Bitcoin Forum

I am confused about how to respond to this news, is this good news or bad news for the crypto world, but i'm still optimistic that bitcoin is not a bubble

firstly bitcoin is not a bubble.
BUT
when there is a big price spike that is not backed by good sustainable and measurable acquisition costs.. then the PRICE is in a bubble.
a bubble is not a term saying an asset is fake, not real.. a bubble is about the price valuation being inflated. take housing. houses are real houses have real value. but in certain years the housing market can be inflated and thus they call it the "housing bubble". also tulips are real you can still buy them. they are just not worth as many loaves of bread as they were centuries ago.
bubbles just mean expect the inflated price to pop and correct down.

any way lets address the ETF issue too

ETF corporations that have filed for SEC acceptance have already bought their reserves yield of real bitcoins. so dont expect a big batch purchases the day they get their ETF accepted. (the winkles ETF of 200k coins were bought YEARS ago.)

investors wanting to invest in ETF's are not buying btc. they are buying SHARES in a corporation.

when a ETF gets acceptance there will be media hype but this can inflate the price (bubble and correct back down). it will take time for a real sustained bottomline value movement to be at what was the last ATH so expect corrections after the emotions subside. though that does not mean traders cant enjoy playing the waves of hype as they spike and correct along the way.

i would care more about the averaged "acquisition cost" of bitcoin. such as the lowest mining costs for this month is around the $6k area and market buyers/sellers have had like 10 months to try pushing below $5.8k so the bottomline acquisition costs of mining and buying coin is $6k+ area. and as mining costs increase due to hashpower rises. and new buyers buying above $6k wont sell for less.. this will increase the bottomline value slowly but surely

things like ETF and media. are just drama and hype of spikes and corrections that will cause the prices to jump up and down above the bottomline which increases at a slower rate

the volatility in the cryptocurrency market has nothing to do with ETF proposal. it is purely because the altcoins in the cryptocurrency market has always been pump and dumps and this type of coins always remain highly volatile specially when they are coming down from a pump as they are these days.

that is about 10% drop and not a big deal really considering bitcoin usually has much bigger drops in the same time frame. not to mention price did not go to a low price but back to where it was. in fact about $500-$600 higher than the bottom.

I don't think ETF is a big deal anymore and it definitely is not going to be a big deal after this upcoming ETF this month is rejected by SEC. in the past people may have gotten super excited about ETF mostly because they didn't even know what it is, they just got hyped be cause they thought it would shoot the price to $100k. but now they are also seeing the negative side of if ETF is approved and they don't want that. and as SEC rejects more ETFs people automatically will expect any future ones to be rejected too.

I'm still not convinced we need those ETF's for Bitcoin, this whole situation creates a lot of unnecessary FUD wich keeps the price of Bitcoin down.

truest me, nobody is convinced about it.
there is just a group of people who want to push for ETFs mostly because they think ETF is the salvation for bitcoin to get out of this $6000< <$7500 range. that is why they want it to happen although deep down all the evidence shows ETF is more harmful than good.

The issue with ETFs is similar to that of futures in that they do not require bitcoin to be traded in order to trade on the fluctuations of bitcoin price. It again moves us away from the real use of bitcoin which is as a currency not as an asset.

although the two of them are different but i also see the similarities. and they are both bad things for bitcoin. if ETF is approved we will see more manipulation of the price and same people who are now talking about "moon" will start topics about how ETF ruined bitcoin.

The global financial markets are irrational, period.  When Bitcoin entered the mainstream sometime back last year, (if not a few years prior to that), it implicitly endorsed this sentiment, and wrapped itself around it.

Welcome to chaos; where sleazy maeket-makers dictate the trends, and simpletons get trampled upon in the incessant stampedes.

When a new innovation that took it upon itself to upend the extant system seeks to traverse the territories of that very system; don't even for a moment inagine that the denizens of that territory would be kindly disposed toward this upstart.  The knives were always out for Bitcoin; their reticence is more a functuon of the desire in the carver to get the best cut, rather than any self-saving functionality in the upstart itself.

BlackRock ETF, really? that's fucking huge wether you like it or not. These guys move $trillions every day like it's nothing. The price pump would be too much to ignore.

And as I look at the news, this looks like a rumor, nothing is confirmed. If Coinbase can pull it off and get BlackRock on board it would be a pretty big success for Brian Armstrong whether we like it or not. BlackRock may be too big to ignore by the SEC, and after so many rejected projects, the rejections are going to start becoming increasingly irrelevant for the price, so they cannot use these dumps to short anymore.

At some point they will have an incentive to pump the price and what's better to pump it into jupiter than a BlackRock ETF. Perhaps not this year but next year we'll have some fireworks.

Andreas is right tho, all these phantom derivatives aren't Bitcoin, but then again, what can we do? if they want to play around with things that aren't Bitcoin in order to manipulate the price then so be it. Long term hard money wins, they know this, so they will do whatever they can to accumulate as much as possible.

I agree with Andreas here it's going to end just like the hype with futures. If a huge ETF like CBOE, Blackrock or both get approved the price will do what it just did in Iran.
Everyone will try to get onboard, price will hit 30k or more and break down, leaving thousands of people with no money... And it will all start over again. Complaints, accusations about BTC being manipulated, government restrictions and so on. Do we really need all this drama?

The first news here depicts that the price of BTC will go bullish if the new ETF is launched by BlckRock. This might be true since investors are waiting for an ETF to approve BTC. It's already in the hype and won't take longer for the market to react on this.
The second news where Antonopolous negates the positive sides of BTC ETF might be true since you are not dealing with actual BTC here.
Can't really say it as a bubble though. Whatever it is, it will still go in a positive direction at least in the beginning though.