Hello my dear Steemians, and welcome to a very quick and a very important update about Bitcoin.
According to Last Year’s Announcement
July of last year—2017—the entire cryptocurrency market was down. Bitcoin itself was down by 4%, and there was an announcement that came out that I wrote about extensively. I said, This announcement is going to radically push the price of bitcoin higher. At the time, bitcoin was trading at $1,850 a coin.
Back in July, I said, “Look, you’re going to see at least $10,000 on bitcoin this year.” And people thought I was crazy. We were in the middle of a crazy, horrific bear market, but I said, “Look, this announcement is going to radically transform the cryptocurrency space.”
Of course, by the end of the year it hit $20,000 on bitcoin, and the announcement which I was telling everybody about was the fact about bitcoin futures were going to trade by the end of the year. What I said was that once futures traded, it would bring in an entire new inflow of money that would radically push up the price of bitcoin.
Recent Announcement
I’m coming at you today because there is an announcement that has just come out that just like last year is being completely ignored by the market.
But it is an announcement that could take bitcoin up 10x or more from where it is right now. Bitcoin is trading right now at around $6,400–6,500. So yes, we are talking about $65,000 bitcoin. Have I gone mad? I can assure you that I haven’t, so let me tell you what’s going on.
Since 2014, people have been trying to get an ETF (exchange traded fund) launched so people could easily buy and sell bitcoin from their brokerage accounts. The Winklevoss twins have been trying since 2014.
Now, every time they’ve come to market I’ve said, “Look, it’s really doubtful that they will get approved. In fact, I think they will not get approved.” It just didn’t have the safeguard measures in place. They didn’t have the connections or the background that the Securities and Exchange Commission (SEC) could trust.
Then, Solid X came out earlier this year, and I said, “You know what, these guys might have a shot at getting an ETF approved, but I’m not going to say that it’s a 100% done deal.”
So what am I talking about now? I’m talking about a brand-new player that has just filed all the relevant paperwork to get an ETF approved by the SEC; I am telling you right now unequivocally—this is the first time I’ve ever said this—that this particular filer will get approved by the SEC. They will provide the first bitcoin ETF and I’ll tell you why.
The filer is the CBOE, that’s the Chicago Board Options Exchange. It is one of the largest, most well-respected, most well-funded clearing institutions on the planet.
It’s up there with the New York Stock Exchange, the Nasdaq, the Depository Trust & Clearing Corporation, and SWIFT. It’s at that level. This is not a couple of guys that made a bunch of money on Facebook who are launching a fund or launching an ETF. This is the CBOE—the CBOE. I cannot emphasize how important and how much credibility the CBOE has.
Addressing the SEC’s Concerns
Now, one of the main arguments the SEC had against approving an ETF was a lack of global regulatory rules surrounding crypto and crypto exchanges. Now, this was recently refuted by the decision by Japan and South Korea to regulate their crypto exchange markets. They are the biggest exchange markets.
And then the second issue the SEC had expressed concern around was the lack of insurance for crypto investors. What happens if there’s a hack? What happens if the private keys get lost? What’s going to happen to the investors that put money in this?
The key factor that I believe separates the CBOE’s application from everybody else’s is that the CBOE has stated that it has secured insurance for the investors.
So if there’s a hack, if the keys get lost, if there’s fraud, if anything happens that impacts the value or the security, I should say, of the bitcoin held by that ETF, the investors are covered.
What we have to look at is the preponderance of evidence. We’ve got the CBOE, one of the most important financial institutions in the world, backing a bitcoin ETF. We have insurance that if a key is lost or if something gets hacked, individuals will know that their money is safe. This is everything that the SEC has been looking for.
Mark my word, friends, this ETF will get approved. And when it’s as easy to buy bitcoin as logging in to your Fidelity account and pushing a buy button, you will see tens—if not hundreds—of billions of dollars flow into this ETF and, of course, also flow into bitcoin and the entire cryptocurrency ecosystem.
It is as transformative as the announcement last year that we were going to see bitcoin futures back when bitcoin had dropped from $3,000 down to $1,850. And the world ignored the importance of that announcement.
Friends, I am telling you, this is the most pivotal announcement that I have seen not only this year, but ever within this space. When we can get an ETF that makes it easy to buy, sell, and hold bitcoin, it’s going to open the floodgates of capital to people who would have never ever opened up an account at Coinbase or who would never ever mess around with a digital wallet. It now allows the mainstream adoption of bitcoin by the everyday investor, and it’s wildly bullish.
So regardless of what you see happen in the day-to-day vagaries of the market, I want you to put your blinders on and I want you to focus on this bigger picture… because the prices that we’re looking at today, we’re going to look back at them just like we did in July of last year when bitcoin was trading at $1,850. We’re going to scratch our heads and we’re going to say, “But all the news was out there; how did people not put two and two together and realize that this thing should have been radically higher than what it was?”
Please make sure that you’re not one of those people. Take advantage of the information that we have in front of us today.
So if you already own bitcoin, don’t get panicked out of it with the volatility. If you don’t own any bitcoin, now is a wonderful time to get into the marketplace and buy some bitcoin.
All right, friends, that is enough out of me. I will catch up with you in another update. And I want you to always remember: Let the Game Come to You!
