Advertisement
AD

Main navigation

Blockstream CEO Adam Back Issues Bullish Bitcoin ETF Statement

Advertisement
Thu, 21/03/2024 - 17:25
Blockstream CEO Adam Back Issues Bullish Bitcoin ETF Statement
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Advertisement

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.”

Related

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. 

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.

Related

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.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD