Mike Belshe: BitGo Prepares for a $400K Bitcoin Scenario
Mike Belshe, co-founder and CEO of BitGo, shares his thoughts on the Bitcoin price rallies and optimism surrounding spot Bitcoin ETFs.
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BitGo, a California-based company, is marking its 10th anniversary this year. It's recognized for its multi-signature Bitcoin wallet service and the launch of “Wrapped BTC” (WBTC). Additionally, Mike Belshe, a tech entrepreneur, is the author of both the HTTP/2.0 and its precursor, the SPDY protocol.
As October drew to a close, the crypto community witnessed a sharp 10% increase in BTC, the first significant movement since March 2023 when Bitcoin’s value skyrocketed amid news of several American regional banks declaring bankruptcy. Mike Belshe, speaking on CNBC's Crypto World podcast, shared his insights on Bitcoin's influence and potential. He highlighted that 92% of BTC is already mined, and in times when national debt becomes unmanageable, Bitcoin stands out as a “flight to quality,” echoing sentiments shared by Larry Fink.
Mike holds substantial expectations for BlackRock CEO Larry Fink’s involvement in the future of Bitcoin ETFs. He notes that the current market is patiently awaiting the U.S. Securities and Exchange Commission (SEC) to process the numerous ETF applications. Yet, he believes the market has a strong card to play with an application from BlackRock pending approval. Known for its expertise in ETFs, with a 99% approval rate from the SEC on previous applications, BlackRock is positioned to make a significant impact.
BlackRock knows how to do it. The partners they're working with know how to do it. The SEC has been told, look, it's ready guys. It's time to go. So it's going to happen,
Mike confidently predicts.
But when it finally occurs, how will BTC's price react? Will the market surge to new highs? Or will factors such as the Fed's high interest rates and Middle Eastern tensions act as a deterrent? Mike firmly believes that these factors, along with other contributors to global uncertainty, will foster an increase in Bitcoin's price. Furthermore, the advent of future Bitcoin ETFs will notably simplify the experience for the average person who might not fully grasp how to interact with Bitcoin and wishes to avoid taking on any additional, non-trading risks. Belshe points to a recent study by Galaxy Digital, suggesting that spot Bitcoin ETFs could attract an additional $14.4 billion in liquidity to the crypto market in just their first year. “I actually think it's going to be higher than that, but we'll see,” Mike comments with optimism.
When the American economy and the US dollar are facing significant challenges, the advice remains unchanged: invest in Bitcoin.
So it used to be that people are like, you know, you should put one or 2% of your net worth into Bitcoin. Nowadays, people are saying, you know what, you should put 5 or 6%,
Belshe asserts.
Ultimately, Mike Belshe is positioning himself for a significant financial gain. ETFs will require custodial services, and he is betting that BitGo will be selected for this role. The CEO has already started addressing the technical requirements for this potential scenario. At BitGo, they are preparing for a Bitcoin valuation ranging from $200,000 to $400,000. This represents a trillion dollars in digital assets, and the company is committed to ensuring their safety.
Once the ETFs do get approved, I think we're going to start seeing significant inflows,
Mike anticipates.
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