In a recent statementAdam Back, CEO and co-founder of blockchain technology company Blockstream, expressed optimism about the Bitcoin exchange-traded fund (ETF) launched in early January.
In a recent statementAdam Back, CEO and co-founder of blockchain technology company Blockstream, expressed optimism about the Bitcoin exchange-traded fund (ETF) launched in early January.
Back’s bullish statement on the Bitcoin ETF
On the X platform, Back offered a bullish stance on Bitcoin ETFs, stating: “Bitcoin ETFs are not yet discounted.”
Back highlighted many important points that contribute to his bullish stance on Bitcoin ETFs. First, he mentioned that bankruptcies are drying up for Grayscale’s GBTC just days away from the ETF’s launch.
Additionally, Back highlighted an influx of capital into Bitcoin ETFs, with buying barriers ranging between $500 million and $1 billion a day. In particular, this flood of institutional capital could be a major trigger for Bitcoin’s price rise. Meanwhile, Back had previously stated in a previous Guru-Investingreport that Bitcoin was long overdue for a price of $100,000.
Back also noted that as institutional demand for Bitcoin increases, OTC flows to spot markets are expected to increase, driving inflows into Bitcoin ETFs.
Back went on to state that ETF sales channels are still in their early stages of growth, and many have not yet been fully created or equipped with the necessary 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 the CEO of MicroStrategy
In light of these developments, Back sent a direct message to people who are considering selling Bitcoin or restricting their exposure to the cryptocurrency. He recommended anyone selling Bitcoin for less than $100,000, particularly well-known figures like Michael Saylor, to re-evaluate his strategy.
Back proposed that instead of holding sell limit orders on exchanges, people should consider removing their holdings entirely and storing them safely in cold storage solutions. While Adam Back has expressed a bullish stance on the Bitcoin ETF, the Jan3 CEO recently warned the Bitcoin community about the expected reversal of events.
