Stop Dumping! Bullish Times Predicted Despite Failed ETF Takeoff
Just when all signs were indicative of a revamp in the bitcoin prices, The Bitcoin ETF postponement has thrown the guards off the rail. The established investors are running helter-skelter as they sell off their BTC holdings. The immediate impact is that the prices have fallen down sharply nearing USD 6000.
However, experts are not alarmed by this sudden turn of events. Brian Kelly, BKCM’s CEO, on an interview with CNBC says that the current scenario does not make up for a “bitcoin funeral”. He cautioned that those selling off in a state of panic are erring as bullish times are definitely in the offing. Kelly explained his optimism by citing the earlier bitcoin ETF announcement by SEC that never materialized and that led to a bitcoin crash of up to USD 5800.
He actually predicts that the next date SEC has set for September 30 will also not take place. This he attributes partly to the erratic market that is not quite ready for such a move and also the fact that SEC needs to finalize on all the aspects of such a move.
Another expert, Dan Morehead, who is the CEO of Pantero Capital, reiterates Kelly’s sentiments by stating that the investors are being rash in the decision to dump off their BTC. He, like Kelly, predicts it will take some time before ETF can be approved by SEC.
He supports his view by making a comparison of Copper which has been on earth with us for the last 10,000 years yet was approved as an asset only six years ago in the year 2012. On this premise, though not 10,000 years, a bitcoin ETF will obviously take some considerable while before being approved as an asset.
The ETF deferment has bitten deep with a $9 billion cleaned off the bitcoin market cap. This has happened notwithstanding the fact that the deferment was somehow expected. Whereas it is obvious that investors want to deal with a solid asset and rationally so, Mati Greenspan, EToro’s Analyst, says that this will take some time. By the first quarter of 2019, the market will react more maturely due also to the fact that more OTC platforms will go online.
To cap it, advice by major cryptocurrency experts is that ETF will eventually happen though not any time soon. In lieu of this, investors must come to terms with this fact and start activating the growth of their bitcoin by making certain behavioral changes.