Bitcoin’s price increased by more than 150% compared to last year, and the CEO of Crypto.com believes that the influx into the newly traded funds in the spot market primarily led to the rise of the leading cryptocurrency.
He also probably thinks that we are in the December 2020 or January 2021 stages of the last cycle and that the current price correction is “healthy”.
In a talk with Squawk Box on CNBC, Kris Marzsalek expressed his faith that the upsurge trend of Bitcoin is “primarily sourced from flows coming from Bitcoin ETFs.”
And he added these to his words; “This is a very successful product. There’s a shortage of supply, it’s got to reflect in the price.”
Indeed, the success of new spot bitcoin ETF products is not open to debate among experts both within and outside the broader crypto industry. On March 12th alone, net spot bitcoin ETF inflows exceeded 1 billion dollars.
Price Correction is (Healthy)
When asked about the current correction in which Bitcoin fell from its all-time highs above $73,000 to roughly $65,000, Marzsalek said he believes it’s a “healthy move that eliminates some of the leverage accumulated in the system.”
The CEO of Crypto.com, said, “What we want to avoid are sudden super-aggressive increases.” “We really want to see a steady inflow into the sector, into Bitcoin and other coins; this will give us a process of about 12 to 18 months.”
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