Over the Past Week Bitcoin is Trading above $7000 & there are speculations that it might go beyond $8000.Well it might reach there or not that time will tell.According to me be it a stock or a crypto currency whenever there is always something positive event which is about to happen, it always shows a bullish pattern.
So to me as per the Biggest Event Scheduled for BitCoin to Go Bull will be:
BitCoin ETF Approval in August 18
What is ETF?
ETF is a Fund which is traded on platforms & holds assets such as stocks,bonds,commodities etc.They have a high daily liqudity with a low fee.
What is BitCoin ETF & why so much Hype about it ??
A bitcoin Future Product by one of the world's largest derivative exchange Cboe.The application for Bitcoin ETF has been submitted to US Securities Exchange & the approval for the same will be received by end of August 18.
How Experts Define it ...
"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.”
Crypto Enthusiasts & Experts believe that if ETF is approved,Some Comments from Experts:
Arthur Hayes the co-founder and CEO of Bitmex exchange explains on the CNBC broadcast Fast Money that a positive ETF ruling could prime the next massive bull run.
“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,” the Bitmex CEO states.
CEO of VanEck SolidX Bitcoin Trust; Jan van Eck in an interview with Bloomberg says:
“We believe that collectively, we will build something that may be better than other constructs currently making their way through the regulatory process.”
ETF Approval will give a platform to large institutional investors to put their money into the Bit Coin Market which otherwise is not possible for them through Small Exchanges which operate now.Big Money flow will create a demand & supply problem & thus will result into high price of Bitcoin.
What's your view on ETF Approval ?? You want it to get approved or not, please comment & share your views...