Key Points
- Gemini’s Cameron Winklevoss believes that the race by traditional finance institutions to file for BTC ETF marks a great turnaround for the industry.
- He tweeted on June 21 that the window to front-run institutional demand is closing quickly.
Cameron Winklevoss, a Gemini co-founder, believes that the great accumulation for BTC is here with different TradFi institutions racing to buy in. His comments come when BlackRock, the world’s largest investment manager, filed for an ETF, prompting its competitors to follow suit.
ETF filing race by TradFi institutions convinces Cameron Winklevoss that BTC will rally
Analysts now believe that more than ever, more institutional demand for prominent coins like Bitcoin is coming to the crypto space. It follows recent news that BlackRock had filed for a spot in Bitcoin ETF.
As a result, its competitors like Valkyrie, Wisdom Tree, and Fidelity have filed for similar assets with the US SEC. This has driven the demand behind Bitcoin momentarily, with it reclaiming the 50% market dominance. The coin has surged 19% to $30,240 since the BlackRock news came to light on June 15.
Cameron Winklevoss, a Gemini co-founder and a prominent loud voice in the crypto industry, has commented on this matter, saying that “The Great Accumulation” of Bitcoin has begun. He suggested that buying Bitcoin before the ETFs hit the markets would be a great idea akin to a pre-initial public offering purchase of Bitcoin.
He added that if Bitcoin was the best-performing asset of the past decade, it would most likely be the best-performing asset for the coming decade. Others have backed his claims, including MicroStrategy Executive Chairman Michael Saylor, who suggests that retail investors may soon be pushed aside by increasing institutional demand.
However, some analysts believe that more buying pressure will be there than selling pressure, as most investors wouldn’t want to sell their coins to Wall Street. Bitcoin investor Anthony Pompliano took to Twitter to address the matter, saying he expects a tug-of-war between retail investors and Wall Street:
“We have institutions and individuals scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence. The retail investor for 15 years now has a head start and has accumulated all the Bitcoin that’s been mined and put into circulation, but 68% of that hasn’t moved in a year.”
He added that he expects Bitcoin to be highly illiquid once Wall Street hits the market as investors keep their coins away from institutional investors. Keep watching Fintech Express for updates on crypto adoption and other Fintech-related developments.