Reporting from CCN, crypto analyst Ran Neuner - who hosted the CNBC Crypto Trader event - believes BTC prices will explode. Neuner cites news spread on the bullish market about the possibility of a short-term SEC approving bitcoin ETF.
As CoinDaily has reported, simply ETF (Exchange-Traded Fund) is any fund (mutual, hedge, whatever) or mutual funds traded on stock exchanges, such as stocks. Currently bitcoin and crypto assets are generally not traded on the stock exchange.
"I just bought bitcoin for my parents. It is very clear that bitcoin will explode, "Neuner wrote in a tweet on October 7, 2018.
Neuner said there was increasing hope that the US Securities and Exchange Commission or SEC (Securities and Exchange Commission) would immediately approve bitcoin ETF so that it would increase the price of bitcoin (BTC).
Neuner, who is also the CEO of the crypto investment firm Onchain Capital, noted that around a year ago BTC prices soared because there were reports that the BTC futures contract would be launched. Neuner reasoned that the SEC's approval of bitcoin ETF would be far greater than the futures contract, and would have a more dramatic impact on the crypto market.
"Last year, BTC jumped from US $ 6,691 (11 November 2017) to US $ 20,000 (December 17, 2017), in just 5 weeks. This is motivated by expectations and the launch of BTC futures contracts with cash payments, "said Neuner. Furthermore Neuner wrote, "ETF is a bigger way and requires the purchase of actual BTC ..."
CCN reports that crypto expert predictions must be viewed with caution, because the industry is still young and unregulated, there are many unexpected factors that can affect prices. Keep in mind that in February 2018, Ran Neuner predicted BTC would reach US $ 50,000 by the end of the year. So far, it does not appear that this estimate is realistic given the current market conditions.
Meanwhile, the SEC has set a November 5, 2018 deadline to review nine bitcoin ETF applications. But as CCN reported earlier, some market experts predict that bitcoin ETF will likely be approved in early 2019.
In July 2018, the SEC rejected a second attempt by Cameron and Tyler Winklevoss to launch an ETF that tracks bitcoin prices. The SEC has rejected the first application of the Winklevoss twins in March 2017.