The current Bitcoin ETF proposal has attracted much attention within the crypto currency ecosystem, with investors and traders eagerly awaiting a decision in mid-August that could determine the fate of the crypto market in 2018.

Bitcoin ETF – The highlight of the year
Should the admission of an exchange-traded Bitcoin fund succeed, the crypto currency market could potentially experience an unprecedented inflow of capital, as institutional investors, speed traders and accredited investors will move into the crypto area for the first time.

Interesting: Bitcoin ETF – The Holy Grail of the Crypto Currency Market

The Bitcoin ETF, filed on June 26 as “Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust”, is currently being reviewed by the US Securities and Exchange Commission.

The SEC is expected Bitcoin Revolution

The SEC is expected to reach a decision on the filing of the application in mid-August – the filing of the application with the SEC will be followed by the publication of a notification in the Federal Register on July 2. The SEC generally has 45 days https://www.onlinebetrug.net/en/bitcoin-revolution/ to make a decision on a proposed rule change that would leave the date for a decision on Bitcoin ETFs until mid-August. VanEck SolidX Bitcoin Trust CEO Jan van Eck commented on the proposal in an interview with Bloomberg and expressed optimism about the SEC’s decision:

“We believe that together we will build something that could be better than other constructs that are currently finding their way through the regulatory process. A properly designed, physically secured Bitcoin ETF will be designed to be exposed to the price of Bitcoin and the insurance component will help protect shareholders from the operational risks of sourcing and holding Bitcoin.

Bitcoin Code approval may increase market volume

The VanEck proposal provides for the VanEck SolidX Bitcoin Trust to purchase the crypto currency Bitcoin in large quantities to support and safely store the ETF, which is likely to occur in the OTC market, as onlinebetrug described Bitcoin Code in the submission, which states that the trust aims for shares to reflect the performance of Bitcoin prices:

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“The Trust intends to achieve this objective by investing substantially all of its assets in Bitcoin, which is primarily traded on the OTC market, with the Trust also being able to invest in Bitcoin, which is traded on national and international Bitcoin exchanges, depending on liquidity and at the discretion of the Trust.

In particular, the availability of a Bitcoin ETF in the US would allow institutional investors, less technically savvy investors and traders to make simple and rational Bitcoin purchases. The effects of speed traders, who typically handle extremely high trading volumes, could have a significant impact on the price of bitcoin.

BitMEX CEO: $50,000 BTC price after ETF approval
An increase in overall demand for bitcoin should have a strong positive impact on the price of bitcoin. Arthur Hayes, co-founder and CEO of BitMEX, recently predicted a massive increase in Bitcoin if the SEC approved the proposal and stated that an ETF would bring real money to the table in an interview with CNBC’s Fast Money.

But not only he suspects a rapid rise, because a well-known hedge fund trader is of the opinion that Bitcoin could still rise towards $70,000 this year.