Brian Kelly, a popular cryptoanalyst, and entrepreneur claimed that this year there is no chance for a Bitcoin exchange-traded fund approval while he was talking for an interview at the Crypto Finance Conference in Switzerland and will are going to find out more in our digital currency news below.
Kelly believes that 2019 will be better than 2018 since we are ‘’somewhat close to the end of the bear market.’’ However, he thinks that we should expect another lower dip and about his expectations for 2019 he continued saying:
“Probably in 2019 the focus will be on currencies — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world. We are starting to see some global macro players use Bitcoin as alternative to their gold position, or as a way to hedge against fiat currency fluctuations and volatility.”
2019 should be a better year in terms of asset acceptance among investors, according to Kelly but when he was asked about a BTC ETF he said there’s ‘’no shot’’ for that.
Approving a BTC ETF by the Securities and Exchange Commission in the US is highly anticipated event and is a huge green light for all of the major institutional investors that want to enter the crypto market.
The SEC has received many Bitcoin ETF applications such as the one from the Winklevoss twins but still hasn’t approved any of them. Kelly says that the agency won’t change its opinion in the near future and also that it will take longer than a year to fix the unresolved issues.
Last year, He predicted that the approval of a Bitcoin ETF will not happen earlier than February in 2019 because the bitcoin futures market is simply not mature enough.
Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- I know bitcoin is, but am not interested in investing - 56.7%
- I already own some bitcoin - 2.7%
- I have no idea what bitcoin is - 32.9%
- I know bitcoin but don’t know how to invest - 3.4%
- I’m keeping an eye on it - 4.3%
“This audience represents some low-hanging fruit for the Bitcoin community to go after. Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations.” “The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts.”For now, US retirees are active in traditional investments such as stocks, bonds and real estate - while Bitcoin investments are still on the rise. In contrast to them, millennials are far more open-minded when it comes to embracing new asset classes, as many best cryptocurrency news sites have reported. Baby boomers, on the other hand, are somewhere in the middle.
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“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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