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Ran NeuNer believes There Will Be a Bitcoin ETF by 2018 and The CEO of Arrington XRP Capital Agrees

The Bitcoin (BTC) market has had a bearish week in which the value of the token dropped over 1k to around 7000 USD at the time of writing this article. Many attribute this drop in prices to a market reaction after the SEC decided to deny the Winklevoss twins’ request for a Bitcoin ETF.

Such disappointing news may be taken as a sign that the massive adoption of cryptocurrencies is not viable in the near future, discouraging institutional investments from injecting massive amounts of capital into the cryptocurrency market.

In an interview with Ran Neuner from Crypto Trader, Michael Arrington [CEO – Arrington XRP Capital] commented that the cryptomarket is particularly promising, confirming his bullish expectations in the short term.

He commented that although he has more money invested in Bitcoin (BTC), his firm has the name of Ripple’s XRP token because of the extraordinary practical use this token gives to adopters:

“Ripple, or in this case XRP which is the actual currency, is a really good way to move money. So we denominate our fund in XRP because it’s a fantastic way to move money cross-border very quickly at almost zero cost.”

Michael Arrington

He also took the opportunity to deny the accusations made about this controversial token, without further elaboration. He thinks that despite the criticism Ripple may receive, naming his company by the name of XRP is a good business strategy from a pragmatic point of view:

So there’s a lot of tribalism in cryptocurrency, and a lot of Bitcoin maximalist, etc.; and the one thing they all agree on is they all hate XRP because it’s centralized, (or because) they think it’s corporate managed, etcetera
I mean, none of that’s really true; but what it is, is a fantastic way to move money. And while the other more decentralized cryptocurrencies sort of find their way towards becoming more efficient, in the meantime XRP is fantastic. So from a hedge fund point of view, it’s a great denominator.”

He also mentioned that he not only invests in strong currencies such as BTC, ETH, and XRP but also has stakes in ICOs, utility tokens, dapps, exchanges and other types of risk-spreading strategies.

A Bullish But Cautious Investor

He commented that Bitcoin could reach 25k by the end of the year, but it depends on many factors for the bullish trend to be stable after the sharp fall that has lasted throughout the whole of 2018.

My entire life is spent in cryptocurrency. We’re all bullish on it, but I’m always an optimist… I think that we’re still going to hit 25 thousand this year easy and I sure hope we’re too low right now.

Will There Be a Bitcoin ETF by 2018?

At the end of the interview, Ran Neuner said he thinks there may be an ETF at the end of the year; a statement with which Mr. Arrington concurred.

Mr. Neuner elaborated:

The reason why I say that [talking about a prediction of BTC at 25k by the end of 2018] is because I think we’re gonna get an ETF, and I think theETF is gonna come sometime between August and October and that’s going to send us to 25,000.”

Ran Neuner

To which Arrington responded:

That gives custody options to the to the institutional investors they don’t have now. I think you’re right, yeah.”

Michael Arrington

Full interview here:
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TechCrunch Founder Michael Arrington Predicts Bitcoin to Reach $25K in 2018

Bitcoin (BTC)–Michael Arrington, the Founder and former co-editor of popular tech site TechCrunch, told CNBC in a Cryptotrader interview that he believes Bitcoin’s price will reach $25,000 before the end of the year.

Speaking at Korea Blockchain Week, Arrington reiterated his bullish stance on Bitcoin, admitting that he was optimistic about the price outlook of the number one cryptocurrency by market capitalization. Since the launch of his $100 million hedge fund last November, tilted Arrington XRP Capital, the founder has been exploring the space of cryptocurrency with the intention of primarily investing in different currencies as well as ICOs.

However, given that the fund is based in the highly liquid, easy to transact XRP, it was a surprise when  Arrington revealed that, at present, the fund holds more Bitcoin than XRP.

While Arrington has been a major supporter of Ripple’s cryptocurrency in the past, he went so far as to create a hedge fund that would be valued in XRP and use the coin as its primary source of liquidity. Despite holding more BTC than XRP, the founder still had praise for his fund’s native currency. Speaking with Cryptotrader host Ran NeurNer, he had this to say on the state of XRP,

“Ripple is a really, really good way to move money. We’ve denominated our fund in XRP because it’s a fantastic way to move money across the border quickly at almost zero cost.”

As to the wave of negative press XRP has received throughout 2018, from the back and forth SEC contention over the coin being classified as a security, to the most recent market fallout over Coinbase being tied to rival currency Stellar Lumens, Michael Arrington placed the blame on toxic tribalism. He lamented the individual factions, much like religious zealots, that have sprung up around various coins, saying that XRP had become the punching bag for an industry that likes to use the label of centralization and corporation in a negative light,

“The one thing they all agree on is they all hate XRP.”

His response to the issue of centralization or XRP being a security?

“None of that’s really true. From a hedge point of view, it’s great to denominate ourselves in XRP.”

In addition, he reiterated his praise for the speed and negligible transaction costs of sending XRP anywhere around the globe. He also shed light on more of the specific makeup of the fund, stating that they are denominated in XRP, but focused on diversifying the underlying assets. Therefore, XRP accounts for only 3-4% of the fund’s holdings, worth around several million dollars. Bitcoin makes up the largest fraction of the fund’s portfolio, with wide ranging investments from U.S. based Mainframe (a decentralized application platform), as well as cryptocurrency exchanges and Dapps.

Both NeurNer and Arrington came to agreement over the $25K figure for Bitcoin to achieve in 2018, stating the emerging presence of Bitcoin ETFs by year’s end as a catalyst for growth.