Bitcoin prices have soared to an all-time high barely a month after the SEC rejected the ETF applied by Winklevoss.
Initially, the rejection had contributed to a slight dip in bitcoin prices, but bitcoin has surmounted the challenge of lack of support from SEC and gone on to break the record of $1300!
The crypto-community is in celebration over the gains, as a strong message is being sent out; that bitcoin is here for the long haul.
Even though bitcoin’s approval ratings keep soaring around the world, still, it will be a big win if cryptocurrencies are let into the ETF.
Exchange Traded Fund (ETF)
Basically, an ETF is an investment fund traded on stock exchange.
And so, the Winklevoss are pushing for bitcoin’s acceptance by SEC so that bitcoin may be available at free markets for trade; a move that would add more value to bitcoin.
One of the reasons cited by the SEC about its rejection of bitcoin was, “the proposal is inconsistent with section 6 (b) (5) of the exchange act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and protect investors and public interest.”
The bitcoin core community has dedicated itself toward boosting network security through neat inventions like SegWit activation, and other incoming technologies, and in the long run, they hope to achieve enough security that SEC will approve the ETF application.
Can bitcoin do well without ETF?
Bitcoin has been doing just fine without being an ETF, and we expect that the upward trajectory will keep building.
So far, bitcoin has had more gains in value in 2017 than any other means of transactions (fiat currencies and gold).
And with the onset of SegWit activation, things can only look up for bitcoin users.
Hopefully, in a few years, we will be able to see stable blockchain-centric technologies and the first bitcoin billionaire!