Bitcoin looks to be forming a floor at 1500 aud (1150 usd) as we await a decision on the Winklevoss ETF on March 11th. I'm expecting a fair few, well-invested speculation wave-riders to start panic selling their bitcoin 2 or 3 days before that, due to fears that the ETF won't be approved, but in these last two weeks running up to that time bitcoin is most likely going up with the occasional large sell-off along the way. It's a nice time to make some money and invest in something that could revolutionize and connect people much more around the world, and it's about time. 2017, the year of change.
ETF is fairy tail story for 'crypto kids' to pump. BTC is still very immature. Price is too unstable. Maybe in future it could be possible, but not now. I can't stop laugh at people who still believe that :D
If this ETF is approved in the US I reckon bitcoin will storm the world pretty quickly hey. The amount of influence that'd have on other countries would be intense.
It's not related to this at all. Bitcoin is a store of value like gold and silver. Smart money knows the bull run is over and the depression of all depressions is about to begin. Literally, no-one is betting on the ETF working out. They have stated clearly 25% or 35% chance of success. Markets don't do mass moves on bets like that, especially crypto, which has a huge hate on for the banking system, as should everyone.
Well, it seems like you're quite wrong there, as the ETF is very related to the bitcoin price right now. Incase you didn't know, Bitcoin actually broke its previous record the other night for example. It dipped a bit afterwards ofcourse and now it's going back up. The point is not to know whether the ETF will be approved - it's the fact that people are throwing money in NOW because they know the speculation over the ETF will cause BTC to rise. 'They' haven't stated 25 to 35 percent at all, that's what a news article on bitcoin said. The securities & exchanges commission doesn't bust out with numbers like that to the open public before the meeting actually takes place. It's just simple speculation based on reports seen through the eyes of one or two people.
That is being used as a cover. The main reason for bitcoin's rise is speculative risk of the dollar, and yaun. You are simply parroting the mainstream media's cover story, so people don't start getting any smart ideas like protecting their wealth.
It's called 'riding the waves' and the media is simply a good signalling tool & creator of those waves. It hypes people up. I'm a grounded person, so I can see through the hype but still realize it exists and can be ridden like a horse into riches, which is just simple investing strategy. People who protected their wealth in bitcoin are now selling parts and making good profits for it. It's obvious that bitcoin is quite useful, especially in this unstable day & age.