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After Tesla’s Recent Volatility, VanEck Exec Critics Regulators For Bitcoin ETF Rejections

After Tesla’s Recent Volatility, VanEck Exec Critics Regulators For Bitcoin ETF Rejections
The SEC has thus far rejected every Bitcoin ETF that has made its way to their office. In 2019, a number that held great prospects suffered this fate. The regulator’s main reason for the rejection has been asset volatility and it’s prone to price manipulation . This reason however as a number of experts have been pointing out makes little sense. That is, following what has been going on in the tech stocks.
Tesla Proves Volatility Is An Excuse
Tech stocks in the U.S have become some of the most volatile investment products. A case example is Tesla. At the beginning of the week, its stock climbed by 30% in two days. On the third day, the ball dropped and Tesla lost over 15%. And from the highs of $900, the stock has fallen to $700.
Its drop was caused by an announcement from the company that it would be delaying shipment of Tesla Model 3 cars from their Shanghai factory to China.
Regardless of the reason, it has been clear that there was no measure from regulators to protect investors from the volatility experienced with Tesla stock . Investors were making and burning billions of dollars and it didn’t seem to matter to regulators. So, why should they use the same pretext to stop investors from buying Bitcoin?

#Bitcoin #ETF too volatile and prone to market manipulation? Can’t wait to see how regulators explain volatile tech stocks burning $ billions into thin air (in minutes) is OK, but Bitcoin ETF somehow is different?! https://t.co/dyPMW0iA9W
— Gabor Gurbacs (@gaborgurbacs) February 6, 2020

Bitcoin is no different from the Tesla stock. It can pump and dump, although more frequently than Tesla or most stocks for that matter. But this should not be a reason for not approving a Bitcoin ETF.
Price manipulation? It is true that the crypto market has got a number of whales who can easily manipulate prices, but so is the stock market. Tesla’s dramatic surge earlier was clearly being pumped by a number of people or institutions before all the hype lured speculators of whom lost much of their investment.
Bitcoin is volatile, and it is likely to continue being for another couple of years. Bitcoin prices will be affected by little to big changes, from changing technical fundamentals to geopolitical events. And as stocks and especially tech stocks have shown with the recent volatility, regulators will need to come up with a better excuse before rejecting the next Bitcoin ETF.
The post After Tesla’s Recent Volatility, VanEck Exec Critics Regulators For Bitcoin ETF Rejections appeared first on Coingape .

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