In the fast-paced world of cryptocurrency, staying abreast of the latest developments is crucial. In this article, we delve into the recent news surrounding Bitcoin, covering insights from renowned analysts and industry experts. Stay informed to navigate the volatile crypto landscape with confidence.
Latest Bitcoin news
Bloomberg Analyst Responds to Peter Schiff’s Critique on Bitcoin ETFs
Renowned Bloomberg analyst, Eric Balchunas, has swiftly addressed criticisms from Peter Schiff regarding Bitcoin Exchange Traded Funds (ETFs). Schiff questioned the effectiveness of newly launched spot ETFs, arguing that they fail to generate additional demand. He further suggested that investors are merely shifting focus from actual Bitcoin and related stocks to these new ETFs.
Balchunas, in response, urged patience with the recently introduced products. Highlighting that they have only been in the market for about a week, he emphasized the need for time before making assumptions. While acknowledging the shifting demand and fund redistribution, Balchunas agreed with Schiff, explaining that ETFs typically attract assets from pricier and lower-performing alternatives.
The new #BitcoinETFs aren't creating additional demand, but merely shifting demand. Investors who might have bought actual #Bitcoin, Bitcoin related equities like $MSTR, or $GBTC are simply buying the new ETFs instead. Rearranging the deck chairs won't stop the ship from sinking.
— Peter Schiff (@PeterSchiff) January 23, 2024
Arthur Hayes’s Perspective: Bitcoin’s Potential Drop to $30,000
Former Bitmex CEO, Arthur Hayes, offers a cautionary outlook, attributing a potential significant correction in cryptocurrency prices to global conflicts and the financial necessities arising from them. Hayes warns of a potential dip in Bitcoin’s value to the range of $30,000 to $35,000 amid a market slowdown triggered by issues in traditional finance.
“I believe Bitcoin could support a range between $30,000 and $35,000. That’s why I purchased $35,000 strike put options on March 29, 2024,” stated Arthur Hayes.
Deutsche Bank Report: Retailers Anticipate Bitcoin Drop Below $20,000
According to a report by Deutsche Bank Research, over a third of surveyed investors anticipate Bitcoin’s fall below $20,000 by January 2025. Some are even more pessimistic, predicting the complete disappearance of the flagship cryptocurrency in the coming years. This survey, conducted from January 15 to 19, included 2,000 participants from the United States, the United Kingdom, and Europe.
Despite the prevailing pessimism, 15% of respondents foresee a potential upturn, anticipating Bitcoin’s price to rise between $40,000 and $75,000 by year-end. Notably, the study also revealed a lack of understanding about cryptocurrencies, with two-thirds of consumers having little to no comprehension of digital assets.
Fidelity’s Take: Bitcoin Price Far from Bottoming Out
Jurrien Timmer, Fidelity’s head, believes that the current state of Bitcoin is not the worst-case scenario in the short term. Despite the volatility, Timmer anticipates a further decline in BTC’s price but maintains optimism due to the SEC’s approval of Bitcoin ETFs.
Timmer suggests that the price drop and the associated actions related to Bitcoin are within the expected volatility. While acknowledging the challenges for buyers caught up in the ETF hype, he believes the market will eventually find balance.
Venture Smart Financial Group’s Move: ETF Launch in Q1 2024
In a noteworthy development, Venture Smart Financial Group (VSFG), a Hong Kong-based financial services firm, is gearing up to launch an ETF directly investing in Bitcoin in the first quarter of 2024. Brian Chan, the group’s Chief Investment and Product Officer, stated, “It’s a market with enormous potential. The firm aims to reach $500 billion in assets under management by the end of this year.”
Reportedly, at least 10 fund management companies have been actively working on launching a Bitcoin Spot ETF in Hong Kong, amid the frenzy surrounding Bitcoin ETFs in the United States.
See also: Bitcoin Breakthrough System Review 2024: Unveiling the Future of Bitcoin Profits
Conclusion
In conclusion, the cryptocurrency landscape is dynamic, with varying opinions on Bitcoin’s future. Navigating this space requires careful consideration of insights from industry experts and analysts. Stay informed about the latest developments to make informed decisions in the ever-evolving world of cryptocurrency.
FAQs
1. What were Peter Schiff’s criticisms of Bitcoin ETFs?
Peter Schiff criticized the newly launched spot ETFs for Bitcoin, stating that they fail to create additional demand. He suggested that investors are diverting their attention from actual Bitcoin and related stocks to these new ETFs, ultimately leading to a redistribution of funds.
2. How did Bloomberg analyst Eric Balchunas respond to Peter Schiff’s criticisms?
Eric Balchunas responded by urging patience with the recently launched Bitcoin ETFs. He highlighted that the products have only been in the market for a short period, and it’s too early to draw conclusions without solid historical data. While acknowledging the changing demand and fund redistribution, Balchunas agreed with Schiff on certain aspects.
3. What is Arthur Hayes’s perspective on Bitcoin’s price movement?
Arthur Hayes, former Bitmex CEO, expressed concerns about a potential significant correction in Bitcoin’s price. He attributed this to global conflicts and the financial necessities arising from them, suggesting that Bitcoin could dip to a range between $30,000 and $35,000.
4. According to Deutsche Bank Research, what are the expectations regarding Bitcoin’s price among investors?
Deutsche Bank Research reported that over a third of surveyed investors anticipate Bitcoin falling below $20,000 by January 2025. Some are even more pessimistic, predicting the complete disappearance of the cryptocurrency in the coming years.
5. What is Fidelity’s perspective on the current state of Bitcoin?
Jurrien Timmer, Fidelity’s head, believes that the current state of Bitcoin is not the worst-case scenario in the short term. Despite anticipating a further decline in Bitcoin’s price, Timmer maintains optimism due to the SEC’s approval of Bitcoin ETFs.
6. What is the expected launch timeline for Venture Smart Financial Group’s Bitcoin ETF?
Venture Smart Financial Group (VSFG), based in Hong Kong, plans to launch an ETF directly investing in Bitcoin in the first quarter of 2024. Brian Chan, the group’s Chief Investment and Product Officer, expressed confidence in the market’s enormous potential.
7. How many fund management companies are working on launching a Bitcoin Spot ETF in Hong Kong?
At least 10 fund management companies are reportedly actively working on launching a Bitcoin Spot ETF in Hong Kong. This comes amid the increasing interest and demand for Bitcoin ETFs, particularly in the United States.
8. What insights does the Deutsche Bank Research report provide about consumer understanding of cryptocurrencies?
The Deutsche Bank Research report highlights a lack of understanding about cryptocurrencies among consumers. Two-thirds of participants in the survey admitted to having little to no comprehension of digital assets, indicating a need for increased awareness and education.
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