In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. Nasdaq Plans To Offer Bitcoin Futures In Early 2019
According to Bloomberg, the U.S. stock exchange operator Nasdaq is planning to launch Bitcoin futures contracts for the beginning of 2019. Even with Bitcoin in this bear market, and dropping from $20,000 to under $4,000, they still see enough value in the product to continue with it. They will have big competition with Bakkt also on the horizon and the current CBOE futures.
Read more about Nasdaq’s plans here: https://altcoinbuzz.io/nasdaq-plans-to-offer-bitcoin-futures-in-early-2019/
- VanEck, SolidX, and CBOE Meet With The SEC
Members from VanEck, SolidX, and the CBOE met with SEC officials this past week to discuss why Bitcoin is mature enough to have an ETF created. The VanEck side tried to convince the SEC officials that Bitcoin can be manipulated no more than gold, silver, or oil can, all of which have ETFs.
Read more about the SEC meeting here: https://altcoinbuzz.io/vaneck-solidx-and-cboe-meet-with-the-sec/
- “Bitcoin Is Here To Stay” Claims Jeff Sprecher And Kelly Loeffler
NYSE chairman, Jeff Sprecher, and his wife, Kelly Loeffler, both spoke at Consensus Invest 2018 and had very positive things to say regarding Bitcoin and other cryptocurrencies. When asked about if cryptocurrencies will survive, Sprecher’s response was “the unequivocal answer is yes.”
When talking about why Bakkt was pushed back she cited that they might have been a little too ambitious with their timeline. She also believes that Bakkt can provide infrastructure for investors that don’t yet exist for the asset.
“To give it the best chance for success we pushed it back to the holidays to give people more time to get on board…It’s a positive indication of the interest and it gives people time to learn. We have a responsibility to do that so we’re taking that extra time…We’re creating that infrastructure that doesn’t exist today, which we think is a big opportunity for institutional investors to come in.” -Kelly Loeffler
Read more about Jeff and Kelly’s opinions on Bitcoin and cryptocurrencies here: https://altcoinbuzz.io/bitcoin-is-here-to-stay-claims-jeff-sprecher-and-kelly-loeffer/
- Talking About Adoption: Ohio Allows Businesses To Pay Their Taxes With Bitcoin
Businesses are now allowed to pay taxes with Bitcoin in Ohio, although the state will not be receiving the Bitcoin but the U.S. dollar conversion. All transactions will be processed using BitPay. While this appears to be more than it really is, this can help other businesses trust accepting Bitcoin and other cryptocurrencies.
“I do see [bitcoin] as a legitimate form of currency.” –Josh Mandel, State Treasurer
Read more about Ohio using BitPay to process business tax payments here: https://altcoinbuzz.io/talking-about-adoption-ohio-allows-businesses-to-pay-their-taxes-with-bitcoin/
“This was the NEWS” summary!
After the drop to $3,600 last week, Bitcoin spiked back up to about $4,400 and is now back down under $4,000. The market is mostly moving sideways with no news related reasons for the constant spikes and drops.
We started off the week with news that Nasdaq is continuing their plans to offer Bitcoin futures in Q1 of 2019. They are in the process of working through potential regulatory issues with the CFTC. The Nasdaq has a current market cap of about $10 trillion and it is very promising to see they are still interested in building up the infrastructure for the asset. In addition, to Nasdaq working with the CFTC, VanEck, SolidX, and the CBOE BZX Exchange have met with the SEC to discuss their proposed Bitcoin ETF. This ETF proposal has already been pushed back a few times by the SEC and even though many people feel that it won’t get approved, there is already one commissioner, Hester Pierce, who has already voted to approve a Bitcoin ETF, the Winklevoss ETF back in July. Here is what she said:
“An ETP based on bitcoin would offer investors indirect exposure to bitcoin through a product that trades on a regulated securities market and in a manner that eliminates some of the frictions and worries of buying and holding bitcoin directly. If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commission’s action today deprives investors of this choice. I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.” – Hester M. Pierce, SEC Commissioner
Consensus invest provided some very positive Bitcoin-related news, one of the most important being the interviews with Jeff Sprecher and Kelly Loeffer. While both have an incentive to see Bitcoin succeed, they are another piece of the puzzle showing that there is a good amount of institutional interest in the space, Bitcoin specifically.
Lastly, having Ohio, a U.S state agree to accept Bitcoin for taxes and to have their state treasurer, Josh Mandel, say that he views Bitcoin as a “legitimate form of currency” is extremely positive. While the state will not directly receive Bitcoin, the state will be getting the USD conversion at the time of transfer using BitPay, showing that there is a way for businesses to accept Bitcoin and receive the currency of their choice is important. Hopefully, more states, businesses, and countries (potentially) will follow.