Will it give fuel to skyroket for btc ?

[SAHASAN]

Will it give fuel to skyroket for btc ? I think it will good news for BTC lovers  

https://www.forbes.com/sites/digital-assets/2023/12/23/big-news-forget-the-spot-bitcoin-etf-a-huge-unexpected-bank-flip-could-be-about-to-hit-the-price-of-bitcoin-ethereum-xrp-solana-and-crypto/?sh=19cf3a7e75e1

[Jating]

Didn't click on the link, but it's it obvious though that it will fuel the price of BTC? last month there were news that it was approved or something or that it's ticker has been displayed and then removed:

https://cryptoslate.com/bitcoin-retracts-and-rebounds-after-blackrocks-new-etf-ticker-removed-from-dtcc-website/

Perhaps there are people who just wanted to test and see the reaction of the investors, and it was very positive. And after that the price of bitcoin continue to go up to $40k++. So just imagine if next year, the BlackRock Bitcoin Spot ETF is going to be approved by SEC. We might see the price getting a massive run, that I think we might get closer to our previous ATH.

[pooya87]

It's weird that the article tied Bitcoin price with shitcoins like ETH, XRP and Solana.

In any case different countries removing bans on bitcoin would affect bitcoin positively as it would help adoption of bitcoin grow in those places. However, I don't think it will be massive enough to be referred to as "skyrocket". Many of those "bans" like in China, happened too late into Bitcoin's life so they couldn't prevent people from finding out about bitcoin. Some of them weren't even a full ban, they were shutting down exchanges for instance and it was still legal for regular people to buy bitcoin.
This means removal of the ban won't have a significant effect.

[kentrolla]

This is a very generic article but stating there has been push to the value of XRP? No way there hasn't been much happened with XRP and Spot ETF factor has played ita role in giving the much needed boost to the value of Bitcoin but I don't think we should be entirely linking the growth of Bitcoin to it as there are other major factors like upcoming halving.

As far as China is concerned we cannot trust them as they will be pro Bitcoin today and stunch enemy tomorrow but Nigerian market will have a role to play.

[ShowOff]

News like this can indeed have a positive impact, but the impact is not very significant. We expect the impact will occur gradually because large investors will enter gradually with clear legal requirements, meaning they are truly confident that they are safe to do so without any risk from regional regulations.

The government's target is to increase the country's economic strength and also strengthen the economy of its people. Softer crypto regulations will have the effect of strengthening people's economies rather than impoverishing them further due to inflation, so maybe this will help them gradually, not very quickly. In my opinion, such news could have a good impact on bitcoin and its users too.

[Fundamentals Of]

You should have provided a brief information as to what the article is talking about.

I didn't click on the link but I can read the headline through it. It doesn't sound convincing to me. It is probably written by somebody who is just trying to look for a new and fresh perspective hoping it would become a big hit.

An approved Bitcoin spot ETF can't be underestimated. It will definitely encourage a lot of investors to get direct exposure to Bitcoin.

I also don't think there is an unexpected huge one-time bank flip. That is not unexpected at all but it will be gradual. And it is already starting to happen.

[NewRanger]

They just want to see and make the price of Bitcoin and digital currencies rise and fall and attract the interest of people who care about it, nothing more if we examine it more closely.

Indeed, we will also see some people using the news as justification and showing other people that what is written will really happen, even though the media is just giving their opinion and titles like this are often designed to attract the reader's attention.

It would be very interesting to see the actual reality. later in January and February 2024.

[Husires]

Legal legislation alone is not a sufficient reason to pump prices. If all countries decide to consider Bitcoin a legal currency, demand will not increase and the price will not change significantly, but if a company or several companies decide to invest in Bitcoin or Bitcoin is considered a legal tender, then people are forced to buy and the price will increase.

[NewRanger]

Legal legislation alone is not a sufficient reason to pump prices. If all countries decide to consider Bitcoin a legal currency, demand will not increase and the price will not change significantly, but if a company or several companies decide to invest in Bitcoin or Bitcoin is considered a legal tender, then people are forced to buy and the price will increase.

I agree and demand is a major factor. If forced, they still need to consider how Bitcoin will be converted into something of real value because prices can swing back to each other like two pendulums, meaning here the importance of hedging strategies against possible price drops. value of Bitcoin and we will see how much effort and risk there is for brokers to maintain their level of investment in pricing strategies if the law is then enacted.

