All bets are off for Bitcoin, as some experts now predict a $100,000 future and a true global currency.
The clamour has been largely generated by the remarkable climb of the last week and a half, which sees the world’s most valuable cryptocurrency trading at $10,996 at the time of writing, although it climbed to $11,363 earlier this morning. This has come alongside huge media attention as blockchain currency moves into the mainstream, with big security and financial deals taking place on an almost daily basis this week.
Meanwhile, Bitcoin itself will move into the futures market in December, and all cost predictions have been blown out of the water by an astonishing rise of late. Now, there are those who are saying that the future of the currency lies in Exchange-Trade Funds (ETFs).
Could Bitcoin and ETFs Be the Perfect Match?
Assuming the Securities and Exchange Commission (SEC) approved a Bitcoin ETF, it would be the next logical step towards legitimisation and mainstream approval. One Bloomberg analyst has even put a figure of $10 billion of new investment within the first month or two of a Bitcoin ETF launching.
The approval stage is a big “if” though. The SEC has long taken a cautious stance on cryptocurrencies, and turned down a request to trade shares of the Winklevoss Bitcoin Trust as recently as March this year. The lack of regulation seems to have put them off, at least for the moment, as there is no way to make surveillance arrangements.
More recently, in September, VanEck withdrew their application for a Bitcoin ETF after the SEC raised the same concerns. However, the key to them changing their minds could lie in the futures market. A move of such magnitude will establish Bitcoin firmly in the mainstream, and will certainly turn heads. It may only be a matter of time before the SEC relents and we get to see if the $100,000 prediction can become a reality.