A new bold prediction was made on the popular post-market and crypto related news show Fast Money, aired on CNBC and hosted by the analyst and Bitcoin protagonist Brian Kelly. In the latest edition of the show, which aired on August 23rd, Kelly commented the SEC’s decision to (again) reject 9 Bitcoin ETF submissions.
As he forecasted, the SEC will approve a Bitcoin ETF by February 2019 – and while they have recently chosen to delay their decision on the recent investment firms, they have an option to again defer their final decision on the proposal until February 2019 at the latest.
As Kelly said during the show:
“[When] the SEC talked about fraud and manipulation, it wasn’t so much about preventing it, but how do they surveil it? Do they have an arrangement with other [globally or nationally regulated] exchanges [that would enable them to] surveil what’s going on?”
Then, he affirmed SEC’s argument that the existing BTC futures market is “not mature enough” and said that BTC futures were only launched on major US exchanges such as CME and CBOE last December. Still, Kelly believes that the market is fast evolving and stated the following:
“Here’s CME Futures open interest of large holders. [As of] April, you’re starting to see a big increase… about an 85 percent growth rate. If you extrapolate that out, by February 2019, you’re going to have a very robust market here.”
He concluded that a “bullish sign of sentiment change” that suggests we are coming closer to ETF approval is the fact that the “market did not sell off” on the news of most recent disapproval orders. Bitcoin’s recent surge is, according to him, the positive outlook that everyone should have right now.
Bitcoin’s Problems Can Be Solved By Leaving The Proof-Of-Work System: BIS
“Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality.”However, in the study there is little praise for the Lightning Network as well, claiming that it could help but the real remedy for improving the network would be by saying goodbye to the proof-of-work method. Leaving the protocol would likely require a sort of coordination and possible institutionalization. The conclusion is basically that ‘’in the digital age too, good money is likely to remain a social construct rather than a purely technological one.’’ The Bank for Institutional Settlement is basically a group of 60 central banks which account almost 95 percent of the global GDP. BIS issued another report a few weeks ago where it was explained that nearly seventy percent of the central banks in the world are researching the option for a central bank digital currency and how to issue it. The major financial institution found a solid correlation last September between the crypto prices and the news about regulation that swamped the news platforms worldwide.
Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Wall Street Investors Need ETNs To Join The Crypto Space: CBOE President
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market. “You answer that question, you get your first ETN,” the president of CBOE concluded.
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