Bitcoin Ready For Bull Run
It should be clear by now that, in order to ensure that the crypto world leaves it’s bearish market sentiment behind, a major change is needed, which must be sought especially in the area of regulation.
All hope was based on the approval by the US Securities and Exchange Commission of a Bitcoin ETF. The SEC has recently disapproved of several, and last month it pushed back a decision on a proposed ETF of the VanEck & SolidX Bitcoin Trust to the end of this month. Although the chances are very high that this decision will be postponed again on 30 September, some experts are convinced that the first Bitcoin ETFs can be launched this year and that this will boost the BTC price in November:
“I am convinced that the Bitcoin prize will hit $ 10,000 in the first week of November.”
That was said by Hermann Finnbjörnsson, founder and CEO of cryptocurrency consulting firm Svandis, to The Street, a popular New York financial news website. Finnbjörnsson believes that traditional financial institutions will be one of the key factors for mass crypto adoption, leading to bullish trends and rising prices:
“As I see it there is only 1% chance that Bitcoin will not succeed. I think there are many reasons to be bullish about Bitcoin. Banks are starting to participate in Bitcoin.”
With the first week of November, Finnbjörnsson is referring to the plans of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), to launch a Bitcoin ETF on its new platform Bakkt on November 5. Bakkt works with a large group of companies including Microsoft and Starbucks to create an "open and regulated global ecosystem for digital assets”.
The Street reports that almost all experts they have spoken to agreed that investors, despite the fall in prices in 2018, should remain bullish about the future of Bitcoin. One was Russel Korus, CEO of EX Exchange, who said the following about Bitcoin:
“There are many reasons why this new investment category has so appealed to people, since the start in 2009. Bitcoin has a number of characteristics, making it a very powerful and attractive concept. It provides direct, peer-to-peer value transfer in fully reliable transactions.”
What do you guys think of the future of Bitcoin?