With ETFs Looming, Debate About Bitcoin Price Intensifies

With many industry observers expecting the first bitcoin exchange traded funds to come to life in the U.S. next year, debate is swirling surrounding the cryptocurrency’s price appreciation potential or the possibilities of a significant decline.

Last week, the volatile digital currency lost a third of its value in a single day before rebounding. Still, the appetite for bitcoin ETFs is healthy as more issuers and exchanges continue filing plans for related ETFs. According to public records, The Chicago Board Options Exchange (Cboe) has filed with the U.S. Securities and Exchange Commission (SEC) to list these six bitcoin futures ETFs.

The latest bitcoin ETF news follows a move from the New York Stock Exchange that it is looking to enter the race for a bitcoin ETF. A recent filing indicates that NYSE Arca is looking to list two ProShares ETFs tracking bitcoin futures – a long product and an inverse fund.

“I think we’re going to see bitcoin hitting the $60,000 dollar mark, but I also think we’re going to see bitcoin hitting the $5,000 dollar mark,” said Julian Hosp, co-founder and president of TenX, a firm that wants to make it easier for people to spend virtual currencies,” reports CNBC.

Earlier this month, bitcoin futures launched on the Cboe followed by the CME on Dec. 18th. Nasdaq plans to launch futures on the cryptocurrency next year.