BIG PLAYERS ENTER THE FIELD, SPARKING A SURGE IN VALUE"
Several large financial companies, including BlackRock, Fidelity, Invesco, Wisdom Tree, and Valkyrie, have applied to the U.S. government for permission to start Bitcoin exchange-traded funds (ETFs).
An ETF is a type of investment fund and exchange-traded product, with shares that are tradeable on a stock exchange. These applications have made people more hopeful about the future of Bitcoin, causing its price to go up.
Cameron Winklevoss, who co-founded the cryptocurrency exchange Gemini, thinks that this has started a race between big companies and regular people to buy as much Bitcoin as they can.
He believes that now is a good time to buy Bitcoin, before these ETFs become available to the public, and that the opportunity to buy Bitcoin easily is closing quickly.
Another Bitcoin investor, Anthony Pompliano, thinks that regular people might soon find it harder to buy Bitcoin because big companies will be buying a lot of it.
He predicts a struggle between regular people and big companies, with Bitcoin becoming harder to buy because regular people won't want to sell their Bitcoin to big companies.
However, some experts believe that the U.S. government won't approve any Bitcoin ETF applications until early 2024.
Despite this, the recent applications for Bitcoin ETFs are seen as a positive sign that is encouraging more people to invest in Bitcoin, causing its price to become less likely to change dramatically.