Boomers Interested In Bitcoin, Market Won’t Allow BlackRock To Buy BTC Below $60k

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,351,488,597,896	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,351,488,597,896

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	888.52	1.31%	68,801.50	68,801.50	68,801.51

Price Change

Price Change %

Current Price

Bid Price

Offer

888.52

1.31%

68,801.50

68,801.51

High Price	Low Price	Open Price	Prev. Close	52 Week Range
68,918.03	67,658.00	67,857.26	67,912.98	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

68,918.03

67,658.00

67,857.26

67,912.98

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:21:53	0.010000	68,801.50	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:21:53

0.010000

68,801.50

USD

Price x Volume	Volume	Base Symbol	Related Pairs
175,358,729.93	2,573.03	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

175,358,729.93

2,573.03

Boomers Interested In Bitcoin, Market Won’t Allow BlackRock To Buy BTC Below $60k

04/12/2023 10:00pm

NEWSBTC

As institutional interest in Bitcoin grows, Fidelity and BlackRock’s proposed spot Bitcoin Exchange-Traded Fund (ETF) faces an unexpected hurdle: the crypto market’s unwillingness to let go of the coin at bargain prices. Bitcoin To $60,000 In Progress? According to Mike Alfred, who claims to be a value investor and a board director, the market will “unlikely” allow BlackRock to purchase BTC below $60,000. Taking to X on December 4, Alfred said BlackRock and other Wall Street players keen on issuing spot Bitcoin ETFs would have to “buy for Boomer’s 401k plans for at least $60,000.” This preview stems from the rapidly growing demand among institutional investors, as seen by the number of Wall Street players willing to issue complex derivatives tailored for, among other investors, “baby boomers,” most of whom are “approaching retirement.” With their substantial retirement savings, baby boomers increasingly recognize BTC’s potential as a hedge against inflation and a store of value. Related Reading: ADA In The Spotlight: Heavyweight Investors Pile Into Cardano, What’s Next? Following Federal Reserve intervention during the COVID-19 pandemic, inflation rose to multi-year levels in 2021. To preserve purchasing power, the central bank began hiking interest rates. Although inflation has fallen and the economy stabilized, it remains higher than the target of 2%. The Fed continues to track this metric and may further intervene by raising rates to lower inflation. This might impact Bitcoin prices, as seen in the past months. Nonetheless, the potential influx of boomer money into Bitcoin via a Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approved derivatives product is a big boost for the coin. Though the SEC has yet to authorize multiple spot Bitcoin ETFs, the crypto and Bitcoin market expects the strict regulator to greenlight the first product in the next few weeks. BlackRock And Company To Buy BTC At A Premium Accordingly, ahead of this milestone development for the Bitcoin and crypto market, Alfred thinks BlackRock, Fidelity, and other players won’t secure Bitcoin at spot rates. Instead, the market anticipates that BlackRock, one of the world’s largest digital asset managers, will make their “bi-weekly purchases at prices above $60,000.” Related Reading: Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000 The coin is trading at April 2022 levels, ripping above $40,000 over the weekend as bulls step up. Looking at the BTC candlestick arrangement on the daily chart, the first clear resistance is around $48,000. The coin trades within a bullish breakout formation following gains above $32,000. As buyers step up and investors anticipate the SEC approving the first batch of spot Bitcoin ETFs, the coin will likely continue increasing toward all-time highs of around $70,000. Feature image from Canva, chart from TradingView

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