The United States Security and Exchange Commission has been sitting on cryptocurrency related decisions, perpetually pushing back dates and causing much consternation in the blockchain and cryptocurrency communities.
The SEC’s next date is looming and supposedly by October 26th a decision could be made. There has been optimism in recent days about the decision after the SEC showed an openness to argument supporting or opposing the Bitcoin ETF proposal.
Ran Neu-Ner is a cryptocurrency expert, entrepreneur and media personality. He founded
Onchain Capital, a crypto investment and advisory business and was previously the CEO and founder of The Creative Counsel, one of South Africa’s biggest advertising agencies. His show Crypto Trader is on CNBC Africa and he has an influential voice in the field.
He thinks Bitcoin is about to take off. In fact, he senses a bull run so much that he just bought more. He tweeted on October 7th,
“I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…”
Later that day he added some clarity to his point with another tweet.
“Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.”
The market was fueled on the ETF hype in the past and as the decision looms another bubble could build up. According to Forbes’ interactive Bitcoin price estimator, the price of the digital asset should be climbing in the coming months and possibly even doubling by the middle of 2019.
However some think the crypto community should not get their hopes up. Jake Chervinsky knows how these decisions tend to go, he is a government enforcement defense and securities litigation attorney and also tweeted on the subject.
“The deadline is for the public to submit statements of support or opposition, *not* for the SEC to finish its review (& the deadline is Nov. 5, not Oct. 26). The SEC will then review the statements & write an order. Could be a while.”
This decision could linger on, and it will surely cause a lot of anxiety in the meantime.
