Everything at a glance: The most important Bitcoin news of the week
VanEck files Bitcoin ETF with SEC; JPMorgan forecasts Bitcoin price at $146,000; SkyBridge launches Bitcoin fund; Coinbase IPO imminent; Sophia Thomalla promotes dubious crypto project and Donald Trump bans Chinese payment apps.
Another exciting week in the crypto space is drawing to a close. A compact overview of the most important events around Bitcoin and Co.
VanEck files Bitcoin ETF with the SEC
The US asset manager VanEck has applied for approval of a Bitcoin ETF with the SEC. This is according to a form published by the US Securities and Exchange Commission on 30 December 2020. VanEck is thus once again seeking approval for a Bitcoin ETF. The Bitcoin Storm investment firm thus joins a long list of aspirants who also wanted to launch a comparable product. So far, however, the SEC has rejected every proposal for a Bitcoin ETF. Most recently, VanEck also suffered a setback in September 2019 when the CBOE withdrew another application for a Bitcoin ETF with the SEC. In Europe, however, the asset manager was pleased to see the launch of a Bitcoin ETN on the German Xetra exchange.
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Nikolaos Panigirtzoglou, managing director at banking giant JPMorgan, forecasts a bitcoin price of around $146,000. The somewhat arbitrary figure is made up of a simple calculation and refers to the potential to overtake gold as a popular asset class among small investors in the long run. The calculation: If the spending of private investors in Bitcoin equals the investments in gold, the Bitcoin market capitalisation of about 590 billion US dollars (currently already over 750 billion US dollars) would increase by a factor of 4.6. If you break this value down to the Bitcoin Supply, the exchange rate is 146,000 US dollars. The value is by no means set in stone and rather underlines the still immense growth potential of Bitcoin. However, Panigirtzoglou, who has predicted a shift in capital inflows from gold to BTC in the past, sets the time frame wide and stresses that low volatility is a prerequisite for the transfer of wealth. So it may be several years before Bitcoin catches up with gold.
SkyBridge launches bitcoin fund
According to a press release, crypto funds are getting another boost. SkyBridge Capital, one of the world’s leading alternative investment companies, is responsible for this. The company is launching its SkyBridge Bitcoin Fund LP, which offers wealthy investors an institutional investment instrument for an engagement in Bitcoin. BTC-ECHO had already reported on a corresponding application by SkyBridge to the US Securities and Exchange Commission (SEC) before the holidays. To launch the SkyBridge Bitcoin Fund LP, SkyBridge and its partners invested a total of 25.3 million US dollars. This means that SkyBridge is now one of the most established financial institutions to launch a Bitcoin product and offer a secure and simple way to buy and sell Bitcoin. Fidelity has been won as custodian bank. Ernst & Young will act as the auditing company.
Coinbase IPO imminent
The IPO of the crypto exchange Coinbase is imminent. After the trading platform filed a corresponding application with the US Securities and Exchange Commission (SEC) in mid-December 2020, things could now happen very quickly. Although it has not yet been conclusively clarified whether the American authority will grant the application, this is of little concern to investors. On the one hand, the market value of the company is already estimated very high, on the other hand, shareholders are already speculating on the entry price of the Coinbase IPO. The crypto analysis company Messari estimates the company’s value at 28 billion US dollars (as of 18 December 2020). A few days after Coinbase announced its intention to go public, the crypto exchange FTX already listed so-called pre-IPO futures of the trading platform.