Bitmex CEO Says Yes Bitcoin ETF 2018 Approval & $50,000 BTC Price Prediction
What Would an ETF Mean for Bitcoin?
For retailers, a Bitcoin ETF would mean being able to trade cryptocurrency without the need of a Bitcoin wallet, retailers could purchase the cryptcurrency off different exchanges designed to work without wallets. Buying Bitcoin would be just like buying regular Investments on eTrade, 401k or a similar platform. An ETF would give Bitcoin major precedence in the media, and for people buying it, there would be less risks like there is now. Basically, Bitcoin would become a major mainstream currency overnight.
Ultimately, the SEC wants people to stay interested in every financial Market there is, including cryptocurrency if they regulate it, which is why ETFs make sense. Creating them is something that has to be done to ensure crypto can be used by everyday people.
Even though the SEC turned down the Winklevoss twins attempt to have an ETF created, that doesn't mean he'll turn down ETFs altogether. The importance of them is simply too great to just turn their heads. According to BitMEX CEO, ETFs mean a lot for the industry. If you don't know who BitMEX is, it is the world’s largest exchange on a global scale.
Regardless of unstable prices happening in the industry right now, BitMEX has managed to do quite well. While most exchanges are declining in trade volume, BitMEX has managed to do four to five times that of what they did in 2017 – making them still, the most successful trading Exchange in the world for cryptocurrency.
Arthur Hayes the famed crypto trader, spoke on ETFs recently. He sees a good chance of there being something done for ETFs later this year in 2018, and more happening next year in 2019. Even though the twins didn't manage to get their ETF approved, it's still laid a solid infrastructure for those to follow. The work done by them, was highly important and it will help the entire crypto industry in the United States.
Another good point he made was that the ETFs of precious metals, such as gold, silver, and platinum – are completely unregulated – so it makes no sense cryptocurrencies should suffer without ETFs as well. The main problem is, cryptocurrency companies are afraid of regulations causing a crash. As for the SEC, they fear fraud, cyberattacks, and manipulation. There's simply not enough proof that cryptocurrencies are safe to trade in their eyes.
Once ETFs are setup though, mainstream brands will get involved as well. And let’s not forget the price of Bitcoin will skyrocket, to an estimated worth between $50,000 USD and $100,000 USD per coin. If that happens there will literally be thousands of overnight millionaires. Then, people will finally see cryptocurrency for the worthwhile store of digital value that it is.
Do you think it's possible Bitcoin could jump that high in price so quickly? Leave your answers in the comment section below.