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Bitcoin Futures Trader Discusses Bitcoin Price Points, Significance of ETFs


Investor and Bitcoin futures trader Jeff Kilburg spoke with CNBC today about his continued enthusiasm for investing in the digital currency, despite lows that, as of late, have rattled some traders.

Bitcoin Futures, Exchange-Traded Funds

“Futures Now” trader Jeff Kilburg, at the Chicago Mercantile Exchange (CME), spoke with CNBC’s Jackie DeAngelis about Bitcoin in the short term yesterday.

To kick things off DeAngelis asked Kilburg “[Are you] still a believer?” To which Kilburg replied:

“I think it’s in the trading range, Jackie. I am still a believer. Until we see what I call significant bearishness, three closes under $6,000. So as of right now I wanna be a buyer at $6,250 as I see it staying in this range as we get clarity on this exchange-traded Bitcoin fund (ETF).”

DeAngelis follows up by asking Kilburg whether or not he predicts a near turnaround coming for Bitcoin, or whether the near future looks more like a seesaw. Kilburg replied:

“I think it’s going to be continued volatility, but it’s really contingent on this ETF.”

Bitcoin Meets More Traditional Markets

The discussion revolves around the pending decisions from U.S. regulators regarding a variety of proposed ETFs.

The Chicago Board Options Exchange (CBOE), a front runner, despite setbacks, has a hearing scheduled for September 30 — though some believe the decisions won’t come through until 2019.

“They’re talking about a new ticker being traded over in Stockholm, but it has to be domestic to really get some wind in the sales. These long term bullish buyers have to understand that people are going to have access globally to an exchange-traded product,” Kilburg said.

He added: “If we do get some absolute, significant determination that this is coming short term — this Fall — out of the U.S. regulators, yeah I think the rally continues. But right now we’re going to continue to chop as people are diving on rumors left and right.”

Although the world is yet to see a Bitcoin ETF, Wall Street’s first small step into the cryptocurrency markets was the launch of the CBOE’s and CME’s Bitcoin futures contracts at the end of last year.

Moving forward, the approval of such ETFs would aid the markets. This would be achieved by providing a safe and liquid way for groups to invest in Bitcoin. Currently, the lack of regulatory clarity and solid investment onramps is in part to blame for the lack of institutional money entering the crypto markets.

Speaking with Bloomberg this week, the Winklevoss twins discussed Wall Street’s hesitation to participate in the cryptocurrency markets, but hinted at future change that will come with time:

“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market. This will change over time, but it will take time.”

AltcoinToday.com

Photo via Shutterstock.

Source: Newsbtc

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