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Saturday, March 18, 2017

Why an ETF is a Bad Idea for Bitcoin

Why an ETF is a Bad Idea for Bitcoin

Winklevoss ETF has come and gone, it was not approved. At the incident of the announcement of non-approval, Bitcoin price collapsed from $1,350 to $980 within a very short time. Several hours later, Bitcoin price has been seen to be on a steady recovery and trades at $1,230 at the time of writing.

Jeremy Epstein, CEO at Never Stop Marketing, says:

“This is a pothole in the road, to be sure. The decentralized asset world has to slow down and adjust, but the momentum that Bitcoin and altcoins have is past the tipping point.”

Expectations were high in certain quarters before the SEC announcement, different schools of thought filtered through the Bitcoin ecosystem and expert analysis offered predictions of possible market reactions, depending on the outcome of the event.

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