Open The FloodgatesCrypto Billionaire Warns Window Is Closing Fast Amid $100 Billion Bitcoin and Ethereum Price Surge

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BitcoinBTC and Ethereum, the two biggest cryptocurrencies, soared this week after BlackRock’s BLK bitcoin bomb (and partly because of a surprise move from China).

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The price of bitcoin surged above $30,000 per bitcoin, matching the level reached in March before a US-led crypto crackdown, and boosted the combined bitcoin, ethereum and cryptocurrency market. about $100 billion in just one week.

Now, as BlackRock’s exchange-traded fund (ETF) offering triggers a flood of deposits, the billionaire co-founder of New York-based crypto exchange Gemini, Cameron Winklevoss, has warned the “window” to buy gold. bitcoin before the ETF “floodgates” opened. “quick closing.”

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“The great bitcoin buildup has begun,” tweeted Cameron Winklevoss, who along with his brother Tyler turned to bitcoin and crypto after settling their dispute with Facebook CEO Mark Zuckerberg in topic of creating social media company.

“Anyone watching the flurry of ETF filings understands that the window to buy pre-IPO bitcoin before ETFs go live and open the floodgates is rapidly closing,” he wrote, suggesting that the arrival of institutional investors will resemble an initial public offering (IPO) of bitcoin.

Wall Street giants InvescoIVZ, Wisdom Tree and Valkyrie have followed BlackRock with their own applications for bitcoin spot ETFs with the US Securities Exchange Commission (SEC). BlackRock, the world’s largest asset manager with approximately $10 trillion in assets under management, offers hundreds of ETFs globally.

“While crypto still needs macroeconomic tailwinds and institutional inflows into bitcoin, this is an encouraging development that reminds investors that crypto is here to stay,” wrote Markus Thielen, Head of Bitcoin. research and strategy at Matrixport, in an emailed note.

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The SEC has previously rejected all spot bitcoin ETF applications, but some see BlackRock’s attempt as a potential game changer.

“We can imagine this BlackRock iShares ‘commodity’ bitcoin ETF will attract an allocation of around $20-50 billion over time, as ETFs that focus solely on gold hold around $100 billion,” said writes Thielen.

“This announcement from BlackRock has a high probability of being cleared by the SEC and will drive continued institutional investor adoption for bitcoin.”

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