Bitcoin maximalist Max Keiser tweeted only yesterday that the recent nod of spot ETF approval was pivotal regarding its impact on the cryptocurrency market. Keiser, a former broker and host of the “Orange Pill” podcast and an El Salvador president’s Bitcoin advisor, said the crypto community should pay closer attention to such occurrences.
In the tweet, Keiser identified one of many factors that helped precipitate a BTC price hike before the SEC approved relevant spot ETFs. Multiple Wall Street brokers and leading banks also blocked their clients from trading spot-based BTC ETFs without SEC approval. In Keiser’s opinion, this decision catalyzed BTC and allowed it to reach another peak.
The subsequent approval by the SEC pushed the cryptocurrency slightly above the $49,000 level. Keiser affirmed that the unfolding situation aligns with his earlier predictions, noting that “incumbents are not going peacefully into that good night.” He concluded his tweet with an optimistic call to the Bitcoin community to forge ahead.
The price of Bitcoin keeps plunging.
Over the past 24 hours, Bitcoin experienced a 4.70% decline, with a subsequent modest recovery resulting in an overall 3.4% drop. Since the spot ETF approval last Thursday, BTC has seen a substantial 16% decrease, currently trading at $41,330. Despite this decline, Keiser remains resolute in his prediction, asserting that a target of “$220,000 is still in play” for Bitcoin.
Prominent figures in the Bitcoin community, including Samson Mow and Gabor Gurbacs from VanEck, a spot Bitcoin ETF issuer, weighed in on the positive long-term impact of the spot ETF approval. Gurbacs highlighted that BlackRock, Fidelity, and other issuers collectively hold 25 times the amount of BTC held by El Salvador. This includes significant BTC Tether and MicroStrategy holdings, amounting to $8 billion worth of BTC.
Gurbacs called the spot Bitcoin ETF a “force of Nature,” highlighting its destructive power. Mow suggested that BTC’s price evolution is separate from the development of ETF. The ongoing dialogues of these trendsetters signal the dynamism and dynamic nature of digital money.
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