“The Great Accumulation Of Bitcoin Has Begun” – Winklevoss, Saylor Share Two Cents On Current Trends

“The Great Accumulation Of Bitcoin Has Begun” – Winklevoss, Saylor Share Two Cents On Current Trends
ôîòî ïîêàçàíî ñ : zycrypto.com

2023-6-26 00:13

Gemini’s co-founder Cameron Winklevoss believes the market is experiencing a great accumulation of Bitcoin between retail and institutional investors. The surge in the adoption of digital assets from institutional players has pushed the market further, leaving many wondering about the next step for regulators and users. Meanwhile, the Bitcoin fear and greed index stands at greed level 65 following the recent surge.

Traditional finance executives are pivoting to digital assets in full force, with many aligning that “the future of banking is cryptocurrencies.” Industry executives share their opinion on what may happen if the current trend remains constant.

The co-founder of Gemini, Cameron Winklevoss, has stated that the “Great Accumulation of Bitcoin” has kicked off between retail investors and financial institutions. He explained that with the recent institutional demand, there would be a struggle to acquire the top asset between both classes of investors. 

According to his analogy, buying Bitcoin before the Exchange-Traded Funds (ETFs) hit the public was akin to getting a slice of a company before the Initial Public Offering adding that “floodgates” to buying BTC are closing fast. MicroStrategy’s Michael Saylor believes the institutional investors will have the last laugh.

“The window to front-run institutional demand for Bitcoin is closing,” he noted after the launch of the digital asset exchange backed by Wall Street firms, including Fidelity Digital, Citadel Securities, and Schwab. Recent institutional demand has seen the price of Bitcoin soar above $30,000, with bulls setting their sights on a huge run after the asset ticked an 80% growth this year. At press time, BTC exchanges hands at $30,390.

The scramble for 21 million assets

Popular Bitcoin investor Anthony Pompliano in a recent interview with CNBC, said that a tug of war is looming between Wall Street and smaller investors, noting that smaller investors may refuse to sell to Wall Street making Bitcoin “highly illiquid” for a period.

“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 also added that the price will experience a shift with a higher demand because “Bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation.”

Dylan LeClair, a Bitcoin expert, believes that the price of the asset is “extremely inelastic” but added that no ETF application would be approved by the Securities and Exchange Commission (SEC) until early 2024.

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bitcoin winklevoss great accumulation market believes experiencing

Èñòî÷íèê: zycrypto.com

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