Key Points

BitGo CEO Mike Belshe anticipates a surge in Bitcoin’s price due to renewed institutional interest.
He predicts that Bitcoin could reach $80K by May following the approval of BTC ETFs by firms.

BitGo’s CEO, Mike Belshe, recently highlighted the growing institutional interest in Bitcoin (BTC). He argues that this surge in interest could significantly boost Bitcoin’s value.

Increased Institutional Interest in Bitcoin

Belshe criticized those who panic-sold during the recent market dip, stating that they are not prepared for the potential 600% increases in Bitcoin’s value. He suggested that the rise of institutional interest in Bitcoin could lead to significant price increases.

“We’ve seen smaller hedge funds come in; larger hedge funds will come in. Pension funds are coming, and endowments are already here,” Belshe said. However, the uptake of Bitcoin ETFs by other institutions has been slow, mainly due to the lengthy approval process.

Bitcoin ETFs and the Market

In February, major firms such as LPL Financial Holdings reportedly took three months to conduct due diligence on new Bitcoin ETFs. Rob Pettman, LPL’s vice president of wealth management solutions, emphasized the importance of this process.

Belshe also noted the lengthy approval process for firms to access Bitcoin ETFs but remained optimistic that most firms would complete these processes by summer. “So now that we have an ETF available, it takes a little bit to go through investment committees. But I think we’re starting to see that runup happen now all through the summer. If it rhymes, you should see $80K by May,” Belshe said.