Bitcoin Experts predict a positive price change in early November – Here’s Why

By September 21, 2018 No Comments

There has been a fluctuation in the bitcoin price in recent months. It has moved between $6,000 and a little over $8,000 but that could soon change. Many investors are eagerly awaiting the American Securities and Exchange Commission’s (SEC) verdict this month on whether to approve a bitcoin exchange-traded fund (ETF) – something the SEC has rejected in the past as a result of fears surrounding Bitcoin’s price fluctuation and manipulation.
Some other people are looking beyond this decision and are pointing to the NYSE’s parent company, Intercontinental Exchange (ICE) which plans to release a Bitcoin ETF on November 5th. Earlier this year, ICE announced that it was releasing a bitcoin and digital asset platform called Bakkt along with Starbucks, Microsoft, and Boston Consulting Group.
An ETF will be released under Bakkt which will also allow for a scalable ecosystem for centrally regulated markets and warehousing.
“Our new daily bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset,”
Bakkt CEO Kelly Loeffler said in a blog post. “This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement.”
“I believe that [the bitcoin price] will hit $10,000 by the first week of November,” Hermann Finnbjörnsson, founder and CEO of Svandis, a bitcoin, and digital asset advisory firm said in an interview. “I think that there are a lot of reasons to be bullish on bitcoin. [There’s] Less than a 1% chance in my mind that bitcoin won’t succeed.”
Michael Terpin, a partner at Alphabet fund, reiterated what Finnbjörnsson said, saying: “Technology will adapt cryptocurrency to be something that you can go and buy on your phone.”
The latest wave of possible investment has provided many with hope that the bitcoin price will go back to and then surpass its all-time high of late last year which was close to $20,000 per coin.
The US Commodity Futures Trading Commission (CFTC) has to first declare Bakkt to be free of fraudulence but it is almost universally accepted that this will happen.
In the meantime, the SEC is deliberating whether or not to approve a bitcoin ETF request which has been submitted through the Chicago Board of Exchange (CBOE) by New York-based VanEck and SolidX, a blockchain platform.
There have, however, been some influential voices in the digital asset world who have argued that a Bitcoin ETF will be a bad thing for bitcoin in the long run.
Recently, Andreas Antonopoulos, a tech entrepreneur who has become a bitcoin evangelist, sent out a warning by saying that although he does think an ETF will be given the go-ahead by the SEC, he does not think it will be a positive thing for bitcoin or the larger digital asset world. “I’m going to burst your bubble,” Antonopoulos said. “I know a lot of people really want to see an ETF happen because ‘to the moon, and Lambos,’ but I think it is a terrible idea. I still think it is going to happen, I just think it is a terrible idea. I’m actually against ETFs. I think a Bitcoin ETF is going to be damaging to the ecosystem.”

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