As we all know, Bitcoin is the most advanced and successful cryptocurrency of all time. In 2017 it was estimated that between 2.9 and 5.8 million individual users were using a cryptocurrency wallet and most of them were using Bitcoin. Despite being the only form of currency exchanged by Silk Road in the early days and fluctuating in value day by day, the tender firmly found its feet after the 2012 appointment of The Bitcoin Foundation. Despite their appointment to promote Bitcoin’s development and uptake, the variations in its value have always been quite dramatic.
So why will November be the turning point for Bitcoin? Since its creation, Bitcoin hasn’t had an Exchange Traded Fund (ETF) platform to allow investors to engage with the regulated cryptocurrency instruments. Investors are keeping their fingers firmly crossed that this happens as it is believed to cause the value of a Bitcoin to rocket to $10,000 in the first week of November, according to Hermann Finnbjörnsson of Svandis cryptocurrency advisory firm.
As it so happens, the New York Stock Exchange’s parent company – Intercontinental Exchange (ICE) – has unveiled plans to launch a new cryptocurrency platform called Bakkt in the near future. With this will come a digital asset based EFT which will allow investors the insight they have been waiting for. Finnbjörnsson is of the mind that “There’s less than a 1% chance in my mind that Bitcoin won’t succeed.”
This could all be getting ahead of the game as the Security and Exchange Commission still needs to approve Bakkt after a previous string of BTC-EFT rejections. There are many who believe creating a BTC-EFT could be heavily detrimental to the currency as it could be damaging to the ecosystem while others are eagerly anticipating the change. With the same level of uncertainty that hangs around Brexit, we won’t know until it happens how it will affect the status quo.