There are lots of factors that play a key role in the growth of a digital currency. Developments, partnerships, listings, and bullish sentiments are some of the major factors that contribute to the growth of a digital currency. However, one that is set to enormously impact the value of Bitcoin (BTC) is a Bitcoin exchange-traded fund (ETF).
Over the past months, a lot of firms and exchanges have applied for an ETF for Bitcoin (BTC). However, the U.S Securities and Exchange Commission has rejected all of these applications. The SEC also rejected a BTC ETF application filed by Gemini – a platform owned by the Winklevoss twins.
Bitcoin (BTC) Price Today – BTC / USD
However, the SEC said it will review a recently rejected Bitcoin ETF application filed by CBOE. The SEC is yet to make their final decision about this ETF. Nevertheless, a lot of people believe the approval of an ETF for Bitcoin would cause a massive spike in the value of the coin.
Ran Neuner Says Bitcoin (BTC) Will Explode after the SEC Approves an ETF for Bitcoin (BTC)
Ran Neuner – a host at the Cryptotrader of CNBC and crypto analyst – said that the value of Bitcoin is about to explode. Neuner said this on his official Twitter account. He is so confident that the value of the digital currency would skyrocket very soon. He also expressed his confidence by saying that he just bought Bitcoin (BTC) for his parents.
Neuner said a significant spike in the value of BTC is tied to the pending verdict of the U.S SEC. According to his post on Twitter, the value of BTC will explode after the SEC approves several BTC ETF applications filed by different entities.
Neuner said the price trend of Bitcoin in 2017 was “on the back of expectation.” The value of BTC surged from $6,691 on November 11th to $20k on December 17th. Neuner said that an ETF for BTC is a way bigger deal than a Bitcoin (BTC) futures contract. The reason is that an ETF for Bitcoin requires an actual purchase of Bitcoin (BTC).
A lot of people believe that an ETF for Bitcoin would further expose the digital currency and attract mainstream investors. An ETF for Bitcoin (BTC) could potentially increase the recognition of the coin in Wall Street.
Digital Currencies Are Not a Threat to Adopting Economies, Says Mark Carney
Mark Carney said that digital currencies are not a threat to adopting economics. He said this earlier this year at the G20 meeting. Mark Carney is the chair of FSB (Financial Stability Board) and the Governor of the Bank of England. He said, rather, the adoption of digital currencies is a revenue stream, like in Malta. Hence, it is crucial that policies and laws should be designed to fit the needs of technologies that can improve economies.
As a result, Norway has forwarded a directive instructing all crypto trading platforms and custodians to include anti-money laundering measures in their operations. This applies to those dealing with crypto-to-fiat and crypto-to-crypto pairs. This would attract more institutional investors into the crypto space. An influx of institutional investors would increase liquidity, hence taking the values of coins to new levels.