Bitcoin advocate Willy Woo has made a bold prediction, suggesting that a significant portion of the $9.5 trillion in assets managed by BlackRock will eventually flow into Bitcoin and other cryptocurrencies.
BlackRock, the world’s largest asset manager with nearly $10 trillion in assets under its management, has been playing a major role in driving the crypto market and promoting the adoption of blockchain technology. As previously reported by CNF, BlackRock became the first financial institution to offer a Bitcoin spot ETF, which has seen tremendous success, attracting billions of dollars in just a few weeks.
In addition to the Bitcoin ETF, BlackRock has also filed for an Ether spot ETF, which is currently under review by the U.S. SEC. Experts in the ETF industry are confident that these applications will ultimately be approved. BlackRock has further expanded its involvement in the crypto industry by launching the BUIDL Fund on the Ethereum blockchain. This is the company’s first tokenized fund on a public blockchain, backed by cash and U.S. Treasury bonds, allowing customers to earn USD yields.
The recently revealed speculation by Bitcoin expert Willy Woo suggests that the massive $10 trillion in assets managed by BlackRock will eventually find its way into Bitcoin and other crypto assets. Woo points to the upcoming “Great Wealth Transfer,” as baby boomers are expected to pass down $90 trillion to millennials, making them the wealthiest generation in history. This transfer of wealth is expected to significantly boost the adoption of Bitcoin, potentially bringing in $1 trillion from just 1% of the inherited wealth.
Bitcoin has a proven track record of leading the market, making it the preferred choice for most investors due to its relatively stable price movement, large market capitalization, widespread adoption, and regulatory clarity. While Bitcoin is expected to capture the largest share of the investments, other major cryptocurrencies like Ethereum, Solana, XRP, and Cardano are also likely to benefit from this investment wave.
It’s important to note that this wealth transfer will not happen overnight, but rather, it will be a gradual process taking place over several years. As this technology becomes more widely adopted and the value of these tokens continues to grow, the impact of this wealth transfer will become more evident.
At the time of writing, Bitcoin is trading at $70,200, experiencing a slight 1% decrease. However, it has still posted gains of nearly 10% over the past week. Investors remain optimistic about retesting the all-time high of $75,000 reached a few weeks ago and are confident in the possibility of reaching the coveted $100,000 target by the end of the year.