Bitcoin price surge will come from retail, not institutions: Fireblocks CEO
In the wake of the Blackrock Bitcoin ETF filing, Fireblocks CEO Michael Shaulov believes a new wave of institutions is coming to crypto, though investors should dampen expectations of a massive price surge for now....
- BlackRock filed for a spot Bitcoin ETF, leading to other financial firms filing their own, along with Bitcoin's price reaching its highest levels in a year.
- Michael Shaulov, CEO and co-founder of institutional custody platform Fireblocks, believes that retail investors will ultimately drive any significant price surges in Bitcoin, despite the influx of institutional money.
- Shaulov notes that mid-2020 saw "massive inflows" of institutional money, but prices didn’t really appreciate until retail investors frenzied over crypto assets later in the year.
- Shaulov believes that the narrative over Bitcoin is still "playing out" for institutions, with numerous Bitcoin-based narratives still at play.
- Shaulov personally believes Bitcoin is the “ultimate insurance asset” due to its properties for when everything gets worse.
The article presents a mix of positive and neutral sentiment towards Bitcoin and its potential for price surges driven by retail investors, despite the influx of institutional money. Shaulov's personal belief in Bitcoin as the "ultimate insurance asset" also adds a positive sentiment towards the cryptocurrency.