Key Reason Why Bitcoin Failed to Reach $50,000 Despite ETF Nailed by Max Keiser

Vocal Bitcoin proponent and host of the Orange Pill podcast Max Keiser has taken to the X/Twitter social media platform to share with the cryptocurrency community the name of the person whom he believes has prevented Bitcoin from soaring to the $50,000 level despite the recent approval of spot Bitcoin ETFs by the SEC.

Meanwhile, the global flagship cryptocurrency, Bitcoin, remains in the red after dropping by almost 12% since the spot Bitcoin ETF approval.

Person holding Bitcoin down, according to Keiser

Bitcoin maximalist Keiser believes that the likely “culprit” that has stopped the leading cryptocurrency from climbing to the much-awaited $50,000 level is none other than the chief executive of Vanguard Bank.

After the American Securities and Exchange Commission greenlit spot Bitcoin exchange-traded products last week, the Vanguard bank announced that it will prohibit its customers from purchasing cryptocurrency and products related to it, including spot Bitcoin ETFs.

In an interview that followed this decision, Vanguard boss Mortimer J. Buckley stated that the bank not only prefers not to offer its customers Bitcoin-based ETFs but also gold-based ETFs. The bank’s CEO believes that Bitcoin does not have intrinsic value, and there is no cash flow into it.

Curiously, Vanguard Group is known to be among the largest holders of MicroStrategy shares. The bank holds 1.1 million MSTR shares, according to Yahoo Finance, thus indirectly exposing its customers to Bitcoin anyway.

Bitcoin to reach $1 million, per Samson Mow

Another vocal Bitcoin maximalist, Samson Mow, former chief strategic officer at Blockstream and now chief executive at Jan3, has been publishing tweets often recently about his expectations of Bitcoin reaching the colossal $1 million milestone in the future.

Among the major triggers for Bitcoin to reach $1 million, Mow mentioned the Bitcoin ETF approval and the halvening in 2024. However, in a fresh tweet, he explained that the million prediction was made “for fun,” and his real message was that the macro environment for Bitcoin has seen many fundamental changes by now, and Bitcoin hitting $1 million is “a very real possibility.”

In any case, he tweeted, before Bitcoin reaches $1 million, the $0.07 million milestone has to be reached first.