Image courtesy of Flickr (via Google image search)
Investors are on tenderhooks, hoping that the possibility of a Bitcoin Exchange Traded Fund (ETF) is going to become a reality by the end of August this year. This is expected to cause another, larger bull run before the year closes and Eastern countries are ready for it. Many people on Steemit, the Social network created on blockchain technology are shouting about it and the noise is becoming louder and louder as the days progress towards August 2018.
There is a mixed opinion as to whether the ETF will come into fruition, as it has been denied twice previously. The previous were raised by:
- SolidX Partners Inc
- Winklevoss twins, owners of US exchange Gemini. (March 2017)
Condemned in the past for having a lack of insurance and the way it is perceived to be tied to criminal and illegal activity, there may be some fighting or adjustments needed to be made before Bitcoin or any other crypto can be taken that step further.
In other opinions, some cryptocurrecy fans have speculated that the currency could hit a staggering $65,000 before the end of 2018. This may be crazy speculation but observing the volatile nature of crypto, and Bitcoins growth history, it is far from impossible.
Bitcoin saw a rise of up to $19k during the close of 2017! Image grab courtesy of Coindesk
After July 2018, regulations have been put in place for crypto to bolster its trust and give it a secure and solid
framework. Now the AML (Anti Money laundering) policies and standards are in place, VanEck hopes for third time lucky as they pair up with SolidX to attempt success.
If the ETF is passed, it is expected to formulate in early 2019. It is unknown as to whether the relative stability of bitcoin recently will help sway it and whether the original cryptocurrency will develop another Red rag following approval.
What do you think?
Will bitcoin reign supreme if it gets ETF approval?
How much do you think it will rise?
Will the Bull return to defeat the Bear or will things just dwindle to an all-time low into 2019?