In a recent statement, Adam Back, CEO and cofounder of blockchain technology firm Blockstream, expressed optimism about the Bitcoin Exchange-Traded Fund (ETF) launched earlier in January.
Back’s bullish statement on Bitcoin ETF
Taking to the X platform, Back offered a bullish stance on Bitcoin ETF, stating, “The Bitcoin ETFs are still not priced in.”
Back outlined many major points that contribute to his bullish stance on Bitcoin ETFs. First, he mentioned that bankruptcies are running out of Grayscale’s GBTC in just a few days of the ETF launch.
Furthermore, Back highlighted an influx of capital into Bitcoin ETFs, with buy barriers ranging from $500 million to $1 billion daily. Notably, this flood of institutional capital could be a major trigger for Bitcoin’s price increase. Meanwhile, Back had earlier stated in an earlier report from U.Today that a price of $100,000 is long overdue for Bitcoin.
Consider:
– bankruptcies run out of GBTC in not many days now.
– then we feel $500-$1bil/day ETF buy walls.
– when there’s buy side net flow OTC flow to spot
– ETF sales channels are just warming up. Many not yet setup with training, approvals.
– exchange balances falling
— Adam Back (@adam3us) March 21, 2024
Back also pointed out that as institutional demand for Bitcoin rises, OTC flows to spot markets are projected to rise, boosting inflows into Bitcoin ETFs.
Back went on to state that ETF sales channels are still in their early stages of growth, with many yet to be fully created or equipped with the requisite training and approvals. As these channels mature and become more accessible to investors, the potential for Bitcoin ETF adoption is expected to increase.
Back advises MicroStrategy’s CEO
In light of these developments, Back sent a direct message to people considering selling Bitcoin or restricting their exposure to the cryptocurrency. He recommended anyone who sold Bitcoin for less than $100,000, particularly renowned figures such as Michael Saylor, to reassess their strategy.
Back proposed that instead of keeping sell limit orders on exchanges, individuals should consider removing their holdings entirely and storing them securely in cold storage solutions. While Adam Back has expressed a bullish stance on the Bitcoin ETF, Jan3’s CEO recently cautioned the Bitcoin community about the expected reversal of events.
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