09 Oct 2018 Josphat Kariuki
Bitcoin’s Price to Explode: CNBC’s Cryptotrader Host, Ran Neuner, Reveals Pending ETF Decision
With utmost confidence, Neuner believes there is an upcoming surge in the price of Bitcoin, noting that he has acquired some Bitcoins for his parents. In another tweet on the same day, the trader claimed that the upcoming rally is notably tied to the U.S SEC’s (Security and Exchange Commission) highly anticipated decision on various Bitcoin ETF (Exchange-Traded Fund) applications.
While explaining his optimistic view, Neuner pointed out that Bitcoin’s rally in 2017 to trade at $20,000 in December from $6,691 in Nov 2011highly depended on the expectation and release of a BTC futures contract for cash settlement.
After receiving a confirmation from the United States CFTC (Commodity Futures Trading Commission) that the CME (Chicago Mercantile Exchange) and CBOE (Chicago Board Options Exchange) were clear to launch Bitcoin futures, CBOE unveiled the first Bitcoin futures in December 2011. Soon after, CME launched theirs on 17th December, with Bitcoin reaching its historic high of $20,000.
Looking at Bitcoin Futures, the crypto-analyst has aligned with the SEC’s highly anticipated decision on Bitcoin ETFs pending approval by the regulator. Neuner also added that a Bitcoin ETF is more substantial than a Bitcoin futures contract for cash settlement because it calls for the actual purchase of Bitcoin.
Crypto experts and enthusiasts say the Bitcoin ETFs will help Bitcoin become available to mainstream investors. That’s because the investors won’t have to invest directly in the underlying asset, Bitcoin. If a Bitcoin ETF gets listed on U.S regulated exchange, it could potentially boost BTC’s adoption on Wall Street.
While the SEC have set the deadline for reviewing the nine Bitcoin ETFs from three different organizations to be November 5, the effects of an approval of a Bitcoin ETF launch are up for discussion in the crypto space.
Earlier this year in July, a Bitcoin ETF from two brothers, Cameron and Tyler Winklevoss was rejected by the SEC for the second time after its rejection in March 2017. Moments after the rejection, the SEC Commissioner (Hester M. Pierce) officially made a statement, proclaiming the agency’s disapproval of the fund. Hester also implied that the disapproval would hinder the institutionalization of the Bitcoin market.Bitcoin