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Bitcoin [BTC] ETF is a joke for Wall Street to make money says Managing Partner at NobleBridge Wealth




Bitcoin [BTC] ETF is a joke for Wall Street to make money says Managing Partner at NobleBridge Wealth
Source: Unsplash

Tyrone V. Ross Jr. spoke about Bitcoin and its ETF [Exchange Traded Fund] that is pending approval and opined that holding Bitcoin is more important than Bitcoin ETF in an interview with Naomi Brockwell.

Ross Jr., Managing Partner at NobleBridge Wealth & Asset Management Services said that he believes in holding the actual Bitcoins than buying ETFs, during the interview. He further substantiated that he would recommend the same to his clients.

Bitcoin ETF was supposed to be launched back in 2018, but was rescheduled and is now said to be launched on January 24, 2019, by Bakkt, which is being headed by Kelly Loeffler.

He added:

“I’m not a fan, and if and when it ever happens, I will not let my clients go near it [ETF]… I’m a true believer in the original ethos of crypto, which is, everyone holds the assets themselves, individually.”

Ross Jr. continued that people who accumulated wealth bought stocks of companies like Hershey’s, Johnson & Johnson, and General Mills and held on to them. Since Bitcoin is taking the traditional route, Ross Jr said that he would advise his clients to do the same with Bitcoins.

Referring to the above points, Ross Jr. continued:

“In an asset that is supposed to be decentralized and about being peer-to-peer and personally banked that lets us own the actual asset I think the issue for the financial services is that they don’t want people to teach people to do that.”

He continued that common people already find technology hard to understand, but now that cryptocurrencies have emerged it has become even more difficult for people to actually understand the technology behind the assets and invest in it in a safe manner.

Furthermore, Ross Jr. said that he supports ETF to an extent, but Bitcoin or ETFs for cryptocurrencies is something that people wouldn’t understand. He added:

” … it’s just layering on nonsense just simply so Wall Street could make money, it’s a joke”

Exciting World Crypto, a YouTuber commented:

“I agree as well, BTC does not need an ETF. Just going by a video from advice from Andreas Antonopoulos,. Makes more sense, why would you want to partly hold something when you could still hold something entirely. In general though. if your the holder and someone is buying an ETF from you, then your going to benefit. Catch 22. Thanks for sharing. JR”

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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021





Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”

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