Bitcoin ETF Approval Not Yet Priced In, Says Morgan Creek Capital Founder

According to Blockworks, Mark Yusko, founder of Morgan Creek Capital, believes that the recent volatile market movement and subsequent climb in Bitcoin prices indicate that an ETF approval is not yet priced in. Yusko spoke on the On the Margin podcast, stating that while the news of the US Securities and Exchange Commission's approval of a spot Bitcoin ETF was fake, the reaction to it was 'totally legit.' He emphasized that it's not a matter of 'if' but 'when' the ETF is approved, and prices will rise as a result.Blockworks co-founder Michael Ippolito noted that the current price of Bitcoin is even higher than what it was when it spiked following the false announcement. He observed an interesting difference in market behavior between traditional finance and crypto, stating that in traditional finance, the answer to whether something is priced in is almost always 'yes,' while in crypto, it is almost always 'no.' Yusko attributed this to the crypto market's lack of maturity, comparing it to the stock market in the 1920s.Yusko cited comments from Bloomberg Intelligence analyst Eric Balchunas, who said that $30 trillion worth of assets are currently prohibited from investing in Bitcoin. Yusko believes that a 1% allocation in Bitcoin would be a prudent amount for investment, and that this potential allocation is not yet priced in.