Why Bitcoin ETF Approval Could Catalyze a Bull Run
The SEC is currently deliberating approval of a Bitcoin ETF proposal that could open the cryptomarket doors to an unprecedented flood of new money . Investors and traders are waiting to see what happens with the August 16th ruling that could quash hopes of 2017-style gains, or trigger the biggest bull run in crypto history.
In an interview with Bloomberg, VanEck SolidX Bitcoin Trust CEO Jan van Eck commented: “We believe that collectively, we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of Bitcoin, and insurance component will help protect shareholders against the operational risks of sourcing and holding Bitcoin.” the availability of a Bitcoin ETF within the US would make simple, streamlined Bitcoin purchases available to institutional investors, less technically adept investors, and speed traders. The impact of speed traders, who typically execute extremely high volumes of trades, could potentially have a significant impact on the price of Bitcoin.
Some are extremely confident that approval would bring serious money into the markets. BitMEX CEO Arthur Hayes predicts a run up to $50k/bitcoin, saying: “I think that something that goes up to $20,000 in one year can have a correction down to $6,000 and will definitely find a bottom at about $3,000 and $5,000 range. We’re one positive regulatory decision away — maybe an ETF approved by the SEC — to climb through $20,000 and even to $50,000 by the end of the year.” Do you think Bitcoin ETF Trading is good or bad? Let us know!
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