Economist Alex Krüger believes the recent approval of Bitcoin exchange-traded funds (ETFs) is just the beginning of a major surge in Bitcoin’s value.
Institutional Sales Machine Still in Early Stages
Krüger explains that the “institutional sales machine” for Bitcoin ETFs is only about 20% deployed. This means that major financial institutions like Merrill Lynch and UBS are just starting to offer these products to their clients.
Wealth Advisors Slow to Adopt ETFs
Wealth advisors, who manage investments for individuals, are typically slow to adopt new products like ETFs. They need to see a track record and minimum assets under management before they start recommending them.
Wirehouses Leading the Way
So far, the wirehouses (large financial firms like Merrill Lynch and UBS) are leading the way in offering Bitcoin ETFs. However, Krüger believes that the independent registered investment advisors (RIAs) will eventually follow suit.
Bitcoin Price Outlook
At the time of writing, Bitcoin is trading at $67,553, up over 2% in the last 24 hours. Krüger’s analysis suggests that the bull market is still in its early stages and that there is significant upside potential in the coming months.
