Bitcoin flashes bullish signs. In light of the 30th of September, SEC decision on the VanEck/ SolidX Bitcoin-ETF, which is a growing number of experts forecasts that November is going to mark a final turnaround in price of cryptocurrency
A lot of investors have their fingers crossed about SEC approving BTC-ETF
The price of Bitcoin was literally all over the place, and the last two months saw it pinned between $6,000 and $8,000. Some speculation also drives investor decisions and market sentiments in the world of cryptocurrency. It is safe to say that at the moment, a large number of investors have their fingers crossed, hoping of the U.S. Security and Exchange Commission (SEC) approving a Bitcoin Exchange Traded Fund (ETF) sooner than later.
While the Security and Exchange Commission was recently on an ETF denial streak, there were a growing number of crypto zealots which are still unfazed as the parent company of the New York Stock Exchange. The Intercontinental Exchange or ICE has announced its plans to unveil a cryptocurrency platform which is named Bakkt shortly. Bakkt eventually has some ideas to launch a digital asset which is based ETF that is going to provide a platform for institutional investors to engage with regulated crypto instruments.
Is an ETF going to kick off a bull market
Because of that reasons, ‘those in the know,’ such as Hermann Finnbjörnsson of the cryptocurrency advisory firm known as Svandis, think that the price of Bitcoin is going to skyrocket and hit $10,000 by the first week of November. Finnbjörnsson personally expresses its beliefs that there are more than a handful of reasons to be bullish on Bitcoin, saying that there is less than a 1% chance in his mind that Bitcoin will not succeed.
The Alphabet fund partner, named Michael Terpin, adding the pool of hopeful investors, believes that the future success of cryptocurrency is inevitable as the technology is going to adapt cryptocurrency to something which we can go and buy on our phones.
BTC-ETF will cause more harm than good to Bitcoin
Perma-bull crypto pundits such as Fundstrat Head of Research, as well as Tom Lee, have put forth a lot of hopes that the incoming wave of institutional investment is going to boost the price of Bitcoin to about $20,000 before the end of this year. However, they still could be jumping the gun as the SEC first has to approve Bakkt. Meanwhile, the SEC is also reconsidering the most recent string of BTC-ETF rejections, and a final decision on the VanEck SolidX is fast approaching.
As one can expect, not everyone from the circles of influence supports a BTC-ETF and the arrival of Wall Street investors too. In recent times, Andreas Antonopoulos prophesied that a BTC-ETF is going to bring more damage than good to Bitcoin, as well as to some other cryptocurrencies. In a quite great documentary on YouTube, Antonopoulos warned that he thinks it is a terrible idea. He said that he is actually against ETFs and he believes that Bitcoin ETF will cause damage to the ecosystem.