Cameron Winklevoss, the co-founder of the American cryptocurrency exchange, Gemini Trust Company, recently painted a bullish scenario for BTC in what he described as the “Great Accumulation of Bitcoin.” The crypto billionaire’s latest comments resonated with a paper previously released by his brother Tyler Winklevoss, which made the case for Bitcoin’s valuation at $500,000.
According to Crypto News Alerts on Youtube, the Winklevoss twins’ case for a $500,000 BTC was strengthened by the numerous applications for spot Bitcoin exchange-traded funds (ETFs) made by several traditional finance giants, including BlackRock, Fidelity, Valkyrie, WisdomTree, and Invesco over the past few days.
Cameron Winklevoss took to Twitter earlier today to share his thoughts on the recent spot BTC ETF filings:
The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…
— Cameron Winklevoss (@cameron) June 21, 2023
Winklevoss told his followers that the flurry of BTC ETF filings created a window for those looking to purchase Bitcoin before all the ETFs go live. According to him, if Bitcoin was the most obvious and best investment of the previous decade, then buying Bitcoins before the ETFs were the best investment of this decade.
Winklevoss likened the recent ETF applications to an accumulation battle between institutional and retail investors. Michael Saylor, the man behind the world’s largest corporate Bitcoin holder, recently weighed in on the spot BTC ETFs. Saylor stated that the window to front-run institutional demand for Bitcoin was closing.
In an interview with The National earlier this month, Cameron Winklevoss stated:
If you look at the value increases in bitcoin, it is this punctuated equilibrium where it is steady, steady, steady. And then boom, it reaches a new price level. That is the new normal. So, it could happen very quickly.
The recent spot Bitcoin ETF filings led to a significant surge in BTC’s price. The flagship cryptocurrency gained more than 20% over the past seven days. At the time of writing, BTC was trading at $30,008. The recent bullish sentiment attracted opportunistic traders which led to a 297% increase in BTC’s daily trading volume since the beginning of the week.
