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With his newly launched Edelman Financial Services, which is valued at $291 billion in assets, finance guru Ric Edelman predicts a possible price explosion for Bitcoin of as much as $420,000. Discussing in his Yahoo Finance discussion “Wealth,” Edelman goes on to elaborate the attraction of Spot Bitcoin ETFs, which take Bitcoin and incorporate it into the familiar format of traditional ETFs. Just like any other asset class, this format does not make investments in Bitcoin cheaper or easier to administer.
But, even while recognizing the volatility of Bitcoin and the risks that do come with it, from regulatory risks to fraud, Edelman is optimistic. He says that the price is expected to have risen because the global asset class has gone up to 1% in a hypothetical situation. In such a case, the market cap of Bitcoin would be huge and might indicate that the perception of Bitcoin from that of a transactional currency has largely changed to that of an essential store of value such as gold.
Edelman sees more than just Bitcoin in the mainstream; he sees Ethereum as part of it as well. He envisions the integration of cryptocurrencies driven by regulatory developments. His forecast, fitting neatly into this greater trend toward accepting cryptocurrencies as a legitimate part of traditional financial portfolios, is one reason that many crypto ETFs could easily debut in the near future.
