I miss the days of arguing over the merits of bitcoin and cryptocurrency. Whether it is scalable or not? Whether it serves a valid function or not? Whether it can be a medium of exchange or just a store of value? Whether anonymity can remain a feature or whether government intervention and custodial activities will change all that.
Right now, virtually every conversation around the next price swing in Bitcoin devolves into a debate about whether or when a Bitcoin ETF will get launched.
There is something so absurd. That is this revolutionary” “world-changing’”thing needs to sucker a bunch of people who won’t ever use it for the purposes it was designed to rise, just seems bizarre, at best.
A bitcoin ETF is basically the antithesis of what bitcoin is supposed to be.
It is not a medium of exchange.
What happens after EtF is approved?
When the SEC approves the first Bitcoin ETF, the inevitable bull-run will follow and thereafter, huge price swings caused by the entry of ‘whales’ with hundreds of millions of dollars to invest. The volatility will happen naturally because of price manipulation. This could go on for years.
According to Karim, Bitcoin prices will most likely reach $58,000 at the $1 trillion dollar market cap. As for the other cryptocurrencies, the report predicts that many will die out because of Bitcoin’s institutionalization advantage. Karim asserts that ETFs based on major digital currencies such as Ethereum will most likely receive approval, causing prices to skyrocket.
Right now, market projection remains bearish until pullback momentum is exhausted.
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