Several giants of the investment world, including BlackRock, Fidelity, Invesco, Wisdom Tree, and Valkyrie, have applied for a Bitcoin exchange-traded fund (ETF) in the United States Securities Exchange Commission. This news has ignited “The Great Accumulation Race” for Bitcoin among institutions and retail investors.
Cameron Winklevoss, co-founder of Gemini, warned that the window to buy Bitcoin pre-IPO before ETFs hit the public market is closing fast. MicroStrategy Chair Michael Saylor suggested that retail investors may soon be pushed aside by increasing institutional demand. Bitcoin’s price is now “extremely inelastic,” according to Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm, as no ETF application will be approved by the SEC until January or February 2024 at the earliest. Anthony Pompliano, a Bitcoin investor, expects a tug-of-war to play out between retail investors and Wall Street. Retail investors already accumulated all the Bitcoin that’s been mined and put into circulation, but 68% of that hasn’t moved in a year.
Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up
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Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024#Bitcoin #Wall Street #Business #Bitcoin Price #Investments #SEC #ETF #Bitcoin Regulation #Adoption