Bitcoin doesn’t need institutional investors. Institutional investors need Bitcoin

Home » BITCOIN » Bitcoin doesn’t need institutional investors. Institutional investors need Bitcoin
2018-07-30
Bitcoin doesn’t need institutional investors. Institutional investors need Bitcoin

Last week the SEC rejected the proposal of twins Tyler and Cameron Winklevoss related to exchange-traded fund (ETF). The news coincided with the Facebook’s report on unprecedented stock loss and while crypto enthusiasts were spreading humiliation around the odious social media the price of BTC has plummeted from $8270 to $7940.

Tyler and Cameron Winklevoss

Bitcoin ETF proposed by Winklevoss were rejected for the second time but it is not the end of the story as there are VanEck firm and SolidX company with serious ETF ambitions. The news about the SEC latest rejection activated a heated debate on the subject how different each of the three ETFs could be.

In June VanEck and SolidX informed that they have submitted an appropriate set of documents to the Securities and Exchange Commission in order to get the official permission to run the first exchange-traded fund based on Bitcoin – another try after a couple of failures. Since then, the commission asked for comments and pretty soon it was replied on more than hundred questions. The SEC announced that the resolution might be taken in August. This position of the cruelest regulatory institution triggered a new wave of optimism amongst the crypto community. As the result, the price of the first cryptocurrency reached the highest since late spring.

And then the news about Winklevoss brothers broke down that immediately crashed the price. Though, just for a while. So far, the price index hesitates around $8200.

Coming back to the rejection of the Winklevoss’s proposal, the SEC explains it via non-compliance of requirements referred to anti-money laundering policy, in particular, the commission worries about potential manipulations and fraudulent activities across the cryptocurrency market. By the way, back in 2017 the SEC had the same concerns.

Nevertheless, the Securities and Exchange Commision in its 92-page reply emphasizes that “over time, regulated bitcoin-related markets may continue to grow and develop” – the words that definitely encourage and give a new hope for official support of ETFs in future.

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,958.13
  • ethereumEthereum$146.26
  • rippleXRP$0.332104
  • tetherTether$1.00
  • eosEOS$3.61
  • stellarStellar$0.090138
  • litecoinLitecoin$47.70
  • cardanoCardano$0.047322
  • tronTRON$0.025379
  • moneroMonero$52.42
  • iotaIOTA$0.310824
  • nemNEM$0.043811
  • dashDash$88.11
  • neoNEO$9.15
IBM used blockchain to ship 28 tons of citrus fruits from China to Singapore
On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk. IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative […]
2019-02-19 0 12
What Can I Buy with BTC and What Sites Use It?
In the autumn of 2017 cryptocurrency fever triggered a high interest among trade agents in using BTC as payment method both for online and offline commerce. People were thrilled and excited. Searches on Google like “where to pay with bitcoin”, “where to spend bitcoin”, “bitcoin stores” were most frequent those days.  Unfortunately, raising fees for […]
2019-02-18 0 36
The media confirmed the launch date of the test network Telegram Open Network
The Telegram Open Network (TON) blockchain platform, behind which the popular messenger operator stands, is 90% complete, and the launch of the test network is scheduled for the end of March 2019. It is reported by The Block, with reference to the report received by the investors of the project. As the newspaper notes, Telegram […]
2019-02-11 0 15
Media: the cost of the Telegram internal cryptocurrency could reach $ 30 billion
By the end of 2019, the total cost of the internal token Gram of the blockchain project Telegram Open Network (TON) could reach $ 29.5 billion. The Bell reports with reference to the report HASH Crypto Investment Bank. According to the investment company, the target cost of 1 Gram token by the end of 2019 […]
2019-02-07 0 10
© 2017–2018