The Bitcoin market has had a bearish week with the prices dropping below $7,000 again. Many attribute this drop in prices to a market reaction after the SEC decided to deny the Winklevoss twins’ request for a Bitcoin ETF.
In an interview with Ran Neuner from Crypto Trader, Michael Arrington [CEO – Arrington XRP Capital] commented that the cryptomarket is particularly promising, confirming his bullish expectations in the short term.
Arrington took the opportunity to deny the accusations made about this controversial token, without further elaboration. He thinks that despite the criticism Ripple may receive, naming his company by the name of XRP is a good business strategy from a pragmatic point of view.
He commented that although he has more money invested in Bitcoin (BTC), his firm has the name of Ripple’s XRP token because of the extraordinary practical use this token gives to adopters. He also mentioned that he not only invests in strong currencies such as BTC, ETH, and XRP but also has stakes in ICOs, utility tokens, dapps, exchanges and other types of risk-spreading strategies.
“My entire life is spent in cryptocurrency. We’re all bullish on it, but I’m always an optimist… I think that we’re still going to hit 25 thousand this year easy and I sure hope we’re too low right now.”
At the end of the interview, Ran Neuner said he thinks there may be an ETF at the end of the year; a statement with which Mr. Arrington followed.
“The reason why I say that [talking about a prediction of BTC at 25k by the end of 2018] is that I think we’re gonna get an ETF, and I think the ETF is gonna come sometime between August and October and that’s going to send us to 25,000.”
To which Arrington responded:
That gives custody options to the to the institutional investors they don’t have now. I think you’re right, yeah.”