Cryptocurrency analysis company Matrixport's contradictory predictions regarding the approval of Bitcoin Spot ETFs caused speculation in the cryptocurrency world.
Matrixport first published an analysis predicting that Bitcoin Spot ETFs would be rejected, leading to a significant drop in the price of Bitcoin. This prediction drew reaction from both cryptocurrency followers and Bloomberg analysts. Also on the same day, Matrixport analysts published another analysis, this time predicting the approval of Bitcoin Spot ETFs.
In response to the controversy, Matrixport founder Jihan Wu released a statement clarifying the company's stance. Wu emphasized that Matrixport analysts operate independently and express their opinions without any influence or interference from management.
Wu praised Markus, who he said is a talented analyst at Matrixport and who last year wrote “Crypto Titans,” a book detailing the price history of cryptocurrencies. He also argued that Matrixport was among the few to correctly predict Bitcoin's bottom at the beginning of 2023, taking an extremely bullish stance.
Wu explained that the latest report was directed at Matrixport's own customers and that the widespread media coverage was not planned by Matrixport and was beyond their control. Wu also noted that Matrixport constantly advises its clients to be mindful of risks and leverage, especially given the volatility that expectations regarding Exchange Traded Funds (ETFs) are causing in the market.
Despite the current volatility and the uncertainty of potential approval of a Bitcoin ETF in January 2024, Wu believes these factors do not matter in the long run. Expressing his confidence in the future of Bitcoin, he said, “Bitcoin will always prevail in the long run.” He also shared his belief that it is inevitable that a Spot ETF will be approved by the SEC, which will attract new investment into Bitcoin. Wu concluded his words as follows:
“Bitcoin is poised to solidify its position as a store of value and a better hedging asset than gold.”
*This is not investment advice.
