The host of CNBC’s Cryptotrader show, Ran Neu-Ner, has projected that the price of Bitcoin is “about to explode” in a tweet to his nearly 90,000 followers.
ETF to Boost Price?
Taking to Twitter, Ran Neu-Ner, who is also the CEO of Onchain Capital, a crypto investment and advisory business, portrayed his confidence. In the tweet, he said:
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…
— Ran NeuNer (@cryptomanran) October 7, 2018
In another tweet the following day, Neu-Ner added that:
BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks. This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC. 2 looming SEC decision deadlines ahead.
His remark comes at a time when the U.S. Securities and Exchange Commission (SEC) has set a November 5th deadline to receive additional comments on nine Bitcoin ETF applications.
The SEC had previously rejected nine applications. Two had been submitted by ProShares along with the New York Stock Exchange (NYSE) for a listing on the NYSE Arca. Five ETFs were proposed by Direxion, which was hoping to be listed on the NYSE Arca exchange as well. The remaining two were submitted by GraniteShares for a listing on CBOE.
The second decision that the SEC needs to reach is its decision on the VanEck/Solid X Bitcoin ETF. It was initially thought that a decision would be announced by the end of September. However, that date has been pushed back. It’s now expected that a decision will be reached later this year. Many within the community have said that they believe this will be the first to receive approval.
Until then, though, the market remains much the same as it has for the last several months. At the time of writing, the price of Bitcoin is trading around $6,635, according to CoinMarketCap. It continues to remain within the $6,200 and $6,800 price range.
Too Cheap to Buy?
In a separate tweet, Neu-Ner said:
Before people didn’t buy Crypto because it was too expensive , now they not buying it because it’s too cheap…
This follows remarks from an analyst earlier this month. According to Jani Ziedins of Cracked.Market, there is a “chronic lack of demand” for Bitcoin. In his opinion, he said that if people wanted to buy when its price is low, they would have “jumped in already.”
Yet, that doesn’t appear to be the case.
Did you buy Bitcoin when its price dropped this year? Do you think it will rise or fall on an SEC decision? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@cryptomanran.