Adam Back, co-founder and CEO of Blockstream, tweeted that in his opinion Bitcoin ETFs do not yet have a price, describing his thoughts.
Summary
Adam Back claims that Bitcoin ETFs do not yet have a price
The famous cypherpunk, as well as co-founder and CEO of Blockstream.com, Adam Back, has expressed his opinion on the price of Bitcoin ETFs.
“Bitcoin ETFs do not have a price yet.”
Considerate: – GBTC will run out in a few days; – Then we will hear walls of ETF purchases from $500-$1bil/day; – when there is a net OTC flow from the buying side to the spot; – ETF sales channels are just heating up. Many are not yet ready for training and approval. – stock balances are decreasing. “
Basically, Back seems to be optimistic about the Bitcoin spot ETFs launched in January, and has outlined the points that contribute to his position.
And indeed, Back highlights that failures are depleting Grayscale’s GBTC in just a few days since the launch of the ETF.
Not only that, Back has emphasized that there will be an influx of capital into Bitcoin ETFs, with purchase barriers ranging from 500 million dollars to 1 billion dollars per day.
This influx of institutional capital could be a determining factor in the increase of the price of Bitcoin.
Furthermore, with the increase in institutional demand for Bitcoin, an increase in OTC flows towards spot markets is expected, favoring inflows into Bitcoin ETFs.
Finally, the last point of the considerations listed, refers to the sales channels of Bitcoin ETFs, which seem to still be in their early stages of growth. As soon as these channels are equipped with the necessary training and approvals, Back expects an increase in the adoption of Bitcoin ETFs.
Adam Back and his position on the price of Bitcoin ETFs
Continuing with his tweets, Back also involves Michael Saylor, CEO of MicroStrategy.
“People who sold under $100k to @saylor and the influx of ETF should simply cancel their sell limit orders on the stock exchange, or better yet exit the stock exchange and store in cold storage”
Basically, Back has sent a direct message to those who are thinking of selling Bitcoin for less than $100,000, especially to famous figures like Saylor, in order to invite them to reconsider their strategy.
The cypherpunk par excellence has in fact proposed to them to not maintain sell limit orders on exchanges, but to consider the possibility of removing their holdings and keeping them in cold storage for safer storage.
The price prediction of BTC at $100,000 before the 2024 halving
Already in August 2023, Adam Back had ventured his prediction regarding the price of Bitcoin (BTC) before the 2024 halving.
He did it in the form of a bet, stating that for him, Bitcoin would reach or exceed $100,000 by April of this year.
The bet took off, with Back betting 1 million satoshis, which is 0.01 BTC with the Twitter user pseudonym “Vikingo”.
At the time of writing, the price of BTC has returned to $66,286, moving away from the over $73,000 touched on March 13, but it is still definitely in a bull run.
