Macro strategist Jim Bianco thinks that if a Bitcoin ETF gets approved, it might not actually be good news for the market.
In a recent interview, Bianco talks about when Facebook first became a public company. Many people were very excited about it.
The investor saw that when Facebook first started selling shares to the public, they were worth $28 each. But even though a lot of people were excited about buying them, the price went all the way down to $11. Bianco thinks it’s possible for Bitcoin to do well if a spot ETF is approved.
I’m afraid that if this market is going to behave like a traditional financial market, it will only go up for a few days when the real approval comes, and then the price will stay the same or go down for a while.
I usually pay attention to things. For example, I remember when Facebook went public in 2012. It was a big deal because it was the largest IPO ever at the time, and the stock price was $28.
The question was, when will the price reach $100. Not if it will reach $100, but when will it reach $100.
After three or four years, the price increased to $100. First, the cost was $11. First, you lost two out of every three dollars you had and then everything happened just as you expected. I’m worried that the Bitcoin ETF might follow a similar pattern before you can make a profit. Many people think it will go up a lot, but I’m not sure.
Currently, the price of BTC is $37,002.
