Ran Neuner, the cryptoanalyst and host of the CNBC’s crypto show claims that the price of Bitcoin (BTC) is about to go much higher, according to a recent tweet.
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…
— Ran NeuNer (@cryptomanran) October 7, 2018
On October 7th, Ran Neuner expressed that an upcoming surge in the Bitcoin price is inevitable and noted that he had even bought Bitcoins for his parents in the same tweet. The surge in price would be due to the upcoming ETF decision from the U.S. Security and exchange commission (SEC), at the end of October. The decision will not only cover one Exchange Traded Fund (ETF) but several applications.
In another Tweet, the same day, Neuner compared the upcoming news to last year when the price rose from $6 691 to $20 000 in five weeks due to the expectations and launch of BTC futures. Following the approval from SEC, that the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) were eligible to launch Bitcoin futures the price of Bitcoin rose to its all-time high of $20 000.
Even though the news was huge for Bitcoin becoming mainstream which also was reflected in the price surge, Neuner makes a parallel and says that an approved Bitcoin ETF is a way bigger deal and requires the actual purchase of Bitcoin. Neuner is not the only one who is anticipating a higher Bitcoin price. The crypto expert Tom Lee has predicted $20 000, or higher, in 2018 but points to the movement of emerging markets and the U.S. dollar.
Why an ETF would be a bigger deal than futures because an ETF would help to reach more mainstream investors since they would not need to invest directly in Bitcoin and an ETF is something the “normal people” are more familiar with. If listed on a regulated U.S. exchange, a Bitcoin ETF could potentially make Bitcoin more accepted on Wall Street as well.
However, SEC has rejected ETFs before, and nothing is certain when it comes to this new asset class. In August SEC rejected nine Bitcoin ETF applications with the feedback that the ETFs did not prevent fraudulent actions and manipulative acts and practices. However, last month, new commissioners were appointed in the SEC and could perhaps turn the tide since they have stated that there is no reason why a Bitcoin ETF should not get approved.
Image Source: “Flickr”
My name is Dennis Sahlström, I have been trading and investing since 2012 and have since June 2017 made between 3-6% a month. I have been watching the crypto market since the beginning of 2017 and saw the great returns a lot of people had gotten. I thought I needed to do my research! Since then I have been studying the crypto market and realised the great potential Blockchain have. Some say it’s internet 3.0 we are looking at and I am sure its here to stay. It is already changing industries and the world. Also, I am running a crypto education platform because I think people should educate themselves about the opportunities we have in front of us.