Once again 2018 feels so much like 2014 it isn't even funny. Serious Déjà vu in the crypto space. If you haven't heard yet the Winklevoss Twins Bitcoin ETF got rejected by the SEC again. It honestly doesn't surprise me. Yeah we all hoped that it would happen but in the end nothing changes.
Bitcoin went to $20,000 without a Bitcoin ETF so what makes you think it can't go to $40,000 without one?
To be fair the SEC might have a few plausible reasons why they didn't approve an ETF. They feel that they don't have as much oversight over all these exchanges in other parts of the world and that price manipulation could be a real issue with Bitcoin. This could certainly be plausible. It is hard to say how much of the price pumps are from manipulation and how much is people FOMOing all over their keyboards. I personally think it is a combination of the two.
They mystery of Tether is still perplexing to me and when more Tether is printed into existence and then just think every time there is a fork on an airdrop occurs and the market determines it to be worth a certain amount all these people are suddenly in possession of another valuable asset they didn't purchase. So it is like money popping out of thin air.
I'm not saying there isn't a lot of manipulation on the stock, option, and futures market but it would be a plausible thing to think the SEC has more oversight over those markets. With Bitcoin there are a lot of routes in and out they have no control over.
Here is my video from a month ago talking about how 2018 feels like 2014. It is like listening to a broken record talking about the possibility and progress of an ETF, Lightning Network, and whatever other good news there is. I have been hearing this stuff since 2013. Really when it boils down to it a lot of it is the same, just the numbers are getting bigger over time.
POP! How bad do you guys think the sell off will be from this? Do we go back to $6,500?
Earn $10 Of Free Bitcoin From Brian Phobos!
Thank you for reading my post and please consider following me @brianphobos
Well, i wasnt on crypto on 2014 so i really cant tell... Im really not concerned about the ETF, for sure it would pump btc price faster, still we will do ok witouth an ETF, and it will be aproved soon or later...
It is hard saying if it will ever get approved in my opinion unless the people making the decisions end up having a large stake in BTC in the future and they want to pump their own pockets.
Price is definitely feeling it
Do you know what this means for the CBOE and other ETF being floated? Was the reasoning something specific about Winklevoss's or is it something that's also going to tank the others?
Also do you know if they will wait til October to announce it or if a decision could be made earlier?
I'm not sure in regards to it being floated. I'm assuming that it means they would own the Bitcoin 1 for 1 for how much someone is purchasing instead of doing some fractional reserve system of the underlying asset.
From what they were stating it wouldn't really look like an ETF would ever get approved because they stated a lot of the trading happening on exchanges outside of the United States and all that. Really when it boils down to it they aren't going to be able to control it as much as they would probably like. They can't control the mining or the resell of it.
Well the announcement has been made for the Winklevoss' attempt but there is another group that still has their application in but I don't see how it would go through based on what was said.
It was rumored that Tether was responsible for pumping BTC last year. The Winklevoss twins ETF filing also made a great pump action too. But now a different financial body filed for Body ETF which supposedly fixed the "crucial" requirements for approval by the SEC so we can just guess the outcome but surely BTC price will go up for the longterm.
Yeah I think it will go up in the long term for sure.
ETF is coming but it will be the CBOE Sponsored one. Now way SEC is going to allow what they see as "outsiders" in the Winklevoss twins be the first ones in this space.