Bitcoin Price Lingers Below $50K Despite ETF Approval: Max Keiser Unveils the Factors
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Max Keiser, a prominent Bitcoin advocate and broadcaster, points an accusatory finger at Vanguard CEO Mortimer J. Buckley. According to Keiser, Buckley’s cautious approach is the primary obstacle preventing Bitcoin from reclaiming the coveted $50,000 mark.
Main Culprit Behind BTC Fall
In a recent X post made by Max Keiser asserts that Vanguard, one of the world’s largest asset managers, has played a decisive role in preventing Bitcoin’s surge beyond $50,000. Keiser claims that Vanguard’s recent decision to restrict its customers from purchasing the newly introduced crypto products.
In a follow-up interview, Buckley clarified Vanguard’s position, expressing reservations about Bitcoin-backed ETFs and gold-based exchange-traded funds. He argued that Bitcoin lacks intrinsic economic value and does not generate cash flow, prompting the company’s caution.
Interestingly, Vanguard Group’s substantial holdings in MicroStrategy, with 1.1 million MSTR shares, indirectly expose its clients to Bitcoin. This apparent contradiction adds complexity to the debate surrounding Vanguard’s stance on embracing Bitcoin through ETFs.
Vanguard Differs on Bitcoin ETFs
Vanguard’s stance sharply differs from major competitors like BlackRock, Fidelity, and Invesco, who eagerly adopted spot Bitcoin ETFs. These investment giants introduced their BTC ETFs just last week, a strategic move that experts anticipate will notably expand Bitcoin’s investor base, offering a more accessible path for investment.
Bitcoin to $1 Million
Amidst the debate, Bitcoin maximalist Samson Mow enters the scene with a bold prediction that Bitcoin could soar to an unprecedented $1 million. Mow cites the recent approval of Bitcoin ETFs and the upcoming 2024 halving as potential catalysts for this monumental surge.
While he initially presented the million-dollar forecast as “for fun,” Mow now asserts that the changing macro environment for Bitcoin makes the ambitious target a “very real possibility.”
As of the latest update, Bitcoin is trading at $42,869, representing a 12% drop from the recent high of nearly $49,000 recorded on January 11.
