Curious why Bitcoin is suddenly going up?
bitcoin·@jrcornel·
0.000 HBDCurious why Bitcoin is suddenly going up?
https://i.postimg.cc/Wb6dpK7b/Gabor-Gurbacs-Van-Eck-860x430.jpg # Bitcoin is suddenly going up again, and it likely is due to some very big news. Earlier this morning, VanEck and SolidX announced that they would be offering a Bitcoin ETF-like product to institutional clients in the very near future. How soon exactly? Well according to the release, it looks like shares will be available for sale as soon as this Thursday, to qualifying investors. They are able to offer this ETF-like product through a special exemption with the SEC where they won't sell shares to retail investors. More from the release can be seen here: https://www.coindesk.com/van-eck-solidx-to-offer-bitcoin-etf-to-institutions-via-sec-exemption-report # Why is this such big news? For a couple reasons really... For one, this would pretty much be the first time something like this has been offered to institutions through traditional brokerages here in the US, though GBTC is pretty close. From VanEck: > "As the first bitcoin product in the U.S. with standard ETF creation and redemption and established clearing and settlement processes, institutional investors can finally gain exposure to bitcoin within a familiar context. We view the product as an exciting next step for SolidX and VanEck in our partnership as we work to bring institutional-quality crypto asset products to the marketplace.” (Source: https://www.coindesk.com/van-eck-solidx-to-offer-bitcoin-etf-to-institutions-via-sec-exemption-report) https://i.postimg.cc/7Y7LsRRn/kryptomoney-com-SEC-Will-Soon-Decide-The-Fate-of-Van-Eck-Solid-X-B.jpg (Source: https://kryptomoney.com/sec-will-soon-decide-fate-vaneck-solidx-bitcoin-etf-proposal/) Secondly, this likely paves the wave for a more traditional bitcoin ETF to eventually gain approval and be available for the masses, and if this launch goes well, perhaps that approval comes sooner rather than later. VanEck stated that part of their goal for launching this product is to show the SEC how a bitcoin ETF could work in practice, in the wild, to help calm some of their fears. # Shorty on the run! As you might have guessed, this news has caught many shorts on the wrong side of the trade as everyone and their dog has been betting bitcoin was going to at least $8.5k in the near term. Well, judging by the price action thus far, I would not be surprised if that $9,100 was as low as we are going to get for a long time. Run shorty run! Stay informed my friends. Image Source: https://www.coindesk.com/van-eck-solidx-to-offer-bitcoin-etf-to-institutions-via-sec-exemption-report -Doc
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