The above chart describes the movement and speculation of retail investors only. Using that to describe the future is a mistake, imo. Retail investors are handing over their BTC to institutional investors at this moment, it is the largest transfer of cash I've ever seen. Consider this... the market touched 750b in January. 500b has already been sold by retail investors to institutional investors. And now this:
'The United States Securities and Exchange Commission (SEC) is examining an application from the Chicago Board Options Exchange (CBOE) Global Markets which, if approved, could grant the company a coveted bitcoin ETF license, and bring new waves of institutional investors to the bitcoin arena.'
Why is the above application different when so many others have failed? Because investors money in this fund is insured.
When that application is approved, BTC will fly past 30k in the next month or two, not year as shown above.
BrunoDanteSampaio
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@without_worries, Hi, I lik your point of view but what do you mean with will fly past 30k in the next month or two, not year as shown above?
without_worries
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@BrunoDanteSampaio, I mean we'll see BTC rise beyond 30k in 2018, not March 2019 as is indicated in the chart.
BrunoDanteSampaio
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@without_worries, ah yeah, if SEC approves the ETF, if... What is your opinion about SEC approving the BTC ETFs?
I still think long term BTC has great chances to get to 30K, disregarding short term facts and market noise...
without_worries
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@BrunoDanteSampaio, single to noise ratio is high. Very high. What makes CBOE's BTC ETF application different, from where others have failed, is their traded BTC funds will be insured. That is huge.
BrunoDanteSampaio
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@without_worries, that's going to be huge for sure. the question is what is the likelyhood SEC will approve it and when. I'm trying to understand is what would be the reasoning for SEC to approve it or not and I can't right now figure it out.
I believe SEC right now would remain conservative not approving the ETF untill they have a more clear view of Bitcoin, as security etc. They just opened a key position and hired a "digital markets" expert, so I believe they are going this way... But when? Dunno...
Cpt_Leonid
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@BrunoDanteSampaio, I don't think that such a serious organisation such as CBOE will give an application knowing that it is going to be rejected.
BrunoDanteSampaio
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@Cpt_Leonid, well.. SEC might have it's reason not to accept it in the moment, not they will never accept it ever..
TFalc
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@BrunoDanteSampaio, The reason why the SEC will accept this ETF is because last month the SEC already ruled that bitcoin is NOT a security. Because this is the case there is now no longer a concern they are unregulated securities. Therefore they will likely accept this application. This is the key difference in comparison to the ruling that struck down the VanEck ETF application.
aknyc1
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@without_worries, how come it’s public info I’m sure they won’t want promising news if they are accumulating I rather hear loads of bad news not shit like bitcoin to 80k prediction. That is red flag
'The United States Securities and Exchange Commission (SEC) is examining an application from the Chicago Board Options Exchange (CBOE) Global Markets which, if approved, could grant the company a coveted bitcoin ETF license, and bring new waves of institutional investors to the bitcoin arena.'
Why is the above application different when so many others have failed? Because investors money in this fund is insured.
When that application is approved, BTC will fly past 30k in the next month or two, not year as shown above.