The bitcoin price has been bouncing around from $6,000 to over $8,000 over recent months, but that could soon change. Many investors are looking forward to the U.S. Security and Exchange Commission's (SEC) decision later this month on whether to grant approval for a bitcoin exchange-traded fund (ETF) — something the SEC has previously rejected due to fears around bitcoin's wild price swings and price manipulation.
But others are looking beyond that, pointing to the New York Stock Exchange's parent company, Intercontinental Exchange (ICE), plans to roll out a bitcoin ETF on November 5.
In July ICE revealed that it was launching a bitcoin and cryptocurrency platform called Bakkt in partnership with coffee chain Starbucks, software giant Microsoft, and Boston Consulting Group.
"I believe that it'll hit $10,000 by the first week of November," Hermann Finnbjörnsson, founder and chief executive of bitcoin and cryptocurrency advisory firm Svandis told The Street. "I think that there are a lot of reasons to be bullish on bitcoin.
The SEC is currently weighing whether to approve a bitcoin ETF, a request filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.
However, some influential voices in the bitcoin and cryptocurrency world have argued a bitcoin ETF will be bad for bitcoin in the long term.
Last month Andreas Antonopoulos, a tech entrepreneur-turned bitcoin evangelist, warned that — although he does expect an ETF to be granted approval by the SEC — it will not be a good thing for bitcoin or the wider cryptocurrency world.
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"I’m going to burst your bubble," Antonopoulos said. "I know a lot of people really want to see an ETF happen because 'to the moon, and lambos,' but I think it is a terrible idea. I still think it is going to happen, I just think it is a terrible idea. I’m actually against ETFs. I think a Bitcoin ETF is going to be damaging to the ecosystem."
"[There's] Less than a 1% chance in my mind that bitcoin won't succeed," Finnbjörnsson added.