I'm a lot more optimistic. I think the biggest Bullish point is not elaborated to the extent it will likely evolve to on your list and will overshadow all of the Bullish and Bearish points by a long shot, taking Bitcoin on a long running rocketship ride later this year.

Although the Bitcoin Spot ETFs have been spectacular for Bitcoin so far with over $12 billion in new inflows this is just a drop in the bucket for massive new institutional investments that are coming soon.

The wealth managers of pension funds, retirement funds, investment banks and sovereign wealth funds collectively manage $100 trillion. They have not really even gotten started yet investing in the Bitcoin Spot ETFs.

The Spot ETFs started trading in January. The wealth management companies take between 90 days and 6 months to do their due diligence on new equities to investigate before making a decision to let their advisors and planners start recommending them to their clients and to start incorporating them into their other products.

This week you can very likely expect two wealth managers (Morgan Stanley and UBS) to announce that Bitcoin Spot ETFs will be available on their platforms almost immediately. Announcements like these will be made one after another this year as more and more platforms, funds, advisors and planners start making the Spot ETFs more available to more and more people and creating massive and increasing demand. This doesn't even include Hong Kong announcing they are creating their own Spot ETFs which will be available in China. Imagine how many Chinese investors will pile in to the Hong Kong ETFs.

The Wealth Managers have $100 trillion in assets under management. It is anticipated they will evolve somewhere in the neighborhood of 2.5% to 5% of their assets under management to Bitcoin Spot ETFs.

If they get to a 1% allocation of Bitcoin Spot ETFs in their funds this year, that is $1 trillion in new Bitcoin Spot ETF demand. $1 trillion in new Bitcoin Spot ETF purchases will send Bitcoin's price up significantly and will dwarf the current $12 billion Spot ETF investments.

Since Bitcoin exchanges are seeing record outflows to cold wallets, the amounts make the government's $2 billion sent to Coinbase is almost a non issue. Nearly 111,000 Bitcoin, valued at around $7.55 billion, were moved out of known crypto exchange wallets to cold wallets just in the last month.

In summary, in my opinion Bitcoin is going to rise very high in 2024 and beyond. Higher and sooner than most people think it will.

This post was edited on 4/7/24 at 3:25 pm