According to Crypto King Bart Smith, The Market Is Now In “Show Me” Mode
Bart Smith, the head of digital assets in Susquehanna International Group, a global investment firm, has recently reaffirmed that Bitcoin is definitely connected to the future of society and is an important element of it, but now is the time of its “show me” time for the token.
According to him, the market has a clear bear action trend and, whenever there is a catalyst and it disappoints the investors, a new low arises. Because of this, it is the time for the cryptocurrency to actually deliver something and break out of this cycle before it keeps going on and takes Bitcoin down the hole.
Smith believes that the bear market will only give space to a new surge in price with really good news and a solid argument. Until then, the prices will still continue between 6,000 and 8,000 USD or even lower than this.
Part of the “show me” argument is because, even with big news about a new Intercontinental Exchange entering the crypto space, the price simply remained the same. This means that Bitcoin is definitely needing something big to actually break out of the cycle.
Will The Bitcoin ETF Be The Great “Show Me” Time?
Smith said that a US SEC-registered Bitcoin ETF is likely one of the things that could have a major impact on the market. This would almost surely drive the Bitcoin prices up, but the ETF will not be so easy as some investors think, he defends.
First, the US SEC has to approve the ETFs. This step is no so hard, but it is vital for the plan to go forward and whole ETF dream might die then. After that, every broker-dealer will still have to allow its clients to use it, so it means that it will also strongly depend on your brokerage system, it is not as simple as the ETF existing and you can invest in it because it is not easy as buying the Bitcoin.
Smith has also mentioned that Jamie Diamond from JP Morgan has already affirmed that they will not let their investors invest in a possible Bitcoin ETF. Yes, this might change over time, but JP Morgan is very big and relevant. If a broker-dealer has a relationship with JP Morgan, for instance, they may not be able to sell Bitcoin ETFs to their clients.
The expert continues his “show me” argument stating that the approval alone might not be as significant as most people are making out to be. The price would maybe be affected more when the ETFs would be registered and starting to trade, maybe even after it has some trade volume.
A rejection of the ETF approval, however, might knock down the prices to between 6,000 and 800 USD again. The market might be back when investors finally fell safe again.