8/10 ANDY HOFFMAN (CryptoGoldCentral.com): CBOE Insider Believes 99% Chance of Bitcoin ETF Approval!
Yes, I know it’s an unnamed source, but apparently a “credible CBOE insider” believes there is a 99% chance the SolidX/Van Eck Bitcoin ETF will be approved…and that the SEC delay was entirely expected - as it was by myself, and most Bitcoin commentators.
I have no idea what specific issues are in play – but as discussed in Wednesday’s Crypto AudioBlog, the SEC must be particularly thorough about the world’s first crypto ETF. Let alone, given the more than 1,000 public comments submitted - nearly all of them, supportive.
https://steemit.com/dlive/@andyhoffman/a3278813-9b1e-11e8-885a-0242ac110003
Clearly, the CBOE’s credibility with regulators; and Van Eck’s with investors, as one of the world’s largest mutual fund companies; are key positives for the application. Equally so, the fact that the fund is specifically catered to institutional investors – as each ETF share will be backed by 25 Bitcoins. Thus, at current prices, it would cost $163,000/share.
Inevitably, a Bitcoin ETF will be approved by the SEC – and countless other regulators in international jurisdictions. In fact, nine are scheduled for final SEC rulings in the coming two months…although only the SolidX/Van Eck fund represents a true PHYSICAL Bitcoin fund - that theoretically, could see the decision delayed to February.
According to the insider, CBOE management had a specific timeline expectation, incorporating the expectation of this week’s delay announcement. What that is, only they know – but what I know, is that ultimately, the SEC will rule “yes” due to market forces beyond its control.
For those worried about government “fear” of Bitcoin…with just a $110 billion market cap; amidst a brutal bear market, in which crypto sentiment has sunk to multi-year lows; it’s difficult to believe the government thinks of Bitcoin as anything more than a curiosity these days - which I assure you, will NOT always be the case. It probably wasn’t even the case in December…and with headlines like these – TODAY…
https://www.zerohedge.com/news/2018-08-10/world-markets-roiled-turkey-currency-crisis-goes-global
https://www.zerohedge.com/news/2018-08-10/core-cpi-soars-fastest-pace-2008
…and the world’s biggest gold bulls starting to capitulate, it’s only a matter of time before Bitcoin goes virally mainstream!
https://twitter.com/Andy_Hoffman_CG/status/1027860838294540288