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Bitcoin ETF Can Make Bitcoin Reach $40K by 2019

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Bitcoin ETF Can Make Bitcoin Reach $40K by 2019

bitcoin

The crypto market is anticipating a potential Bitcoin ETF. There have been many attempts already for a Bitcoin ETF over the last few months. Tyler and Cameron Winklevoss have attempted twice, though both attempts were rejected by the US Securities and Exchange Commission. The recent decision by the SEC to reject a number of Bitcoin ETF applications was due to the possibility of price manipulation.

However, things are looking good for the CBOE-led Bitcoin ETF. Many believe that it has a strong chance of getting approved. Unfortunately, the agency delayed its decision on the Bitcoin ETF application once again.

What Can Be The Impact of a Bitcoin ETF?

There are different opinions when it comes to the Bitcoin ETF. Maja Vujinovic who is the CEO of O Group thinks that Bitcoin ETF is unnecessary. A Bitcoin ETF doesn’t necessarily provide liquidity. And also, she believes that this isn’t the only method that can help pull institutional investors into the market. According to the CEO, the digital currency is already being recognized by banks and companies. In fact, there are companies that are now building teams to further understand cryptocurrencies.

She believes that a Bitcoin ETF is not going to get approved this year. According to her, “Folks need time to learn. I think it’s really important that this [knowledge on cryptocurrencies] goes through committees… SEC will probably check with their counterparts somewhere else that it needs to go through… Various different organizations before an approval. I don’t see that happening by end of this year. Simple fact of human lack of ability.  We are such linear learners and this technology is exponential, I think there’s a completeness balance here”.

As for Chris Kline who is the co-founder and COO of BitcoinIRA, he believes that by end of 2019, an ETF could potentially help Bitcoin reach new heights. He said that “In my opinion — the price [of BTC] may well surpass $40,000 by the end of 2019 and could continue to climb as we enter 2020. I’ve noticed that 2018 has marked a year of major growing pains for the crypto sector. But with growing pains also comes great growth. As Lasry has purportedly said, I believe we will see bitcoin prices continue to climb”.

He explained that once an ETF is accepted, there is an expected influx of capital allocations as well as interest in the crypto market. Cline thinks that “Bitcoin will become far more accessible to a wider range of investors”.

Matter of Time

Is it simply a matter of time before we see a Bitcoin ETF? There is a chance that this is exactly the case. You even have the likes of Hester Peirce in the US Securities and Exchange Commission who defended cryptocurrencies. She even made a letter of dissent after the agency decided to reject Bitcoin ETF applications due to the possibility of price manipulation.

Also, is there really a bull run coming our way? Mike Novogratz believes that this is exactly the case. There is a chance that Bitcoin may have already bottomed according to him.

Janneke Eriksen

Janneke is a writing ninja and has vast experience in journalism, specifically in the crypto space. As a blockchain believer and avid Bitcoin fan, she’s incredibly excited to share to our readers the latest news around so they are always updated wherever they are.

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