Kin-Wai Lau, the CEO at Fatfish Internet Group, a venture investment firm, said that we might be seeing a second wave rally for Bitcoin [BTC] currently. He also spoke about the approval of an Exchange-Traded Fund [ETF] for the currency by the United States Securities and Exchanges Commissions, and general worldwide regulatory atmospheres.
Notably, Fatfish has investments in prominent cryptocurrency companies such as APAC Mining, KryptosX, Altarian, and CryptoFoundry. The CEO said in an interview with CNBC that this is a “strong” second wave for Bitcoin. He said:
“I think we are seeing what technically people will think of as a second wave rally for Bitcoin and cryptocurrencies. Its a very strong wave, its driven by institutional demand, driven by adoption, and lots of interest this time around.”
This comes after Bitcoin is riding on the back of a bullish run, breaking the $7000 and $8000 marks within a week of each other on 18th and 24th July respectively. While the coin stays at a relatively stable price of around $8100, investors are sensing rumblings of a bigger game afoot.
The SEC is currently considering an approval for an ETF product based on Bitcoin submitted by VanEck and SolidX. According to many, this has the potential to drive the price of Bitcoin through the roof. Iarius Germund, a market analyst, stated:
“The approval for the ETF is still hanging in the air. If the SEC approves it, there is a very high possibility of Bitcoin following the pattern set by gold upon its ETF being approved. While not just opening it up to new institutional investors, the ETF will also ensure the consolidation of Bitcoin as a store of value.”
When asked about the general tools required to ensure the approval of the ETF by the SEC, Lau stated:
“I think it’s just a matter of time until you see the SEC approving an ETF. It’s just which organization would be able to come out with the most comprehensive tools in terms of monitoring, in terms of surveillance, in terms of creating liquidity. So I think it’s generally a whole range of tools that need to be equipped.”
Speaking of the investors and the position of the market in general, the CEO stated that it is “generally very positive” for early adopters. Furthermore, he said:
“I think it’s also the readiness of the market, we’re probably just a couple of months away from the market being ready to accept an ETF product. I think that’s what the SEC would be looking at.”
There are many markers that show the stability of the market, usually presenting themselves after a market movement. He also spoke about the potential markers for the price to go up and made a prediction of his own to add to the growing list of predictions for this year.
“There are lots of predictions on how far the Bitcoin price will go, but I generally think that adoption is what is driving the demand on ground. At range bound trading off anywhere from $10000 to $15000 thats a law consensus on ground.”
Furthermore, he elaborated on this wave of adoption that is driving the price. Even as regulatory attitudes are shifting all over the world, Lau also spoke about factors that will affect this, stating:
“Its being used widely now in many countries, lot of jurisdictions are starting to regulate and approach it with a cautious but optimistic approach. I think that’s generally a couple of factors that will affect regulatory demand and in general I think it’s a scale up for a small rally towards the other end.”
The post Bitcoin [BTC] price is driven by a “very strong wave”, says investment firm CEO appeared first on AMBCrypto.