Several industry pundits, like Winklevoss, have commented on the renewed optimism for an approved Bitcoin spot exchange-traded fund, which is, interestingly, igniting The Great Accumulation Race for Bitcoin.
Over the last week, Invesco, Fidelity, Valkyrie, and Wisdom Tree have already followed BlackRock, the investment giant, in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which certain analysts identify as the main reason for the price of Bitcoin surging by 19% to $30,240 since 16th June.
Winklevoss Believes Bitcoin Is Going Through A Great Accumulation Race
Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on the 21st of June that he believed that the Great Accumulation of the cryptocurrency had already begun between retail investors and institutions.
He further suggested that purchasing Bitcoin before the ETFs touched the public market was similar to that of a pre-initial Public Offering purchase, whilst suggesting that the floodgates for purchasing Bitcoin were closing fast. Michael Saylor, the Executive Chairman of MicroStrategy went on to weigh in on the subject in his own post where he suggested that the retail investors could be pushed aside soon by increasing institutional demand.
There are others besides Winklevoss, who believe the same. In a 21st June interview with CNBC, Anthony Pompliano, one of the investors of BTC, stated that he expected a tug of war-to play out between Wall Street and retail investors.
In a 21st June tweet, Pompliano stated that people routinely forgot that the cryptocurrency had gone from $0 to a market cap of around $1 trillion with almost no institutional participation. So when BlackRock and Wall Street inevitably show up, Pompliano expects the cryptocurrency to end up being highly illiquid because the retailers absolutely don’t want to sell it to Wall Street.