The Catalyst Required For Bitcoin To Finally Reach $100,000 Is Here

2021-10-17 22:55

Multiple reports corroborate that the SEC could approve a Bitcoin Futures Exchange-Traded Fund next week and the regulator is reportedly no longer opposed to these products.

These reports – of course among other factors, are currently breeding huge positive price changes for Bitcoin. They are solidifying the claims by the BTC price stock-to-flow model, whose creator, a pseudo-anonymous bitcoin analyst called PlanB, and British cryptographer Adam Back opined that Bitcoin would attain a $100,000 price by year-end. Anthony Pompliano, not basing his prediction on ETFs just like these two do not, also says Bitcoin could attain that price mark this year.

US SEC Chairman Gary Gensler is reported as saying that the commission would approve an ETF based on the CME-traded Bitcoin futures. He also stated that the regulation of mutual funds could guarantee significant investor protections in the Bitcoin ETFs. That said, the ProShares Bitcoin Strategy ETF adheres to all the regulations of mutual funds. Together, these signify the possibility of an impending approval of a Bitcoin ETF. Previous ETFs have been denied with claims that they do not provide such protections to investors.

Hours after a report by Bloomberg saying that approval was pending, Bitcoin rallied past $60,000 for the first time since April. The source quoted people familiar with the matter. BTC is now up by over 11 percent in a week.

Of course, approval of the Bitcoin Futures caused huge BTC price spikes in 2017, prompting the digital asset to crack $20,000. A Bitcoin ETF would obviously be expected to have higher effects on spot price given that it is a Bitcoin physically delivered product – it will improve demand of the crypto asset directly. The ProShares Bitcoin Strategy ETF, in particular, is based on futures contracts. The price of the share would increase if the BTC price hikes, and vice versa. However, there would be no physical delivery of Bitcoin.

In other words, the US SEC favors a futures-based fund that involves people betting on Bitcoin by trading contracts whose value derives on BTC price, instead of one that involves a physical ETF that would involve physical owning and delivery of actual Bitcoins. Although the former is expected to give a new ray of hope to Bitcoin proponents by affecting prices positively, the latter would be more than a piece of welcome news for them because it is more directly tied to BTC demand than the former.

Many Bitcoiners had also called out the SEC for lagging in approving an ETF since 2020, at a time when multiple Crypto ETFs were approved across Europe and Canada. And after several rejections, many believe that the US could approve as many as up to four ETFs next week. These include Invesco Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF in addition to the ProShares ETF.

However, the US SEC could still reject or delay the applications to 2022. In August, SEC said that the approval was not to be done any time soon.

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Источник: zycrypto.com

bitcoin reports → Результатов: 126


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Iran Completes Development of Rial-Supported National Cryptocurrency

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2018-11-11 04:15


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2018-11-10 02:00


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China lifting the Bitcoin ban is fake news A couple of days ago we saw multiple reports come through claiming that China has lifted its infamous “Bitcoin ban”. The reports came out after Shenzhen Court of International Arbitration recognized Bitcoin as “a legal asset to be owned, transferred and utilized as a medium of payment […] The post VeChain introduces its Digital Carbon Platform while competition orchestrated a FUD against FunFair appeared first on CaptainAltcoin.

2018-11-10 22:59


Bitfury’s Billion Dollar Valuation Shows Bitcoin Mining Network’s Growth And Interest Is Climbing

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2018-11-8 19:03


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Lads allegedly beat up their ‘friend’ to steal his Bitcoin

A cohort of young men have been accused of drunkenly assaulting their “friend” to extort the credentials to his cryptocurrency wallet, the New York Post reports. According to the report, the attackers demanded the victim “provide […] login information for his cryptocurrency accounts while holding his head underwater in the bathtub, punching him in the stomach, and throwing hot wax on him.

2018-11-7 16:56


“Elon Musk” Crypto Scam May Have Snagged Dozens Of Bitcoin (BTC)

“Elon Musk” Strikes Again, Bitcoin Scam Ensues After Twitter reportedly restricted (and banned) many of the accounts sharing the likeness of Tesla & SpaceX CEO Elon Musk, one of the social media platform’s foremost stars, reports have arisen that claim that the world-renowned entrepreneur has been impersonated yet again, this time in a context pertaining […] The post “Elon Musk” Crypto Scam May Have Snagged Dozens Of Bitcoin (BTC) appeared first on Ethereum World News.

2018-11-7 07:48


Фото:

Tokyo travelers can now rent a limousine with Bitcoin

Tokyo has taken another step towards cryptocurrency “mass adoption,” and will be giving high-rollers another place to spend their hodlings. The Hinomaru Limousine company claims it will be giving passengers the opportunity to pay for their travel – between the Japanese capital and the city’s two major airports – in digital currencies, Bloomberg reports.

2018-11-5 14:20


Фото:

Brazil’s Tax Authority Goes After Cryptocurrency Profits

Brazil’s tax authority has published proposals to regulate the cryptocurrency landscape over concerns digital assets are being used to launder money and evade tax. A document released by the Department of Federal Revenue of Brasil (RFB) disclosed plans that will force cryptocurrency traders to reveal their identities and for exchanges to submit financial reports to […] The post Brazil’s Tax Authority Goes After Cryptocurrency Profits appeared first on Bitcoin News.

2018-11-3 13:00


Bitcoin’s Energy Consumption To Disrupt the Planet if Not Controlled On Time- Reports

There has been a debate in some quarters if cryptocurrency mining and activities could actually lead to global warming? Irrespective of the fear of locals and some governments with regards to cryptocurrency mining activities, a lot of concentration had been given to Bitcoin mining and activities as a result of its price which is presently […] The post Bitcoin’s Energy Consumption To Disrupt the Planet if Not Controlled On Time- Reports appeared first on ZyCrypto.

2018-10-30 14:27


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UK Fintech Industry Slams Govt’s ‘Blunt Instrument Approach’ To Cryptocurrency

The UK could compromise its fintech sector with “very blunt instrument” regulation currently under consideration, a new report from several industry entities warns. ‘Ashamedly Geared Around Bitcoin’ As local news outlet the Telegraph reports October 29, the report criticizes plans to award more power to regulator the Financial Conduct Authority (FCA) and says treating all cryptoassets in the same way as Bitcoin was counterproductive.

2018-10-29 19:00


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