A surge in Bitcoin after renewed interest in spot ETFs

There has been a fresh wave of optimism regarding a Bitcoin spot exchange-traded fund (ETF) which has shot the interest in the leading cryptocurrency. Experts and advocates in the industry are calling the new spike in Bitcoin trading and buying the “Great Accumulation”.

In the past week, significant firms including Black Rock, Fidelity, Wisdom Tree, Invesco, and Valkyrie apply through the United States Securities and Exchange Commission (SEC) for a Bitcoin spot ETF. Within the last week, Bitcoin has shot up by more than 20% to reach a value of over $30,000.

The twin co-founder of the Gemini cryptocurrency exchange suggested that this has sparked a race of Bitcoin accumulation between investors and firms.

Both crypto commentator and Bitcoin investor Anthony “Pomp” Pompliano and MicroStrategy CEO and well-known Bitcoin bull Michael Saylor believe that this will result in a tipping point between retail investors and institutional investors. In a CNBC interview, Pomp stated that there is a scramble to get a share of Bitcoin with the finite cap of 21 million that will ever be created. The retail investors have had a head start in buying and accumulating the Bitcoin that has been mined, but there will be competition for the rest of the Bitcoin that has been mined and the portion in circulation that hasn’t been moved in the last year.

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