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The CEO of the Fatfish Internet Group believes that Bitcoin will continue to increase in price in the short-term. Kin-Wai Lau spoke about the market experiencing a “second wave rally,” as well as the Bitcoin ETF proposed to the SEC.
Kin-Wai Lau: Second Wave Rally is “Very Strong”
Kin-Wai Lau appeared yesterday on CNBC’s “The Coin Rush” segment. There, he mentioned that he believed people will see the current price action in Bitcoin and other cryptocurrencies as a “second wave rally”. He went on to state that he felt it was a “very strong wave.”
When explaining why he felt optimistic about the price of Bitcoin in the near future, the CEO stated that there was a lot of interest at the moment. He then cited the fact that trading volume is around seven times higher than it was at Bitcoin’s lowest point this year. This serves as an indicator of renewed interest.
Another factor mentioned by Lau is adoption. According to him, adoption and interest increasing again will likely mean higher prices that will reward those with positions in the market already:
“It’s just generally I think very positive for early adopters and people who have interest in the sector.”
The interviewer then brought up the recent decision by the U.S. Securities and Exchange Commission (SEC) to reject the Bitcoin ETF proposed by the Winklevoss twins again. When asked about what was needed for the financial regulators to finally approve such a product, Lau stated:
“I think it’s pretty much a matter of time where you see SEC approving an ETF.”
He then went on to list the various factors that a successful applicant would need to prove to the financial watchdog. These included the ability to surveil and monitor themselves, as well as create liquidity. The Fatfish Internet Group CEO also stated that there needed to be readiness in the market. This he claimed was “not far away” and that he believed the market would accept an ETF in “just a couple of months.”
Finally, in response to a question about what is needed to “stabilise the market,” he brought up the subject of price predictions and what is driving current demand. The CEO stated that cryptocurrency is being “used widely now in many counties”.
Furthermore, many jurisdictions are beginning to regulate the market rather than trying to stamp it out. For Kin-Wai Lau, the the planet’s regulators are taking a “cautious, but optimistic approach.” All of this bodes well for the price of Bitcoin and other cryptos generally.
Featured image from Shutterstock.
