Max Keiser Analyzes BTC’s Inability to Achieve $50,000 Despite Successful ETF Launch

Bitcoin analyst Max Keiser recently shed light on the significant factor that prevented Bitcoin from surging past $50,000 despite the approval of the first United States Bitcoin spot ETFs. According to Keiser, Mortimer J. “Tim” Buckley, the CEO of investment management giant Vanguard, played a key role in stifling Bitcoin’s upside potential.

In an interview after the U.S. Securities and Exchange Commission greenlit ProShares Bitcoin Strategy ETF, Buckley stated that Vanguard would restrict access to cryptocurrency and related products for its millions of clients. This included disallowing purchases of the freshly-approved Bitcoin ETFs. Buckley argued that Bitcoin lacks intrinsic value and does not generate cash flow, implying it was not a suitable investment.

Keiser believes Buckley’s stance discouraged large investing institutions and retail traders from allocating more funds to Bitcoin. With Vanguard overseeing trillions in assets, Buckley’s comments carried significant weight and may have psychosomatically suppressed upward price movement. Consequently, selling pressure rose as opportunistic traders decided to take profits rather than push Bitcoin above the $50k resistance level.

Moving forward, continued adoption of Bitcoin ETFs and Grayscale’s plan to convert its GBTC trust into an ETF could see institutional participation grow. This would lessen any individual executives’ ability to influence Bitcoin prices solely through public statements. For now, skeptics like Buckley still seem able to stymie Bitcoin’s potential during key events through their imposing market presence and commentary directed at risk-averse clients.

Approving the US Bitcoin ETF was a watershed moment that eliminated one major barrier to institutional investment. However, entrenched skepticism from legacy financial gatekeepers like Buckley can still sow doubts and delay mainstream adoption. As the world’s largest cryptocurrency aims to cement its role as a global store of value and inflation hedge, overcoming deeply rooted doubts from traditional finance will be an ongoing challenge on its road to maturity.