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How High Can BTC Go If A Bitcoin ETF Is Approved?

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Bitcoin ETF

Bitcoin (BTC) has on numerous occasions been referred to as the digital gold of the 21st century. You can see the relationship to physical gold is not only the color scheme of the Bitcoin symbol – ₿ – but also due to the fact that there is some ‘digital mining’ that has to be done to get some BTC.

Having established a link between Gold and Bitcoin, let us go back in time to March 28th, 2003, when the first Gold ETF was launched on the Australian Securities Exchange. The name of the ETF was Gold Bullion Securities and Graham Tuckwell, the founder and major shareholder of ETF Securities, was behind the launch together with M. Rothschild & Sons (Australia) Ltd, Citibank and Deutsche Bank as market makers on the Australian Securities Exchange (ASX).

On that month, the price of Gold was hovering around $330. Eight years later, on August 29th, 2011, the price of Gold was at $1,788 per ounce: an increment of 442%. The 2011 price is 5.41 times that of 2003.

Gold prices since March 2003. Source, goldprice.org

Using similar figures of increment as those witnessed with Gold after its ETF went live, and the current levels of BTC, the price of Bitcoin (BTC) would get to $43,280 due to the SEC approval if its Bitcoin ETF is approved. Another method would be to project the price of BTC by mid-August. Using a conservative estimate, this value will probably be around $10,000 if all goes well. This means after the ETF announcement, BTC could get to $54,100.

Knowing that the crypto-markets function on an accelerated rate faster than that of traditional markets, the time frame to reach this value might not be 8 years as is the case of Gold. This $43,280 price might be reached in a year’s time given that Fundstrat’s CEO, Thomas Lee, has already predicted a $25,000 BTC by the end of the year.

But then again, Thomas Lee had not factored in the Bitcoin frenzy being fueled by the pending Bitcoin ETF decision. Therefore, if the SEC manage to approve the said ETFs before the end of the year, the value of $43,280 is achievable around Christmas this year or by early January.

The exact date of the SEC decision on the ETF has been estimated by many as being August 16th due to the clause that the authority usually makes an announcement 45 days after a filing is published on its website. However, news coming in indicate that the SEC will most likely postpone the Bitcoin ETF filed by the CBOE as they have already postponed several others to September 21st.

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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.

Image courtesy of Pexels

Altcoins

Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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