According to Odaily Planet Daily, brokerage firm Bernstein said in a research report on Wednesday that Bitcoin and cryptocurrency-related stocks are undervalued and suitable for institutional adoption.
Bernstein noted that crypto bears believe that spot Bitcoin exchange-traded fund (ETF) trading is over, with most of the early allocations coming from retail investors and most institutional demand being "underlying cash and carry trades" rather than new net long positions. While this is true, we believe Bitcoin ETFs will be approved by major securities firms and large private banking platforms in Q3/Q4. "Spot Bitcoin ETFs were first approved in the U.S. in January, greatly broadening the channels for people to invest in the world's largest cryptocurrency.
