Cryptocurrency
Crypto.IQ Daily Digest July 11, 2018
BITCOIN, THE MARKET, REGULATION Bitcoin ETF: Will August 10th Mark The Revival of High Bitcoin Price? IQ THOUGHTS On Aug. 10, we’ll know if the U.S. Securities & Exchange Commission will give the VanEck SolidX Bitcoin Trust the go ahead on a Bitcoin Exchange Traded Fund. We’ve talked repeatedly about the trillions of dollars in […]
BITCOIN, THE MARKET, REGULATION
Bitcoin ETF: Will August 10th Mark The Revival of High Bitcoin Price?
IQ THOUGHTS
On Aug. 10, we’ll know if the U.S. Securities & Exchange Commission will give the VanEck SolidX Bitcoin Trust the go ahead on a Bitcoin Exchange Traded Fund.
We’ve talked repeatedly about the trillions of dollars in institutional investment waiting for the right circumstances to enter the market. A nod from the SEC on this ETF would be a green light for that money and clear the way for a massive wave of new cryptocurrency investment.
While there have been other failed attempts to create a Bitcoin ETF, this is the first time the request has come from a Wall Street firm.
We think a positive move here coupled with clear and broad cryptocurrency regulation, which we expect this year, has the potential to end the current bear market.
ETHEREUM, EXCHANGES
IQ THOUGHTS
While Vitalik Buterin’s harsh words about centralized exchanges may have earned him some points among the crypto faithful, we don’t think it advanced the cause of cryptocurrency much.
In fact, we think Binance’s CEO CZ’s response was fitting, particularly his noting that we are all “part of an ecosystem.”
And while we agree with Buterin that centralized exchanges will eventually fade with the growing use of decentralized exchanges, they have certain played an important role in the crypto revolution, smoothing a path for newcomers.
CZ also noted that, were it not for centralized exchanges:
All coins would have far less liquidity (and market cap/price/influence/impact/etc).
The industry would be smaller.
The industry would develop more slowly.
Also, a word on tone. While we are sometimes snarky for entertainment, we don’t advocate extreme statements like “burn in Hell” over disagreements. What’s the point and what does it accomplish except to further (needlessly) divide the crypto community.