Ran Neuner, who is a renowned crypto analyst and the host of the Cryptotrader show aired on CNBC, has predicted that the prices of Bitcoin are just about to go over the roof.
In a tweet posted by Neuner on 7 October, he stated, “I just bought Bitcoin for my parents” as a way to indicate his utmost faith in the price increase of Bitcoin. Neuner further tries to prove that his predictions are not baseless, as they can be attributed to the fact that the U.S. Security and Exchange Commission’s (SEC) will soon be making a much-anticipated decision on the Exchange-Traded Fund (ETF) as well as other applications.
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Neuner, through his subsequent tweets, supported his claims by highlighting how in the previous year the prices of Bitcoin rose from $6,691 to $20,000 in a span of five weeks, which was due to the highly anticipated launch of the BTC futures contract.
Last year BTC hit an all-time high
Last year, Bitcoin hit record prices of $20 000 following the launch of Bitcoin futures by Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME), which occurred after a confirmation issued by the U.S. Commodity Futures Trading Commission (CFTC) stating that CME and CBOE were authorized to launch Bitcoin futures.
The crypto analyst also makes a parallel comparison between bitcoin features and SEC’s decision on approving the first Bitcoin ETF by claiming that the latter is a much bigger deal, as it actually requires the purchase of Bitcoin.
Why Bitcoin EFT So Important?
Bitcoin ETF is deemed more beneficial to the cryptocurrency market as it might improve Bitcoin’s acceptability by a wide range of mainstream investors as they will not be required to make direct investments into bitcoin. Similarly, the bitcoin ETF might also drive Bitcoin’s acceptance and adoption in Wall Street once it is listed on a regulated U.S. exchange.
SEC’s deadline for review the Bitcoin ETF applications has been scheduled for November 5. However, approvals of the ETF applications are not certain, as SEC has rejected similar applications in the past. For instance, in just last year only, the SEC rejected Tyler and Cameron Winklevoss application for a Bitcoin ETF twice. The main reason issued for this disapproval was that the EFTs did not have preventative measures for fraudulent or manipulative practices.
Soon after the disapproval was issued, Hester M. Peirce, an SEC commissioner, expressed his disapproval of rejection of the application since he believed that it was a hindrance to the growth of the Bitcoin market.