Max Keiser Reveals Factors as Bitcoin Price Remains Below $50K Despite ETF Approval
Max Keiser, a well-known advocate and broadcaster for Bitcoin, has directed blame towards Vanguard CEO Mortimer J. Buckley for hindering Bitcoin’s progress in reaching the coveted $50,000 mark. Keiser claims that Vanguard’s cautious approach, specifically their decision to restrict customers from purchasing new crypto products, has played a significant role in preventing Bitcoin from surging beyond $50,000.
In response to Keiser’s accusations, Buckley clarified Vanguard’s position by expressing reservations about Bitcoin-backed exchange-traded funds (ETFs) and gold-based ETFs. He argued that Bitcoin lacks intrinsic economic value and does not generate cash flow, which has led to the company’s cautious stance on the cryptocurrency.
Interestingly, Vanguard Group’s substantial holdings in MicroStrategy indirectly expose its clients to Bitcoin, despite their reservations about ETFs. This apparent contradiction adds complexity to the ongoing debate surrounding Vanguard’s stance on embracing Bitcoin through ETFs.
Vanguard’s stance on Bitcoin ETFs sharply contrasts with major competitors such as BlackRock, Fidelity, and Invesco, who have eagerly adopted spot Bitcoin ETFs. These investment giants recently introduced their own BTC ETFs, a strategic move that experts believe will significantly expand Bitcoin’s investor base and provide a more accessible path for investment.
Bitcoin maximalist Samson Mow has entered the discussion with a bold prediction that Bitcoin could reach an unprecedented value of $1 million. Mow attributes this potential surge to the recent approval of Bitcoin ETFs and the upcoming 2024 halving event.
Initially presenting the million-dollar forecast as a fun speculation, Mow now believes that the changing macro environment for Bitcoin makes this ambitious target a very real possibility.
As of the latest update, Bitcoin is currently trading at $42,869, representing a 12% decrease from its recent high of nearly $49,000 on January 11.