âJust The BeginningââBitcoin Suddenly Hits $70,000 Price âTipping Pointâ Amid Ethereum And XRP ETF Speculation
BitcoinBTC has rocketed over $70,000 per bitcoin, climbing toward fresh all-time highs as Wall Street quietly eyes a $90 trillion earthquake.
The bitcoin price has rocketed 350% since crashing to recent lows of $15,000 in late 2022, with traders setting a massive new bitcoin price target in recent weeks that could be hit sooner than you think.
Now, as China and Russia reveal they’re abandoning the U.S. dollar for a bitcoin-inspired alternative, a Silicon Valley venture capital investor has declared bitcoin is at a “tipping point”âand could be about to open the ethereum, XRPXRP and crypto exchange-traded fund (ETF) floodgates.
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“We’re going to get to a tipping point where everybody really talks about this,” Chamath Palihapitiya, a venture capitalist and former Facebook (now Meta) executive an early bitcoin investor who claims to have first bought bitcoin in 2010, said on the All In podcast alongside fellow investors Jason Calacanis, David Sacks and David Friedberg.
“I still donât think we are there yet. I think weâre just at the beginning, but when you see the inflows into these ETFs, itâs a very big deal because it just allows every mom-and-pop individual to buy some to the extent that they want to own or they want to speculate on it, whatever it is.”
A fleet of new spot bitcoin ETFs have taken Wall Street by storm over the last two months, with BlackRock’sBLK IBIT becoming the fastest ETF to hit $10 billion in assets under management this week.
Other bitcoin and crypto market watchers have made similar predictions.
“After $70,000 is breached, the next natural target is $100,000 and, if history rhymes, we could see bitcoin testing the $200,000 to $300,000 range throughout 2025, whenâas weâve seen in the pastâanother correction will be triggered and will lead to, hopefully, a higher price than where we are today,” Samir Kerbage, chief investment officer at Hashdex, said in emailed comments.
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The rush to buy spot bitcoin ETFs has fueled speculation that ethereum, XRP and other major cryptocurrencies could get ETFs of their own in coming months.
“I think itâs been a very big year, and I think that psychologically itâs proven a lot of folks wrong, and itâs a setup for something really constructive,” Palihapitiya said.
“The other thing Iâll say is that itâs not just Bitcoin but as goes bitcoin, there are a handful of other things. People are now speculating that thereâs going to be an ethereum ETF that gets approved as well because if you approve one, thereâs probably legitimate cause to approve a few others, so these things are becoming part of the financial fabric, and I think that that should not be underestimated.”
Last year, Palihapitiya declared the bitcoin and crypto industry was “dead in America”âwarning regulators are coming for crypto companies like Coinbase.
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