CNBC’s Ran Neuner Says ‘Bitcoin Is About to Explode,’ Points to Pending ETF Decision

Published at: Oct. 8, 2018

Crypto analyst and host of CNBC’s show Cryptotrader Ran Neuner has claimed that the price of Bitcoin (BTC) is “about to explode” in a recent tweet October 7.

Neuner expressed his utmost confidence in an upcoming surge in Bitcoin’s price by noting “I just bought Bitcoin for my parents” in the same tweet. A notable rally would likely be tied to the U.S. Security and Exchange Commission’s (SEC) highly-anticipated upcoming decision on several Bitcoin Exchange-Traded Fund (ETF) applications, the trader claimed in another tweet posted the same day.

Explaining his optimistic prediction, the crypto analyst pointed to the fact that the leading cryptocurrency’s rally last year from “$6,691 (Nov 11) to $20,000 (Dec 17)” was, according to him, “on the back of  the expectation and launch of a cash settlement BTC futures contract.”

Following confirmation from the U.S. Commodity Futures Trading Commission (CFTC) that the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) were eligible to launch Bitcoin futures, CBOE was the first to launch Bitcoin futures on December 11, while CME launched soon after on December 17 – the day Bitcoin has hit its historic high of $20,000.

Pointing at Bitcoin futures, Neuner made a parallel with the SEC’s much-anticipated decision on the first Bitcoin ETFs to be approved by the regulator. The analyst claimed that a Bitcoin ETF is a “way bigger deal” than a cash settlement Bitcoin futures contract, since it “requires actual purchase of BTC.”

Many point to a Bitcoin ETF helping Bitcoin reach more mainstream investors, since they would not have to directly invest in the underlying asset, in this case the cryptocurrency. If listed on a regulated U.S. exchange, a Bitcoin ETF could potentially push Bitcoin toward broader recognition on Wall Street.

While the SEC have recently scheduled their deadline of November 5 for reviewing nine Bitcoin ETF applications from three different applicants, the actual effects of an approved Bitcoin ETF’s launch on crypto markets is up for debate.

In late July this year, the SEC rejected the application for a Bitcoin ETF from brothers Tyler and Cameron Winklevoss for the second time, following previous rejection in March 2017. Shortly after the rejection, SEC Commissioner Hester M. Peirce made a statement of official dissent from the agency’s disapproval of the Winklevoss fund appeal. Peirce suggested that the disapproval order will likely “inhibit” the institutionalization of the BTC market.

Tags
Etf
Bitcoin
Sec
Trading
Cryptocurrencies
Investments
Cftc
Stocks
Predictions
Cnbc
Related Posts
SkyBridge Capital’s Anthony Scaramucci expects a pro-crypto presidential candidacy
Anthony Scaramucci, the founder of the hedge fund SkyBridge Capital, thinks that the next United States presidential candidate will likely be pro-cryptocurrency, given that the U.S. Securities and Exchange Commission (SEC) recently announced the approval of a fourth Bitcoin (BTC) futures exchange-traded fund (ETF). During an interview at SALT’s Crypto Bahamas conference, Scaramucci told Cointelegraph that he has been bullish on a pro-crypto presidential candidate since the SEC approved Bitcoin futures under the Securities Act of 1933 (‘33 Act) and the Securities Act of 1934 ('34 Act). He added: “The Congress is indicating that they are more crypto-friendly. You now …
Decentralization / May 5, 2022
‘Closer Than Ever’ to Bitcoin ETF, Says Bitwise Ahead of SEC Deadline
Executives at Bitwise Asset Management are highly optimistic as the deadline for the United States Securities and Exchange Commission’s (SEC) decision on their proposed Bitcoin (BTC) exchange-traded fund (ETF) looms. Days ahead of the Oct. 13 deadline, an Oct. 7 CNBC report cites Matt Hougan, managing director and global head of research at Bitwise, saying: “We’re closer than we’ve ever been before to getting a Bitcoin ETF approved.” “No more ways to postpone it at this point” As Cointelegraph reported, Bitwise filed its latest application for a physically held Bitcoin ETF with the SEC in January. In August, the regulator …
Adoption / Oct. 8, 2019
‘Godfather of ETFs’ Says Bitcoin Exchange-Traded Funds Will be Approved ‘No Time Soon’
Reggie Browne, the so-called “godfather of ETFs,” said that Bitcoin (BTC) Exchange-Traded Funds (ETF) will be certified “no time soon,” Business Insider reported Nov. 1. Browne is a senior managing director and head of ETF trading at financial services firm Cantor Fitzgerald. Founded in 1945, Cantor Fitzgerald focuses on institutional equity, fixed income sales, and trading. The company reportedly has over 5,000 institutional clients, which includes such fields as investment banking, prime brokerage, and commercial real estate. Speaking at Georgetown University's Financial Markets Quality Conference in Washington D.C., Browne reportedly said that BTC ETFs will be approved only after the …
Etf / Nov. 2, 2018
Galaxy Digital raises $500 million in convertible debt to fund business expansion
Galaxy Digital, a cryptocurrency brokerage and merchant bank founded by billionaire investor Michael Novogratz, announced on Monday that it would be issuing $500 million in exchangeable senior notes to accelerate business initiatives. The debt is convertible into company equity and bears an interest rate of 3% per annum, with maturity in 2026. New expansion areas include non-fungible tokens, or NFTs, with the firm committing $62 million of its capital into 22 NFT related companies since the start of the year. Over the years, Galaxy Digital founder and CEO Mike Novogratz has been a famed bullish investor of Bitcoin (BTC) and …
Adoption / Nov. 29, 2021
The CFTC’s action against Gemini is bad news for Bitcoin ETFs
On June 2, 2022, the United States Commodity Futures Trading Commission (CFTC) initiated an action against Gemini, the crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss. Among other things, the complaint alleges that Gemini made a number of false and misleading statements to the CFTC in connection with the potential self-certification of a Bitcoin futures contract, the prices for which were to be settled daily by an auction (the “Gemini Bitcoin Auction”). In the complaint, the CFTC specifically articulated the position that these statements were designed to mislead the commission as to whether the proposed Bitcoin futures contract …
Etf / June 12, 2022