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Goldman Bogart HODLs onto Bitcoin [BTC] Bandwagon

Sarah Rodrigues

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Goldman, Bogart hodls onto Bitcoin [BTC] Bandwagon.
Source: PxHere

The phrase, “Don’t count your chicken before they hatch”, goes into play when it comes to Spencer. According to a recent interview by CNBC, he believes Bitcoin [BTC] is still an investment and a good buy.

The Bitcoin market has fallen immensely in the past weeks. However, Spencer Bogart had given an outline of a bullish act when looked at in long terms.

He said:

“The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occuring…Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk.”

He even went to the extremes of saying that BTC is the only coin investors and traders should buy, as it peaks into the mainstream.

The Venture Capitalist partnered at Blockchain Capital said:

“Every major bank is trying to do something in the space.”

He further added:

“Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk. A deeper institutionalization of bitcoin is overall positive.”

Currently, there are negative performances in the cryptocurrency market and it’s continuing on that path. It surged around $19,500 last December and has fallen to more than 50% since the January 2018. Bitcoin is trading at $7471 with an increase of 2.58% in the past 24-hours and has seen a downfall of 9% in the past week, at the time of writing.

He is known as the first analyst of Wall Street to cover and analyze Blockchain and Bitcoin Technology. Bogart had recommended the investors to sell the coins – Tron, NEO, and IOTA.

He added:

“A lot of those tokens are overvalued. They could go up significantly, but they also have a significant headwind.”

He also suggests investing in alternative coins such as Ripple [XRP], Ethereum [ETH], EOS, and Bitcoin Cash [BTCH], those which he had called neutral. He advised the investors to HODL those coins at the present, stressing on the cons of relative valuation.

He further mentioned that he is careful with the coin, Ethereum. He said that it has overhangs due to plenty of ICOs.

Bogart forecasted that BTC will end at least above $10,000 by December 2018, mentioning that the large-cap coin will face turbulence in the market.

quasim ali, a cryptozoologist on Twitter commented:

“Bcash is on a losing streak as well. How about we FODL that and HODL btc.”

Robert Almeida commented:

“I’m HOFO-DLING.”

Shawn replied:



“HODL is a term created by whales. If I had simply hoddled Id be where everyone else is. No thanks. I’m not a sheep and that’s why I move my BTC in and out of Fiat. I’ve pulled 10s of thousands in cash out while still buying back in and ending up with more BTC. #hodl #sheep”

Cryptonite commented:

“Why don’t you just stop reporting on #Bitcoin…. That’s a much better option. Once again you loons are just trying to be in something acting like you know something. You know nada!”

Joseph Young tweeted:

“Two words I really don’t want to hear this week: Institutional Investors.”





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Sarah Rodrigues is an intern at AMBCrypto. She is pursuing her English lit, Psychology and Journalism at St. Joseph's College. She researches extensively and writes about Cryptocurrency and Artificial Intelligence. Sarah currently does not hold any value in cryptocurrency.

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Bitcoin

SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change

Priya

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SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.



This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”





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