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Get Over the Bitcoin ETF and Focus on Bakkt

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According to Dan Morehead, focusing on the Bitcoin (BTC) ETFs right now is a waste of time and effort. He believes that it is still too early to have ETFs approved and that this focus should be directed at Bakkt since it will be a much bigger deal in the long run.

Stop talking about ETFs

Ever since the SEC started receiving requests for Bitcoin (BTC) ETFs, the entire crypto space got very excited about the possibility of having them approved. This has reflected strongly on the price of cryptos as well, as many coins, led by BTC itself, went through a significant price increase.

However, while the SEC did not reject all of these requests, they certainly did destroy the initial excitement by delaying their decision. These reports also reflected on the prices, and cryptos fell right back to where they were before the initial excitement took place. One thing that many often forget, however, is that the ETFs, while important for the further development of the crypto world, are not the only big crypto-related thing that is going on right now.

According to Pantera Capital’s CEO, Dan Morehead, the investors need to forget about the ETFs for now and focus more on a new crypto venture called Bakkt. Bakkt has a potential to tap into numerous companies and brands and to make use of their expertise. It even has a potential to become a real game-changer for the entire crypto market. Additionally, considering that some pretty big and reputable names are behind it, Bakkt can also inspire trust in institutional investors, and finally, bring many of the more careful ones to the crypto space.

Because of that, Morehead’s idea is to stop focusing on the ETFs of today and focus on Bakkt more. If everything goes according to plans, there will come a day when Bakkt will be able to facilitate as many BTC ETFs as necessary. However, to do that, it has to kick off first, and it needs the investors’ help to do it.

Bakkt needs patience, but it is worth it

In his recent interviews, Morehead stated that the new approaches to issues that are bothering the SEC are not good enough to convince them to allow BTC ETFs. Because of that, all the effort behind these requests might end up being for nothing. Even though the SEC has postponed making the decision, Morehead doesn’t believe that anything good will come out of it.

He also stated that ETFs will likely not arrive anytime soon. He compared cryptos to copper, stating that copper was the last asset to get ETF approval, and that is a resource that has been on Earth for thousands of years. Cryptos, however, have been around for only 9 years now, and so he doesn’t believe that they will see that kind of breakthrough just yet.

He then decided to focus everyone’s attention on another big news regarding the crypto world, which is the creation of Bakkt. ICE, the parent company of NYSE, decided to launch a new crypto platform in collaboration with some pretty large names. Those include Microsoft, Starbucks, and more. This is a huge deal for the crypto space, and it will bring significant changes over the next few years. Even if it takes an entire next decade, the crypto world will be a very different place due to the creation of this platform.

This is why Morehead believes that Bakkt is the project that should get all the attention now. It is important to remember that, while Bakkt does promise some big changes, they will take time to arrive. Bakkt can be seen as a project that is playing the long game, and as such, it requires patience and dedication. So far, the project has received its fair share of attention and support, but it can always use more.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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Bitcoin Chasing Green — First Positive Month Since July In Sight

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The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved

The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.

What does the future hold for BTC?

As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.

Chart courtesy of TradingView

The recently-emerging bullish trend took it beyond this, and while the price…

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