BTC<\/a>) exchange-traded fund (ETF) may end up being a sell-the-news event.<\/p>\nIn a new interview on Real Vision, Bianco looks back on the initial public offering (IPO) of Facebook, one of the most highly anticipated IPOs in recent history.<\/p>\n
The investor notes that shares of Facebook initially went public trading at $28, and despite being hyped by market participants, dropped all the way down to $11. Bianco says that such a scenario isn\u2019t out of the realm of possibility for Bitcoin when a spot ETF is approved.<\/p>\n
\u201cSo I worry that if this is going to act like a TradFi market at all \u2013 in other words, be efficient like a TradFi market \u2013 that what\u2019ll happen when the real approval comes, not just yet another bogus story, is you\u2019ll have a couple of days rally and that\u2019s it, and then the price will kind of meander sideways to lower for some period of time.\u00a0<\/em><\/p>\nI tend to look at \u2013 if you want a quick example of that \u2013 I remember 2012 when Facebook came public, it was going to be the biggest IPO in human history, and it was coming public at $28\u2026\u00a0<\/em><\/p>\n[The question was] \u2018What day does it hit $100?\u2019 Not if it\u2019s going to get to $100, but \u2018what day is it going to get to $100?\u2019<\/em><\/p>\n It did, about three or four years later it went to $100. But first, it went to $11. First, you lost two-thirds of your money and then everything played out the way you thought it was going to. And that\u2019s what I fear with the spot Bitcoin ETF, that some similar pattern might play out first before you get all of the upside that everybody thinks is going to come.\u201d<\/em><\/p>\nAt time of writing, BTC is priced at $37,002.<\/p>\n