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Moreover, an influential asset manager, Edelman Financial Services, has released a bullish forecast, suggesting Bitcoin could reach $420,000 if just 1% of global assets—estimated at $30 trillion—are allocated to it. This projection hinges on a 21x multiplier, a figure that Coinbase and other industry players have long used to model potential growth.
Institutional Accumulation: Who's Buying?
Data from the 13F filings—the disclosures of holdings from large firms—paint a compelling picture of rising institutional interest. Over 1,028 firms with more than $100 million in assets reported owning Bitcoin, collectively holding $11 billion worth as of March 2024.