CBOE Global Markets Files For Bitcoin ETF With SEC

in bitcoin •  6 years ago 

Bitcoin ETF is the most important agenda to push for in 2018


Image source: pixabay - dagon_

Reading the article on Bitcoin Magazine - Nick Marinoff titled, "CBOE Files with SEC for Bitcoin ETF" brings hope to push for the Bitcoin ETF agenda forward. Chicago Board Options Exchange (CBOE) submitted an application for a coverted Bitcoin license to the United States Securities and Exchange Commission (SEC), bringing renewed expectations from the past two rejected attempts by the VanEck SolidX Bitcoin Trust.

“Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, the Commission does not find the proposed rule change to be consistent with the Exchange Act.”
Source: Bitcoin Magazine - Nick Marinoff

Amidst price manipulations, speculation and the lack of consumer protection, the cryptocurrency space is generally unregulated mainly due to its decentralized nature. But still, SEC is already stepping in to access the situation and to figure out new solutions in a creative manner. This is great news because SEC did not simply turn down the opportunity for the cryptocurrency market, but took a pro-active step to incorporate into the financial systems we have today.


Image source: pixabay - geralt

On the other hand, China is making a swift exit by banning cryptocurrency trading. Trading in RMB has fallen from a peak of 90 percent of the world’s total to less than 1 percent since September 2017.

The total ban in China came in at the start of February 2018 when the People's Bank of China (PBOC) - the central regulatory authority for financial institutions and monetary policy - issued a statement that it would “block access to all domestic and foreign cryptocurrency exchanges and ICO websites.”
Source: Express.co.uk - David Dawkins

Whether China lifts its ban on cryptocurrency or not, would impact the future of the market. However excluding themselves from the market with the highest potential may see China losing out long term. Short term prices jumps may be expected if the ban gets lifted.

The outstanding trade war between US and China could have investors setting their eyes on cryptocurrencies. Cryptocurrencies are borderless and neutral. It could be the perfect inflation-resistant financial market to be used as a hedge currency. Source: bitcoinist - Julio Gil-Pulgar.

Apple's global market standing in China has CEO Tim Cook concerned with the ongoing trade war:

With 41 stores and hundreds of millions of iPhones sold in the country, there is arguably no American company in China as successful, as high-profile and with as big a target on its back.
Source: bitcoinist - Julio Gil-Pulgar

Bitcoin and cryptocurrencies could provide protection to commoners who are obliged to pay taxes, at the gain of governmental bodies from both sides. Victims include citizens who are exposed to higher costs of consumer goods and inflation. A fixed supply asset such as Bitcoin could be the true hedge and mainstream currency for trade in the future. No one wants to be caught in a trade war. Since when has tax paid on imported goods been distributed back to its people?

-tysler

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Using bitcoin can halt the trade war and make the world a more peace place to live in.