[rat03gopoh]

Tbh, this news looks rather positive but unfortunately Chinese keywords in the crypto category are no longer the most highlighted news in the main media as they used to be. I think the correlation between crypto and the Chinese government is over, since the latest ban policy is their ultimate rejection of the industry.

[Dave1]

Tbh, this news looks rather positive but unfortunately Chinese keywords in the crypto category are no longer the most highlighted news in the main media as they used to be. I think the correlation between crypto and the Chinese government is over, since the latest ban policy is their ultimate rejection of the industry.

The only correlation is that the Chinese government wanted to keep the price of Bitcoin down, with news of like regulating their mining, but that is over for now. The market remains very bullish as this point and I don't think that there will be negative news that will dampen the market again.

I guess we all know what will fuel the price,

- block halving next year
- potential approval of Bitcoin spot ETF

And with the response of others, it seems that the article is just generic.

disclaimer: I didn't click on the link

[Sim_card]

When China left the crypto space, nothing changed and bitcoin was doing fine to the extend that it got to the highest price ever in this circle. This shows that they cannot add any significant to the price of bitcoin now that they have seen that bitcoin has disappointed them and they are back again to adopt it. I will call it lack of direction on the government based on crypto currency. This is how bitcoin will continue to shame those who think that bitcoin is their enemy because bitcoin was not created to challenge their fiat currency but they think that they can surpress it. Bitcoin is growing naturally because it was designed not to be manipulated even though men have tried, whoever pulls out or adopt bitcoin wouldn't stop it from growing.

[traderethereum]

Positive news released can encourage prices to increase. But making Bitcoin's price skyrocket requires more than good news.
But this news might drive bitcoin prices to increase again after the correction a few days ago. But if nothing happens after the news is released, we still have to be patient and wait for changes in the price of bitcoin.
Sooner or later, the price of bitcoin is bound to increase. You don't need to worry and stay focused on collecting more bitcoins.
Don't panic if there is negative news that wants to make the price of Bitcoin decline again because negative news will always be there.
You have to be able to restrain yourself and remain patient and calm to see the opportunity to accumulate more bitcoins.

[el kaka22]

Every single time there are talks about Bitcoin ETF being potentially accepted, that definitely helps bitcoin a lot, we have seen it do well enough and we should consider that as an option. I think the best thing to do right now would be making sure that we are dealing with something that could actually give us a good return, and that means we are going to end up with a long term holding.

If you are a long term holder, you will eventually see the ETF being accepted one day, it may not be right away, but it will get approved one day and along the way there will be a lot of news of it being approved soon enough, true or false, all of which would help you. This is why I try to avoid selling my bitcoins no matter what, unless I am absolutely forced to.

[Kelvinid]

Maybe YES or maybe NO...No assurance for this news and it was hard to rely upon something but of course, we could think could somehow give some influence to the buying people. However, as the halving is on its way closer, pumps will happen anytime and we can make this a reason for a skyrocket in the sense that halving itself has a huge impact on the market price since before.

We may consider this as a contributor to the pump but too hard to point out that would be the main reason. Because at this point, I see nothing could help the skyrocket other than halving.

[jeraldskie11]

It's weird that the article tied Bitcoin price with shitcoins like ETH, XRP and Solana.

I think we should think it again if those major cryptocurrencies are good to be called as shitcoins.

In any case different countries removing bans on bitcoin would affect bitcoin positively as it would help adoption of bitcoin grow in those places. However, I don't think it will be massive enough to be referred to as "skyrocket". Many of those "bans" like in China, happened too late into Bitcoin's life so they couldn't prevent people from finding out about bitcoin. Some of them weren't even a full ban, they were shutting down exchanges for instance and it was still legal for regular people to buy bitcoin.
This means removal of the ban won't have a significant effect.

I agree with you. But if ever they lift the ban on Bitcoin right after the ATH was broken, there is a big possibility that the price will skyrocket since there is no visible resistance to be respected. If we look back at the chart of Bitcoin on the year 2020, after it surpassed the $19666 ATH, the price exploded.

[Wiwo]

In any case different countries removing bans on bitcoin would affect bitcoin positively as it would help adoption of bitcoin grow in those places. However, I don't think it will be massive enough to be referred to as "skyrocket". Many of those "bans" like in China, happened too late into Bitcoin's life so they couldn't prevent people from finding out about bitcoin. Some of them weren't even a full ban, they were shutting down exchanges for instance and it was still legal for regular people to buy bitcoin.
This means removal of the ban won't have a significant effect.

