All eyes in the cryptocurrency world will be on one thing tomorrow.
Well, two things.
The U.S. Securities and Exchange Commission (SEC) is deciding on a duo of proposed Bitcoin (BTC)-based exchange-traded funds (ETFs).
All that anticipation has helped push Bitcoin prices 6% higher this morning.
But that’s just a hint of what’s in store. Prices could skyrocket if the SEC approves these ETFs – and it would be absolutely huge for the entire crypto world.
Such ETFs would allow retail and big-money investors alike to get into e-currencies without having to actually buy or store it themselves. That means a lot less headache worrying about keeping your Bitcoin safe from hackers or losing your private key, and thus your access to the crypto. Moreover, deep-pocketed institutional investors like pension funds, hedge funds, and mutual funds are often bound by strict security regulations that an ETF can provide.
Thus far, the SEC has yet to approve a single crypto-based ETF, including a much-publicized effort at the beginning of the month by the Winklevoss twins of Facebook Inc. (Nasdaq: FB) lawsuit fame. That’s another reason why a nod from the SEC tomorrow would be so significant.
Submitted to the SEC in December 2017, the ETF proposals from ProShares are backed by Bitcoin futures contracts, not physical Bitcoin holdings. That means the ETFs’ values would be discovered through the Bitcoin futures contracts already trading on the Chicago Mercantile Exchange (CME) and the Cboe Futures Exchange.
“If a coin-based bitcoin ETF comes out, I would see it getting to probably $5 billion within a year and then ultimately would be a pretty big product probably maybe $10 billion to $15 billion over the next couple years, and that would put it in the top 10 percent biggest ETFs,” Eric Balchunas, senior ETF analyst for Bloomberg Intelligence told CoinDesk.
That sort of adoption is just what Bitcoin needs to start its journey to $100,000.
And the start of it all could be happening tomorrow.
So, if you’ve been sitting on the sidelines most of this year as cryptos have tumbled, waiting for your spot to get in before Bitcoin and the rest make their next move up, now could be the time to learn how to make your move.
This time tomorrow might be too late.
That’s why I’ve put together a world-class guide to crypto investing – and an in-depth report mapping out exactly how and why Bitcoin could reach $100,000.
To find out how to get all that – and a lot more – click here.
See you back here soon.