Eric Balchunas believes that a spot Bitcoin ETF is going to bring in $150 Billion dollars worth of new capital to Bitcoin in its first 12 months.
What’s more is that he believes there is a 75% chance that a spot Bitcoin ETF is approved in the next month, with his most likely date being the middle of October.
If you don’t know who Eric Balchunas is, he’s the senior ETF analyst at Bloomberg Intelligence. He’s probably the no.1 expert in the world and is the most well connected when it comes to ETF’s.
Today he did an interview and revealed some real juice, here’s the squeeze:
1. Believes mid-October is the most likely date this year for a spot-Bitcoin ETF approval.
2. Predicts that the ETF will bring in $150 billion dollars worth of capital in its first 12 months.
3. If not approved in 2023, pegs the odds at 95% chance of approval in 2024
“When I come up with the $150 billion, here's the math. One: that's about how much gold ETFs have. Two: if you take advisors and wealth managers, they have $30 trillion dollars that they run for the rich Boomers of America. If only 0.5% of that comes over that is $150 billion. So that's I think, pretty fair.”
Now $150 billion in the first 12 months is colossal. To put this into perspective, if you combine all the Bitcoin currently held on exchanges, it totals ~1.85 million Bitcoin. This equals ~$47.5 billion USD. Meaning Eric believes in the first 12 months, the ETF will usher in over 3x the amount of capital than all the exchanges hold altogether! Insane.
Another way of framing this is looking at Saylor, who has brought in around $4 billion to Bitcoin.
Eric is predicting a spot bitcoin ETF will add 37 more Michael Saylor to the roster.
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"A TSUNAMI Is Coming For Bitcoin, Get Ready" Eric Balchunas Prediction on BTC ETF
