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

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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.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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