Top 3 Bullish Bitcoin Factors Every Cryptocurrency Investor Should Know
Bitcoin’s value has seen better days, specifically when its value was around $20,000. Though the cryptocurrency hasn’t rebounded to such high levels, there are several factors suggesting that it just might do so. Here are three reasons why it may be fair to expect a Bitcoin bull in 2018:
The Upcoming Bitcoin ETF Decision
The Securities and Exchange Commission (SEC) has not been easy on bitcoin, especially when it comes to deciding whether to approve the issuance of a Bitcoin Exchange-Traded Fund (ETF). ETFs are great because they attract institutional investors and they make it easier for many to invest in cryptocurrencies.
To date, the SEC has denied nine bitcoin ETFs, including Direxion, ProShares, and Granite Shares. Some speculate that the denial has to do with concerns over manipulation. For example, the SEC stated that two of the exchanges that the ETFs would be listed on, the CBOE and NYSE, failed to demonstrate that they were equipped with the right tools to prevent manipulation and fraud.
The SEC also mentioned concern over the small size of the bitcoin futures market and the insufficient evidence showing that CMOE and Chobe bitcoin futures would be traded well enough to support an exchange-traded product. Right now, the community is waiting for the SEC’s decision on an ETF in September.
Bitcoin For Soccer Transfers
The adoption of bitcoin is permeating into the sports realm. English premier league clubs have partnered with eToro to test how cryptocurrencies and blockchain can be used in football. A few of the teams that have bitcoin wallets and that can receive BTC payments include Tottenham Hotspur. Crystal Palace, Cardiff City F.C., Brighton & Hove Albion F.C., Newcastle United F.C., and Southampton F.C. The director of eToro released a statement about the partnership, saying:
As a global multi-asset platform where you can purchase the world’s biggest crypto assets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in Bitcoin.
Such an adoption could alter how funds are transferred in football, especially in terms of transparency and in addressing the problem of ticket touting.
The Availability Of Bitcoin ETNs
Even though Bitcoin ETFs are an issue, one platform has found a way to bypass the problem by offering bitcoin Exchange-Traded Notes (ETNs) quoted on the USD. ETNs are available for brokerage and retirement accounts.
Ryan Radloff, Coinshares Holding’s CEO stated that the offering is significant because everyone investing in USD can receive exposure to the products. Those who are aware of the significance of ETNs may also understand that they function similarly to ETFs. As a result, even if the SEC does not approve the ETFs, then ETNs may be an alternative solution.
Overall, bitcoin is currently trading around $7,000 and it has made gains in the past week. The above developments may generate a more bullish stance in the coming weeks.