In a recent X post, Max Keiser, a well-known Bitcoin advocate and advisor to El Salvador’s president, made a resounding call to the global cryptocurrency community regarding Bitcoin’s recent developments, particularly the approval of the spot ETF. Keiser also shared his insights on the factors influencing Bitcoin’s surge to new highs and subsequent price fluctuations.
Before the Securities and Exchange Commission (SEC) gave its nod to the spot Bitcoin ETF, Max Keiser discerned a game-changing moment. Wall Street witnessed a unique twist as brokers and major banks imposed restrictions on customers eyeing spot Bitcoin exchange-traded funds.
Keiser believes this became a catalyst propelling Bitcoin to scale new peaks. The subsequent SEC approval then played its part, pushing the cryptocurrency needle just beyond the $49,000 mark.
Keiser stands firm. “Full speed ahead!” he encourages the Bitcoin community. The transition to this new era might be a bit challenging for the big banks, but Keiser, the crypto expert, urges enthusiasts to ride the wave with optimism.
Read More: Why is Bitcoin’s Price Plunging Despite Spot ETF Approvals? Peter Schiff Weighs In
Despite of decrease in bitcoin price other major Bitcoiners, Samson Mow and Gabor Gurbacs from VanEck (a spot Bitcoin ETF issuer) have been talking about the positive long-term impact of spot ETF approval on Bitcoin.
Gurbacs points out that financial giants like BlackRock and Fidelity have a Bitcoin stash 25 times larger than El Salvador’s treasury. With BTC Tether and MicroStrategy holding a combined $8 billion in BTC, institutional investors wield substantial influence in the crypto arena.
Despite a recent 16% downturn since the peak triggered by the spot ETF approval, Keiser remains steadfast in his prediction. Bitcoin, currently trading at $41,330 according to a Coinpedia report, experienced a 4.70% dip in the last 24 hours, with a subsequent 3.4% recovery.
Nevertheless, the resilient Keiser insists that the ultimate destination is a staggering $220,000. The rollercoaster ride continues, and the crypto world eagerly awaits Keiser’s bullish predictions.
Also Read: Whales Buying Bitcoin (BTC) and Ethereum (ETH) Dump, Is the Beginning of Bull Run?
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