Bitcoin is in another verge of second wave rally states Kin-wai Lau, a tech investor in a chat with CNBC. His opinion on the present condition of the market and the driving factor was shared in the discussion. Also is his prediction of the possible price of Bitcoin at the end of the year.
Bitcoin on Another Second Massive Bullish Trend
Kin-Wai Lau a tech investor spoke of the new trend Bitcoin is taking and the possible outcome of the trend before the end of this year. The CEO of the Fatfish Internet Group also spoke about the situation around the market as well as the causative factors driving the movement of the market.
Among many things he talked about was the adoption of Bitcoin ETF by SEC. On approval, Kin-Wai Lau states that,
“I think it is pretty much a matter of time before the SEC approves an ETF. It is a matter of which organisation can come up with appropriate tools for surveillance, monitoring, and the ability to create liquidity.”
So also is the need for a level of market readiness before the approval comes to be.
Despite the recent rejection of the second proposal of the Winklevoss Twins’ Bitcoin ETF application by the United States Securities and Exchange Commission (SEC), he remains an incurable optimist to the approval which will come sooner or later.
On the Bullish trend that has trailed Bitcoin and the potential reasons for its rise, he attributes to the increase in the adoption of crypto and injection of the institutional fund, as there has been an increase in the market volume despite the downward trend Bitcoin took.
In Kin’s opinion on the factors responsible for the stabilisation of the market, he states that the adoption of Bitcoin and cryptocurrency is the main driving force of the market. As he attributed the surge that took place on the 19th of July to the investment of affluent Chinese citizens into Bitcoin. This infers that the more acceptable Bitcoin and other cryptocurrency get, the more stable the market.
On the final note Lau gave his prediction of the Bitcoin before the end of the year, to which he said that the Bitcoin would possibly rise to the range of $10,000 and $15,000 by the end of the year, as he envisages more adoption of the top cryptocurrency by countries with market regulations, and price stability very soon.
The rising trend of Bitcoin is a product of injection of the institutional fund and more acceptance it has received recently. The continual rise of the value is an excellent advantage for prospective investors to invest.