Yes, I agree with you on the removal of the ban by countries being a major propeller of the Bitcoin price increase in recent times,  and one among such countries who have had a positive outlook on Bitcoin recently is Nigeria,  the central bank of Nigeria just lifted the ban banks intermediary for cryptocurrencies transactions.

Before now,  Nigeria despite being the lead country in Africa in terms of Bitcoin adoption which can be seen in the volume of transactions from Nigeria,  the central bank banned banks' direct involvement in Bitcoin and this limitation has limited the public adoption of Bitcoin in Nigeria,  until recently that the ban was lifted which will usher in a new dispensation for bitcoin adoption in Nigeria.

[tabas]

Thanks to everyone that has summarized the article and did us a favor not to visit it.

We may consider this as a contributor to the pump but too hard to point out that would be the main reason. Because at this point, I see nothing could help the skyrocket other than halving.

While all of us knew that it's going to be halving that will be the biggest contributor of the next bull run. It's just so happen that it's timely that these ETFs have been applied and now, they're also thought to be contributing bigger than the halving. Many of the speculators telling and relying on these news have to see how did Bitcoin in the past. There's always like two or more contributors for the bull run but regardless of that, it's always been halving that gives a bigger space for this bull run because of the effect of it. So, as early as the next halving on 2028 I think that there will be another contributor as they say other than these financial institutions.

[poodle63]

Every single time there are talks about Bitcoin ETF being potentially accepted, that definitely helps bitcoin a lot, we have seen it do well enough and we should consider that as an option. I think the best thing to do right now would be making sure that we are dealing with something that could actually give us a good return, and that means we are going to end up with a long term holding.

If you are a long term holder, you will eventually see the ETF being accepted one day, it may not be right away, but it will get approved one day and along the way there will be a lot of news of it being approved soon enough, true or false, all of which would help you. This is why I try to avoid selling my bitcoins no matter what, unless I am absolutely forced to.

the fact that so many large investment firms favouring bitcoin ETF make me think that it will be approved honestly, some of the company that tried to be authorized participant in the bitcoin ETF and that may be a good thing idk.
after all the final decision is on the SEC to approve the ETF but if it is going to be approved then its gonna be massive news the price would soar massively and then from here on i wouild expect the price of bitcoin to go up high and higher maybe might eventually reaches the former all time high because thats only realistic if something big happening, this ETF approvel is like a key.
just hope that the opposite of that is not going to happen though because after all its gonna be bringing the whole market to massive correction again might potentially disturb our trajectory towards bullish market in the next year.

[sana54210]

In any case different countries removing bans on bitcoin would affect bitcoin positively as it would help adoption of bitcoin grow in those places. However, I don't think it will be massive enough to be referred to as "skyrocket". Many of those "bans" like in China, happened too late into Bitcoin's life so they couldn't prevent people from finding out about bitcoin. Some of them weren't even a full ban, they were shutting down exchanges for instance and it was still legal for regular people to buy bitcoin.
This means removal of the ban won't have a significant effect.

Yes, I agree with you on the removal of the ban by countries being a major propeller of the Bitcoin price increase in recent times,  and one among such countries who have had a positive outlook on Bitcoin recently is Nigeria,  the central bank of Nigeria just lifted the ban banks intermediary for cryptocurrencies transactions.

Before now,  Nigeria despite being the lead country in Africa in terms of Bitcoin adoption which can be seen in the volume of transactions from Nigeria,  the central bank banned banks' direct involvement in Bitcoin and this limitation has limited the public adoption of Bitcoin in Nigeria,  until recently that the ban was lifted which will usher in a new dispensation for bitcoin adoption in Nigeria.

I do agree that Nigeria being a bit more open to bitcoin did definitely helped a lot. People forget the difference between a nation that has money versus a nation that has rich people. Nigerians on average may not be all that rich, but they do have a lot of money in that nation and a lot of population, which means, when you combine them all together as a nation, that becomes a huge amount of money, sure a single investor may not be as rich as an American for example, unless it's a rich Nigerian, but when they combine together, they make a big difference.

This is why it's quite important to remember that when you are dealing with these type of things, you are going to end up with something that would benefit everyone all together.