ETF Debate Could Cause A Surge
The United States Security and Exchange Commission (SEC) has a few important crypto related decisions to make and is pushing back dates and causing a lot of distress in the blockchain and cryptocurrency communities.
The SECâs next date is looming and apparently, by 26th October a decision could be finalised. In the recent days, there has been quite a lot of positive thoughts regarding the decision after the SEC showed an openness to the argument supporting or opposing the Bitcoin ETF proposal.
A cryptocurrency expert by the name of Ran Neu-Ner who founded Onchain Capital - a crypto investment and advisory firm - is a media personality and an entrepreneur who also holds the position of CEO of The Creative Counsel which is one of the biggest advertising organisations in South Africa
Neu-Ner believes that Bitcoin could take off in the near future and that the can almost sense a bull run coming, so much so that he bought some extra Bitcoin for his parents.
On 7th October, he tweeted that itâs so obvious Bitcoin is about to explode that I just bought some for his parents.
On the same day he added clarity to his point with another tweet that said:
âLast year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires an actual purchase of BTC.2 looming SEC decision deadlines ahead.â
The ETF hype-fueled the market in the past and as the decision loom another âbubbleâ could start to rise. According to Forbesâ interactive Bitcoin price estimator, the price of the virtual asset should be climbing in the coming months and it could even be doubled by the middle of next year.
Some think that the crypto community shouldnât get their hopes. An employee at the law firm Kobre & Kim - which is renowned around the world - Jake Chervinsky, is well aware of this kind of situation and he also tweeted regarding the matter by saying:
âThe deadline is for the public to submit statements of support or opposition, *not* for the SEC to finish its review (& the deadline is Nov. 5, not Oct. 26). The SEC will then review the statements & write an order. Could be a while.â
What are your thoughts? Could a Bitcoin surge happen anytime soon? Let us know down in the comments below!