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Fundstrat Strategist Bakkt Futures to Launch in the Current Quarter
n Bakkts crypto futures contracts to launch in the current quarter per a Fundstrat strategists account of a recent Bakkt eventn
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Bitcoin Could Experience a Resurgence of Interest on Wall Street JPMorgan Strategist
n JPMorgan strategist Nikolaos Panigirtzoglou said that increased stability will return Wall Street investors to Bitcoinn
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VanEck’s Chief Strategist Eyes Multi-Billion Dollar Investment in Bitcoin ETF
The launch of the first Bitcoin exchange-traded fund (ETF) could witness the space attracting as little as a few billion dollars, predicted Gabor Gurbacs.
The director of Digital Assets Strategy at VanEck made the bullish prediction during an interview with CNBC Crypto Trader hosted by Ran Neuner, while explaining the possible outcomes from a successful Bitcoin ETF launch. He acknowledged that there would be a likelihood of institutional dollars coming into the Bitcoin industry via securities, mainly because ETFs will be better prepared to maximize investor protection and minimize counterparty risks.
“Right now, 90 to 95 percent of the digital assets space is retail. So people invest via trading platforms that offer low securities and safeties. Investors are not used to it,” Gurbacs explained.
VanEck Has the Best Chance
The US Securities and Exchange Commission (SEC) has rejected a total of 9 Bitcoin ETF applications till date citing investor protection. Only the ETF application filed by VanEck-SolidX duo has been allowed for a review, the response to which is likely to arrive by December 29 this year or February 1 the next.
Observers believe that VanEck, an experienced investment management firm with a longstanding professional relationship with the US regulators, has taken care of all the concerns presented by the SEC. It has led speculators to believe that investors will jump at the opportunities to invest in full-insured physical Bitcoin contracts, driving the market cap to its all-time high.
Gurbacs said that the new safety around the bitcoin financial instruments would bring it more in line with conventional ETFs. A Gold ETF, for instance, has the same security covers that would be coated on the upcoming Bitcoin ETF at VanEck. Given that the SEC has approved the former already, the same can be true for the latter as well.
“Our Gold ETFs are already in a few billion dollars range,” he added. “There are Gold ETFs in billion range as well. I wouldn’t be surprised if a Bitcoin ETF gets in a few billion dollars range.”
Market Manipulation
The market manipulation of the underlying Bitcoin spot market has been one of the major catalysts behind the SEC’S ETF rejections. Gurbacs cleared that every other market in present is seeing some level of manipulation, citing a JP Morgan trader who was manipulating the commodity and precious metal markets for seven years. Moreover, the Vaneck strategist cleared that the SEC had no jurisdiction to regulate spot markets; it lies with the Commodity Futures Trading Commission (CFTC).
Adding further, Gurbacs explained that they have introduced institutional-grade security measures, starting with immutable pricing sources coupled with market standard tools that would reduce manipulation.
“If there is market manipulation, there’s a concern. We’ve done everything we can,” he said.
Observers believe that VanEck, an experienced investment management firm with a longstanding professional relationship with the SEC, has taken care of all the concerns presented by the US securities regulator. The ETF review is now expected to go through the regulatory process without a dent, eventually leading to a launch on March 1 next year.
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Charles Schwab Chief Strategist Bitcoins Bubble Is Something Different
n Bitcoins bubble is not like other bubbles, according to Charles Schwabs chief strategist. NEWSn
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JPMorgan Strategist: Bitcoin Futures Could ‘Elevate Cryptocurrencies Into an Emerging Asset Class’
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Strategist Bob Doll: Bitcoin Price Run Has Been ‘Amazing,’ but Feels ‘Speculative’
The recent price rally of bitcoin has been nothing short of ‘amazing’, according to Bob Doll, a strategist who has […]
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Deutsche Bank Chief Strategist Tells People not to Bother With Bitcoin Investments
The year 2017 has yielded dozens of warnings from banks telling people not to buy bitcoin. Not surprisingly, these warnings […]
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Deutsche Bank’s Chief Strategist Wants You to Avoid Bitcoin
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Deutsche Bank Strategist: Reign of Fiat Money Will Soon End, Will Bitcoin Take Over?
Deutsche Bank lead strategist Jim Reid believes the reign of fiat money could soon end and cryptocurrencies like bitcoin could take over the global financial market.
In a recently released research paper, Reid delve extensively into the unstable fiat currency system and firmly stated that the fiat currency system will highly likely come to an end in the upcoming years.
Reid stated:
“Central banks and governments which have ‘dined out’ on the 35 year secular, structural decline in inflation are not able to prevent it rising as raising interest rates to suitable levels would risk serious economic contraction given the huge debt burden economies face. As such they are forced to prioritise low interest rates and nominal growth over inflation control which could herald in the beginning of the end of the global fiat currency system that begun with the abandonment of Bretton Woods back in 1971.”
Will Bitcoin Evolve Into a Competitor Against Fiat Currency
In his paper, Reid essentially criticized the centralized nature of fiat currencies and the ability of governments, authorities, and central banks to manipulate virtually aspect of paper money, including inflation rates. Due to the existence of centralized authorities within the fiat currency system, Reid emphasized that it is vulnerable once it loses its leverage over the global economy, likely triggered by the emergence of decentralized currencies like bitcoin.
“It’s possible that inflation becomes more and more uncontrollable and the era of fiat currencies looks vulnerable as people lose faith in paper money,” added Reid.
He further noted that cryptocurrencies like bitcoin, despite the growing interest from the traditional financial industry in blockchain technology, have the potential to take over fiat currencies and operate as the global monetary system, given their open structure and decentralized systems.
As security and bitcoin expert Andreas Antonopoulos previously explained, bitcoin has an advantage over fiat currencies because it is voluntary. It does not enforce any regulations and policies through violence, and it does not require a certain group of individuals and businesses to use the digital currency for leverage. Anyone can choose to use bitcoin as a currency, a store of value, and a safe haven asset at their will and demand.
For this reason, Reid stated that there exists a possibility of cryptocurrencies eventually competing against national currencies and the fiat currency system.
“Although the current speculative interest in cryptocurrencies is more to do with blockchain technology than a loss of faith in paper money, at some point there will likely be some median of exchange that becomes more universal and a competitor of paper money,” Reid noted.
Long-Term Growth of Bitcon as a Global Currency
The long-term price targets of prominent financial analysts like Max Keiser at 0,000 assume that bitcoin will evolve into a major global currency and penetrate the market of gold. If bitcoin can compete with fiat currencies in the upcoming years, the market valuation of bitcoin would likely be able to reach a few trillion dollars, which is an optimistic long-term indicator for bitcoin investors.
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