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Renowned financial advisor Ric Edelman has made a bold prediction about the future of Bitcoin BTC/USD , suggesting that the cryptocurrency could reach a staggering $420,000.

What Happened: Edelman, thefounder of the Digital Assets Council of Financial Professionals, recently shared his forecast in aninterviewwith Yahoo Finance's "Wealth." He based his prediction on the potential impact of planned allocations from financial advisors, which could drive up the price of Bitcoin.

Edelmans analysis suggests that if 1% of the worlds $740 trillion in financial assets were to be invested in Bitcoin, it could result in $7.4 trillion in inflows, ultimately raising the price of Bitcoin to $420,000.

If everybody who owns those assets were to simply allocate 1% to Bitcoin, that would represent a market cap of $7.4 trillion that translates to 420 grand per Bitcoin, he said

See Also: Top Trader Ditches Bitcoin For Altcoins, Dogecoin Killer Shiba Inus Potential Breakout And More

Why It Matters: The prediction from Edelman comes at a time when Bitcoin has been a topic of intense debate. Just a few days ago, well-known economist and Bitcoin critic Peter Schiff tried to downplay Bitcoins recent surge, highlighting its underperformance relative to silver. However, Edelmans prediction suggests a very different future for the cryptocurrency.

Moreover, Edelmans forecast aligns with the growing interest in Bitcoin among institutional investors. Just a few days ago, Anthony Scaramucci, the founder of SkyBridge Capital and a former ally of ex-President Donald Trump, predicted that more pension funds will soon include Bitcoin in their investment portfolios.

Despite the ongoing debates about Bitcoins future, its popularity continues to grow. As the Bitcoin price surges, investors who have lost access to their accounts are turning to crypto wallet recovery firms in droves.

The cryptocurrency market rallied handsomely on Monday over increased odds of approval of spotEthereumETH/USD ETFs, with Bitcoin coming close to breaking its all-time highs.

Price Action: Bitcoin is currently trading at $70,846, marking a 0.82% decrease in the last 24 hours. Despite this short-term dip, the King Crypto has seen a remarkable 60.39% increase in value since the beginning of the year, according to the data from Benzinga Pro.

Read Next: Bitcoin Smashes $70K, Ethereum Pumps 12% On ETF Approval Bombshell: Odds Of Approval 75%, Tweets ETF Analyst

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