( Chief Operating Officer )
I can look at the chart and consider worse levels than $2,500:
I can if I try really hard imagine we have seen the bottom but what looks very possible is that we are repeating the previous bitcoin performance of basing with tightening volatility. What happens next is a breakdown and the next leg of the crash.
If it does, I believe this will be the final bottom.
Nothing in my mind can make bitcoin go to zero,bar some unforeseen technical disaster. A mining collapse is the only possibility and that could only happen if the price went suddenly and significantly below $1,000, because the latest breed of SHA256(secure hash algorithm) miners can operate profitably below $1,000 a coin and who knows if there are private application specific integrated circuits (ASICs) that can mine even cheaper than that.
To me if bitcoin isn't going to zero, it is going to the moon. Long term there doesn't seem much of an alternative.
Cryptolocg BTC ETF critics gone quiet after application gets back on track. Last month’s news of the apparent BTC ETF rejection was celebrated by critics. I saw some say they “seen it coming” or “we didn’t need it in the first place”. Sure, a $3 trillion market, who needs that? As always, I wanted to do my own research in to the topic when news of the rejection first hit. After doing so I remained, as someone in support of the BTC ETF, one of the only traders unphased by the FUD. What happened was the proposed rule change by the CBOE crucial for the BTC ETF was withdrawn by the CBOE. However, just over a week ago, they resubmitted the rule change putting the ETF back on track. What I found more bullish was the effect the apparent “rejection” had on the price; zero. When bad news has little effect on the price I begin to think most sellers have left the market.
Do we need an ETF? For profitable trading, no. For a bull market? I believe so. It may be the catalyst of 2019 (a major event shifting market sentiment). People don’t realise that a BTC ETF is a global “green light” from the SEC and market regulators. Furthermore, ETF’s are a revolutionary product. The first Gold ETF in 2003 revolutionized the market causing 10-year bull market. They are simple and streamlined paths to diversification favoured by funds and pensions across the globe who have more purchasing power than all retail investors combined. Think of the liquidity this will bring essential for currency to operate. Funnily, all the SEC is trying to do is protect your parents’ pension from being stolen like the other $1.1 billion cryptocurrency this year. Fund managers are natural risk takers and will jump at the first BTC ETF. It’s up to the SEC to keep the investors safe.
If Bitcoin was a payments company this would be its sales.... Total fees paid to miners by year:
Bitcoin is no longer a dream of the fringes of society. It is methodically marching towards the ultimate destination —a global reserve currency.
It is only a matter of time before everyone trusts math and software over the bias, emotion, and greed of nation states