Topic: [2017-02-22]Bitcoin Price Moons as ETF Decision Looms (Read 356 times)

No doubt that there were certain people with over-exaggerated hopes that the block halving would result in a price far beyond what's possible, but these people only thrive on unrealistic hopes and fantasies. If you look at how the price increased in advance of the block halving, then that already was a more than enough increase for that time period. People hoping for more are just clowns.


People mostly focus on happenings when it comes to price increases, and in this case it's well justified since the potential ETF approval is quite an important happening. But it's a fact that Bitcoin isn't a get rich quick tool anymore, which is exactly why people need to stop treating Bitcoin as such. From this point every price increase will be a heavy one - the higher the price goes, the lower the eventual increases will be in percentages.

This reminds me of when the whole block halving happened and the aftermath of all those holders who were disappointed once it did happen nothing changed - in the price - as they expected it too.
I am just seeing that same scenario take flight this time around but with this ETF bearing all the burden of relying on everyone's hopes and dreams.
But with dire consequences on those that bet the farm on it making them multi mega millionaire rich in one day.
Which in reality is just a fallacy of what bitcoin can make anyone over night. Everyone knows it takes time and hard work to get from $1-$10,000 and it can not be done just over night unless you are doing something illegal (silk road) or committing a felony (stealing investor's funds a'la mt.gox).
There is not a way to get straight from point A all the way to point Z. That is not how the natural scheme of things work out when it comes to money so why would it be any different with bitcoin?

Nothing undermines Bitcoin. Bitcoin will always function how you want it to function. This ETF is nothing more than an entry point for high level investors that were avoiding Bitcoin previously. It won't change anything in how people use and see Bitcoin. That being said, due to block halvings pools will more and more depend on income through fees in order to make it worthwile to continue mining. It's inevitable that the currency aspect will play a less important role as it basically doesn't offer anything over what fiat is offering. Especially when you look at how fiat related payment and banking platforms have been improving.

I wish Sec approved bitcoin to be trade in United states of America stock exchange. If the approval is given on 11-3-2017 I will expect the market to move upward and ever remains over $1000 except something technically happened. Although I have a miss feeling about treating bitcoin as a stock and mentals as this will undermined it value as currencies.

It’s not the first-time regulatory decisions by US authorities have gathered unprecedented levels of interest,usually, their decisions are gray and boring, but in this space, they are charting new ground.The new Republican administration is seen as far more friendly to this space. With an emphasis on deregulation and promoting innovation, they might hopefully take London’s torch and lead in innovative regulations.

Bitcoin has increased by around $150 over the past week, rising from $985 on the 14th of February to a high of $1,123 earlier today.
Yuan’s fall might be one reason as it has weakened over the past four days, but the price premium on western exchanges suggests the main reason appears to be the looming ETF decision.

The bitcoin market has recently been pre-occupied with actions by PBoC, but with that settling to seemingly the setting up of a new regulatory framework, the market might now be trying to price in the ETF decision.

If it is approved, it would be the first of its kind, with the asset, too, utterly unique as the digital currency does not correlate with anything else – not gold, not stocks – according to Kevin Lu, a hedge fund analyst, making it a potentially attractive addition to investors’ portfolio for increased diversification.

But, will the ETF be approved? – that’s what everyone is asking. Prediction markets are saying no, price appears to be saying yes, SEC is keeping hush hush. In short, we do not know until March the 11th at the latest.

What we do know is that this would be the first big decision of the new Trump civil servants.

Unprecedented Interest

“There’s rarely ever interest in filings, let alone the hype associated with this one, let alone betting on whether it’ll be approved!” said Eric Balchunas, ETF analyst at Bloomberg Intelligence.

It’s not the first-time regulatory decisions by US authorities have gathered unprecedented levels of interest. The Senate hearing in 2013 had everyone’s attention. CFTC’s hearing on bitcoin – remember “Crypto Cloony”? – had most live views ever.

Usually, their decisions are gray and boring, but in this space, they are charting new ground. As such, their approach is precedent setting and has considerable implications for the future direction of digital currencies.

We have seen ways of doing it right and ways of doing it wrong. The BitLicense, for example, was a disaster. On the other hand, London’s sandbox is very much a success now emulated across the world.

As this space begins to enter the mainstream, regulators have the choice of promoting innovation and benefiting from it or sending it away to other jurisdictions’ gains.

The previous Democratic administration seemingly choose the latter, to the benefit of Chinese exchanges which rose and rose through the offering of margins and futures – still seemingly denied by CFTC to regulate US-based exchanges.

The new Republican administration is seen as far more friendly to this space. With an emphasis on deregulation and promoting innovation, they might hopefully take London’s torch and lead in innovative regulations.
https://www.cryptocoinsnews.com/bitcoin-price-moons-etf-decision-looms/