Bitcoin is said to be the father of cryptocurrency and it is still trading for over $6,600, and the position remains for a long period. Although bitcoineer nature is so volatile. Still, it can manage its position despite ongoing ups and downs in the market.
Significant of ETFs as expected
One reference is enough to give a lot of reasons to explain why Bitcoin is being so much famous all over the world and why its prices are going to be hiking up in the coming weeks. One of the main reasons behind it is the expansion of bitcoin ETFs with a significant speed and thus its importance in the financial sector is somehow in a trending mode. Although the SEC which means the securities and exchange commission is not ready to accept the opinion to have an ETH behind bitcoin. They are curious to understand the concept behind the ETF and they could have got to know about it.
However, the recent news is proof stemming from the VanEck SolidX Bitcoin Trust. As the result was declared in September on its 30th day. Anyways the decision was postponed from September to December as decided by the SEC platform. It wasn’t a wrong step at all to decide for postponing the ETF. Because it is such a risky act to create an exchange platform based on trading in a currency that is relatively volatile. Although SEC wasn’t declining to say no to this platform, they have declared that the platform is made purposely to receive more information and opinions from industrial professionals before deciding the approach chosen for the ETF and surrounding its innovation.
Even Credit Cards See Their Benefits
Another major reason for adopting Bitcoin is credit card adoption. Credit card companies such as MasterCard. As MasterCard has acquired patents on the items and derivatives to speed up the payments that occurred on cryptocurrency. Although these incidents may realize as of now that a major part of its customers is accepting and investing in crypto. They are now aware that digital assets are now growing with strength and attracting most customers. Moreover, they also plan to do something giant to capitalize on this and fulfil the client’s requirements accordingly.
Thirdly, institutional investors were so curious that they have herded into the cryptocurrency like sheep over the past few months. For instance, Goldman Sachs was a person announced in May that the plan for developing a new Bitcoin has been started executing by them. Although the formal timeline for the final date of plan execution was not ready. But they were excited and confident with their project. In addition to this, as the bitcoin has an appealing approach hence ETF begins to grow stronger, and more bitcoin players get attracted to the crypto arena.
At last, bitcoin is going on the higher side along with a variety of cryptocurrencies on daily basis. For instance, as per July records, the transactions surpassed 240,000 is the highest ever as compared to the daily basis increase in crypto and the record was measured at the start of 2018. However, some of the crypto exchange platforms still believe that demand for cryptocurrencies keeps on growing and decentralized technology is experiencing higher levels of publicity and a need in people’s life.
The Price
As we talk about the price of Bitcoin, well there is no doubt that the crypto price is growing on the upper side and due to its higher success rate, another source is suggesting that crypto trends will go on jumping on higher sides just like a parabolic super trend which is consistently followed by the Bitcoin. Ultimately it stated that the increasing potential of Bitcoin is so consistent that as of now the ever-going all-time hike of bitcoin is $20,000, but it could spike significantly to $52,000, $260,000 or even $2 and the trend may go on towards higher side.
Final words
Draper, a well-known incident capitalist has explained that Bitcoin is expected to reach $250,000 by the year 2022. Although fluctuations were happening all time in the digital world, Draper was so confident with his words that soon the software was replaced by blockchain technology.
