Bitcoin Heading To All Time Highs This Year Despite SEC Bitcoin ETF Rejections

Bitcoin Heading To $20,000 This Year, Despite The US SEC Bitcoin ETF Rejection

The optimism that has trailed the certainty of the rise of Bitcoin to $20,000 or more in the remaining four months of the year has not subsided. The confidence is ranging amid the rejection of 10 Bitcoin ETF proposals by the United States SEC. Cryptocurrency bigwigs, such as Tom Lee, and Max Keiser still lend their voices to the certainty of the rise in the value of Bitcoin in the near future.

Bitcoin Value Rising To $20,000 Before The Year Runs Out

So much reliance has been given to Bitcoin ETF as the primary catalyst for the price of Bitcoin to rise once again this year after the bearish trend that has occurred since the beginning of the year.

Contrasting the expectation of most Bitcoin enthusiast whose hopes have been dashed as ten Bitcoin ETF proposals have been rejected this year. The rejection has led to much losing hope on the possibility of Bitcoin rising to the grand status it reached in 2017.

Leading the pack of optimists amid the decrease in the value of major cryptocurrencies and also the rejections are Tom Lee and Max Keiser.

Max Keiser stated in a Tweet on September 1, 2018, that $28,000 is still in play this year. While Tom Lee, a week ago also expressed certainty on the value of Bitcoin to rise to $20,000 and above within the next four months of the year. Their optimism sound impossible, however, some factors make them realistic.

Why Bitcoin Will Still Rise To $20,000 Again This Year

What has been described as the obstacle to the rise of Bitcoin again is seen as no obstacle by some cryptocurrency experts. The value so much placed on Bitcoin ETF is seen as not worth it, while some other factors are already working for its good.

Jonathan Hamel of Acadamie Bitcoin in Montreal states,

“I don’t think (the rejections) are that important. The ‘physical’ over-the-counter/institutional bitcoin infrastructure is only getting started. The development of financial vehicles backed by bitcoin is inevitable. It’s not if, it’s when.”

Etoro, a multi-asset trading platform, states that there are alternatives to ETF such as the XBT Provider exchange-traded note (ETN). Yoni Assia, the CEO of Etoro, notes that,

“There are many existing alternatives for an ETF, I think having institutional demand flow through those is as important. ETF is simply a regulatory signal from the SEC it’s a valid asset class.”

Notably, the value of Bitcoin has remained steady, bouncing above $7,000 in the past week and also giving life to other alternative cryptocurrencies.

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