For a brief moment, last week Bitcoin (BTC) came under slight pressure when James Dimon deemed it a worthless asset. As is often the case with Bitcoin throughout the year, whenever someone with “authority” comes out and delivers their opinion, it affects the asset.
Even though Jamie Dimon is the CEO of JP Morgan Chase, which is the largest of the big four banks in America. It still never impacted the price of Bitcoin much during the week.
I understand that cryptocurrency is quite a new concept to grasp for old-age financiers. Especially if their worldview about how finance should be is coming under attack by new technologies. It’s a sort of existential crisis that they cannot wrap their head around quite yet.
Analysts are predicting that bitcoin is on point to break through its peak next week if the SEC approves futures-based Bitcoin exchange-traded funds (ETF). If this works it could be huge for the crypto market as a whole.
Progress so far has been positive and they are predicting that they might approve at least one or two applications next week. News has been swirling around that ProShares and Invesco may be given the right to offer these financial products.
Even though this is good news, there is still speculation as to what could happen because those two companies could have a first-mover advantage that may cause problems. The assumption is that the SEC is actively looking at other companies as well to see how they could go about dampening the first-mover effect.
