The expectations of cryptocurrency enthusiasts on the future of Bitcoin (BTC) is becoming extremely high to the extent that quite a large number of respected experts in this realm see Bitcoin going as high as $1 million.
Although, It may be hard to dispute that Bitcoin could go as high as $1 million in the nearest future considering the way the cryptocurrency space is winning big in different industrial sectors, however, it may be too early to predict the digital asset will go as high as that in the next 2-3 years.
As experts in the field see an exponentially growing future for Bitcoin (BTC), a signal pointing to the possibility of such is the entrance of institutional investors into the cryptocurrency space.
GBTC Sees 47% After Bitcoin (BTC) Rises Above $5K
One notable indication that institutional investors are trooping into the cryptocurrency space is the highlighted growth made by World’s Largest Digital Asset Fund’s Bitcoin (BTC) Product, the Grayscale Bitcoin Trust (GBTC).
As shown by the asset fund, since the start of 2019, there has been an increase in the demand of GBTC compared to Bitcoin’s net asset value (NAV).
This is no doubt, according to experts, an indication of increased net purchasing, meaning funds are pouring into the sector in large quantity.
Grayscale Investments’ Bitcoin product, GBTC, is witnessing a great boom this year, in just three months, the crypto product has seen over 56%, and has increased by 47% since April 2nd when Bitcoin jumped. As the product skyrockets, Bitcoin spot’s price has not been more than 28 percent since then.
Meanwhile, a well-known economist, Alex Krüger, has said this is a sign of development for Bitcoin and the cryptocurrency space at large.
He said: “GBTC 10% today, outperforming BTC. – GBTC +47% since [April 2nd] breakout – BTC +28% since [April 2nd] breakout. Another symptom of new money coming into crypto.”