Bitcoin is likely on the verge of getting an ETF or ETP trading in the very near future.
Bitcoin began rallying several weeks back on rumors that the latest ETF proposal by VanEck and the CBOE might have the "right stuff" for the SEC.
Numerous ETFs have been proposed over the last 8 years, but none of them have been approved by the SEC.
However, by responding and adapting to what the SEC has said are concern's of theirs, the VanEck proposal seems to answer just about all of those concerns, which is what has people excited about this proposal.
The odds of approval just got a little bit worse.
A few days back, as bitcoin was still enjoying it's nice 40% rally off the lows, news broke that the SEC rejected the Winklevoss ETF application.
As you might have guessed, the news put a damper on the market and likely contributed to the recent pullback off those highs down to our current level of $7,500.
Most seemed to miss that the Winklevoss ETF application was very different than the VanEck application and was not expected to pass anyways.
Irregardless, many see the Winklevoss rejection as a good indication that the VanEck application likely has less of a chance of being approved than originally thought.
Probably rightly so.
In my opinion, the VanEck ETF proposal likely gets rejected as well, though I think we do see a bitcoin ETF approved within the next 6 months.
Which means, even if this one gets rejected as well, one is likely coming in the near future.
Given all of that, what might an ETF approval mean to the price of bitcoin?
Well, considering that bitcoin is often compared to gold, lets take a look at what happened to the price of gold when ETFs were introduced on it:
The price of gold was basically flat for years until ETFs were introduced in 2003/2004.
Over the next few years, the price went up 5X.
I am not saying that bitcoin will behave exactly the same way, but given the fact that many people cannot or do not feel safe investing in bitcoin currently, an ETF would open the doors to a lot more money.
A similar reaction to that seen in gold would take prices up near $40k-$50k.
Stay informed my friends.
Image Source:
https://ethereumworldnews.com/expert-contradictory-opinions-btc-etf-importance/
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bitcoin seem no more hope
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Give it some time.
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Be patient my friend.
As per the news and papers bitcoin has died more than 10 times but surfaced again and again.
Wait for the time
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I fully trust the bitcoin currency if it goes down no matter the market adapts to it constantly is the future greetings and my respects my support with my vote
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Very well written, I think BTC will bounce soon. Just recent okex fud that's keeping the price down.
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It seems there is FUD every where you look, at all times.
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I would really like to see this physically backed bitcoin ETF.
Because i like to see the laws of physics squirm.
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Haha you and me both.
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@jrcornel ETF is one of the major turning point in the crypto history. If this happened then above mentioned target easily achievable.
Thanks for sharing the update.
Cheers!!!
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If it doesn't happen during this calendar year, bitcoin may struggle to hold even the current levels to be honest.
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Yes, as always, honesty is much-appreciated. Falsely hyping stats can really work negatively for crypto long term.
Best regards.
Peace.
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To me it looks like bitcoin is just waiting for a catalyst to have a moon shot. The problem is that we may not get that catalyst for a few months yet.
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ETF is a thumbs up!
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Yes it is.
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@jrcornel: you're one of my favorite persons to follow (and learn) about bitcoin related news. As such I appreciate your positive, but realistic tone, concerning cryptocurrency. Please consider providing your opinion about this specific news in a new article -> https://www.ccn.com/breaking-worlds-biggest-stock-exchange-operator-is-launching-a-bitcoin-market/
Thank you.
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Thank you for the kind words, and sure thing I will take a look.
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We might be just few days away i guess to witness the history rewritten once again
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I just hate all the uncertainty :(
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Yea the fact that bad news tanks the markets and good news barely pops it, is not a good sign.
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Coins mentioned in post:
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ETP is Exchange Traded Product, not a cryptocurrency
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Definitely a potential catalyst for BTC prices given the experience with Gold ETFs. To add fuel, consider that there is much less BTC available then there was Gold at the time so it coukd be even more exponential from a market cap perspective and that is why I also think there is hesitation from the SEC for approval. They want to see a limit as to how much can be held of the sort to keep demand controlled; otherwise, price could get out of control in my opinion.
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That is certainly part of it. It would take a lot less capital to send Bitcoin up 5X than it took to send gold up 5X. It is possible that the SEC is thinking about that. They have said numerous times they are worried about price manipulation in the spot markets because they aren't regulated.
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