SEC CBOE BTC ETF Decision February, 2019
In 2017 the Crypto market pegged the great bull run to the Consensus convention which we later realized in 2018 was merely a fluke. There has been no bull run in the market this year, even with the 2018 Consensus Convention, we have watched the market fall into a Bear cycle. In this dismay, many have begun pegging their investment decisions to institutional money entering the space. This, currently isn’t really possible in a grand scheme without first having established custody and options in line with regulatory guidelines.
We have seen many Bitcoin ETF’s declined to date by the SEC, none of which seemingly as important as the Cboe SolidX VanEck bitcoin ETF which is expected by many to eventually become the first accepted Exchange Traded Fund on the market. However, this will come when the SEC is ready to finally decide on its fate which I predicted months ago wouldn’t happen until around February of 2019.
It seems that prediction is come true thus far which is why the ChainWise.us Crypto Convention has been scheduled for Feb 15-16, 2019.
Currently, just about every blockchain convention is sold to attendees for hundreds or even thousands of dollars for tickets and most are opening their doors to an empty audience. The market is depressed and concerned as so many that got into the crypto space blindly FOMO’ed into positions they didnt understand only to watch their investments fall into the deep red. Some cashed out at a loss while those who understand the market cycle and the technology behind it all have been holding steady.
My belief is that as we get close to February, we will see market rallies and green portfolios as many in the market re-enter their positions in efforts to prepare for the news that the CBOE BTC ETF has been approved and once announced, institutional money will begin entering the space ultimately driving market caps back up and in turn, driving up the values for those who have either held, or bought back in during the red sea.
Back in July, 2018 I published a video explaining how the price of Bitcoin could easily attain a value of over $1 million dollars through just 5% of Global Pension Funds entering the space. As many are waiting for what they think will be the true Bottom of Bitcoin, I believe we have found it and already begun a slow rise up which I expect to continue from here.
My hope for ChainWise is that it becomes a celebration of foresight as much as an education for those new to the space.