Gemini’s Winklevoss: The Great Accumulation of Bitcoin Has Begun

The Great Accumulation Race for Bitcoin

Recently renewed optimism surrounding the possibility of a Bitcoin (BTC) spot exchange-traded fund (ETF) being approved has sparked what industry experts are calling “The Great Accumulation Race” for Bitcoin.

In the last seven days, Fidelity, Invesco, Wisdom Tree, and Valkyrie have all submitted requests to the U.S. Securities and Exchange Commission for a Bitcoin spot ETF, following in the footsteps of investment behemoth BlackRock. This may be the cause of Bitcoin’s 19% price spike to $30,240 since June 16th, according to some analysts.

Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, declared on June 21st that he thinks the process of “The Great Accumulation” of Bitcoin has commenced, with both institutional and individual investors taking part.

He likened buying Bitcoin before the ETFs become available to the public to purchasing prior to an Initial Public Offering, and asserted that the opportunity to buy Bitcoin is “closing fast.”

In his own post, Michael Saylor, Chair of MicroStrategy, commented on the topic, proposing that retail investors may soon be displaced by increasing institutional demand.

Bitcoin is presently exchanging hands for $30,240, and the Crypto Fear and Greed index has dramatically risen from 49 (Neutral) to 65 (Greed) over the past two days.

Wall Street vs. Retail Investors

In an interview with CNBC on June 21, Anthony Pompliano, a Bitcoin investor, predicted a battle between retail investors and Wall Street would take place.

Pompliano stated in a June 21st Twitter post that people often overlook the fact that bitcoin skyrocketed from a value of $0 to a market capitalization of almost $1 trillion with only minimal institutional involvement.

When Wall Street and BlackRock arrive in the market, Pompliano anticipates that Bitcoin will become “very hard to trade” as retailers “don’t want to sell to Wall Street,” he said in the CNBC interview.

The Grayscale Bitcoin Trust is nearing its 2023 highs as buyers increase following BlackRock’s ETF filing.

Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm, commented that the price of Bitcoin is now “extremely inelastic”, more so than ever before, due to the recent ETF filings which are acting as a “catalyst” for a large influx of money into the market.

LeClair anticipates that the SEC will not give the green light to any ETF until January or February of 2024 at the earliest.

Magazine: Hall of Flame: William Clemente III predicts that Bitcoin will reach six figures by the end of 2024.