost three years.

The mining difficulty for Bitcoin has decreased by 2.65%.

The complexity of bitcoin mining decreased by 2.65%, from 56.15 T to 54.15 T, as a result of the next recalculation. Glassnode reported that the average hashrate for the period from the previous value change was 387.57 EH/s, and the smoothed 7-day moving average reached 396.2 EH/s. In August, the hashrate even exceeded 400 EH/s.

The trading volume of Bitcoin on centralized exchanges has dropped to its lowest point since October 2020, as reported by Bitfinex. This decrease has been continuous for a few months, indicating a "decrease in trust in Bitcoin and the wider crypto asset industry."

Grayscale, an asset management firm, has requested the SEC to swiftly approve the transformation of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.

K33 (formerly Arcane Research) believes that the approval of spot ETFs for bitcoin will have a much greater impact on cryptocurrencies than the market currently realizes. Over the past three months, the likelihood of these applications being approved has grown significantly, yet this has not yet been reflected in the price of BTC.

Rick Edelman, the founder of Edelman Financial Engines, has predicted that bitcoin could reach a staggering $150,000 by the summer of 2025. He believes that the cryptocurrency space is undergoing a transformation, with the "bad guys" being eliminated.

Lyn Alden, a renowned macroeconomics expert, is of the opinion that the trend of increasing the proportion of cryptocurrencies in investor portfolios will persist, resulting in a substantial rise in the market capitalization of cryptoassets. She believes that "the crypto-currency market will reach an impressive capitalization."

According to the Crypto Wealth Report compiled by investment company Henley & Partners (H&P), there are six Bitcoin billionaires and 22 billionaires in the world, whose assets are spread across different cryptocurrencies. Additionally, the wealth of 182 millionaires is estimated to be over $100 million, and the total number of crypto millionaires is estimated to be more than 88,000. Of these, 40,500 are said to keep their wealth in Bitcoin.

USDT stablecoin issuer Tether has now become the 22nd largest purchaser of US Treasuries, with a total of $72.5 billion in reserves.

Activity on the Solana blockchain has been decreasing, with the number of SOL users reaching its lowest point in two years.

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