Institutional ownership and changes in cryptocurrency financing have strengthened bitcoin's ability to weather market downturns, according to Brian Vieten, senior research analyst at Siebert Financial. In comments provided to Bitcoin.com News on October 14, Vieten projected bitcoin prices beyond $175,000 over the next few quarters, citing what he describes as a fundamental shift in market structure.
Vieten's assessment builds on a three-factor valuation model that incorporates money supply growth, digital wallet adoption, and cryptocurrency demand. He argues that institutional holders and diversified financing arrangements have reduced the selling pressures that contributed to earlier market declines, particularly following the crypto lending failures of 2022.
Expanded Financing Channels
Bank lending secured by bitcoin exchange-traded funds has emerged as a significant financing mechanism. Major banks, including JPMorgan, now accept Blackrock's iShares Bitcoin Trust (IBIT) as collateral, enabling borrowers to pledge fund shares without selling them. This arrangement extends financing options beyond cryptocurrency platforms into conventional financial institutions.
Vieten also identifies diversified miners, corporate treasuries, and transparent exchanges as contributors to reduced selling pressure. He notes that corporate holders typically maintain low leverage and minimal capital spending requirements, while artificial intelligence and high-performance computing present potential sources of capital for mining operations.
Stablecoin Adoption as a Growth Driver
Vieten's outlook links bitcoin's next advance to expanding stablecoin adoption. Wider use of dollar-linked tokens could bring additional users and liquidity into blockchain-based finance, potentially increasing demand for digital assets more broadly.
Regulatory developments support this thesis. The GENIUS Act, which mandates at least one-to-one backing of stablecoins using eligible assets such as cash, deposits, and short-term Treasuries, is expected to take effect on January 18, 2027. Vieten anticipates the law will support Treasury demand and contribute to bitcoin's advance to $175,000 and beyond.
Consumer accessibility to stablecoins is expanding through mainstream platforms. Samsung announced plans to add USDC functionality to Samsung Wallet, scheduled for rollout in late October, with 82 million U.S. Galaxy devices eligible at launch and transfers available to bank accounts in more than 60 countries.
