Join Our Telegram channel to stay up to date on breaking news coverage
The Bitcoin price is grinding higher as the probability that a spot Bitcoin ETF will be approved rises, which is leading traders to back Bitcoin cloud-mining coin Bitcoin Minetrix ($BTCMTX).
While the Bitcoin price has made tentative forays to nudge $29,000, Bitcoin Minetrix has attracted contributions of $1,711,000 for its tokenized Bitcoin cloud-mining ecosystem.
Native coin of the revolutionary Bitcoin cloud-mining ecosystem, $BTCMTX is now in the second stage of its presale, priced at $0.0111.
The Stage 1 presale target of $1.54 million sold out in less than two weeks, and there are only four days left to grab the Stage 2 price before the next increase. Bitcoin Minetrix looks set to be one of the main beneficiaries of rekindling interest in Bitcoin.
Buying pressure is building up for Bitcoin after the US Securities and Exchange Commission (SEC) decided not to appeal a recent court ruling, which found it had acted in error in the way it assessed the application by Grayscale Bitcoin Trust to convert to an exchange traded fund (ETF).
That decision, and the SEC dropping its appeal, together increase the likelihood that the SEC will approve a spot Bitcoin ETF.
All this comes on the back of false rumours earlier this week that approval had been granted for the spot Bitcoin ETF that BlackRock hopes to launch. In a buying frenzy, the Bitcoin price briefly smashed through the all-important $30k level.
The violent upswing provides an indication of the extent of pent-up demand for Bitcoin that is tied to the expectation of a spot approval.
However, before the BlackRock spot Bitcoin ETF (under the iShares brand name) approval deadline on March 15 comes around, there is the one for the Ark Invest and 21Shares ETF application, which the SEC has to decide on by January 10.
“We believe there’s a 90% chance of approval by Ark’s Jan.10 deadline,” James Seyffart, ETF analyst at Bloomberg Intelligence, wrote in a recent note.
In another more recent Bloomberg Intelligence client note, this time written by Elliott Stein and Seyffart, the approval of a spot Bitcoin ETFs is seen as only a matter of time.
“Approval of a spot Bitcoin ETF looks inevitable at this point, given the court’s Aug. 29 ruling, the number of recent spot Bitcoin ETF applications and the SEC’s engagement with them.”
All of this is providing a fair wind for the Bitcoin price as traders enter the market with long positions.
Although there are Bitcoin ETFs based on CME futures, there are no spot products approved in the US, which is still home to the largest capital markets in the world.
ETFs will provide institutional and retail investors with an easy way to gain exposure to the asset without having to hold it directly.
Also, ETFs have exploded in popularity because they are generally much cheaper than mutual funds.
The prospect of a spot Bitcoin ETF approval and the upcoming Bitcoin halving event, which sees miners’ block rewards halved in April, are both extremely price-positive factors for Bitcoin, and by association the likes of coins such as Bitcoin Minetrix.
Tom Lee of Fundstrat Global Advisors predicts a price for Bitcoin that could be anywhere between $150,000 and $180,000 in the aftermath of a spot Bitcoin ETF approval, on the basis that demand will become greater than daily supply.
The upside potential for penny coins like Bitcoin Minetrix ($BTCMTX) could be 100x or more.
There are hundreds of Bitcoin clones of one sort or another. The most well-known are forks from the original blockchain, such as Litecoin, Bitcoin Cash and Bitcoin SV.
There are many others – what might be considered second-tier forks – such as Bitcoin Gold and Bitcoin Diamond. All of these coins try to do something a little different to the original article, which for the more serious ones tends to be related to solving the scaling problem.
Then there are the Bitcoin clone coins that are more akin to meme coins than they are serious efforts to provide a value differential.
Recent offerings in that department include HPOS01, which, on decentralized exchanges, is identified by the ticker $BITCOIN.
Add to that a clutch of ‘version 2’ derivative coins, such as Bitcoin 2.0, for instance, and you can see that Bitcoin derivatives are something of a secular trend.
All of the aforementioned coins have to a lesser or greater extent benefited from riding piggyback on the Bitcoin brand name. Some like Bitcoin Cash have the genuine utility of larger block sizes, while others such as HPOS01 are pure meme coins with no utility whatsoever.
Nevertheless, coins like Bitcoin 2.0 ($BTC2.0) rose 189,000% in the days after it first launched three months ago on the Uniswap DEX. And while Bitcoin was originally valued in pennies, it now priced at around $28,500.
But Bitcoin Minetrix is an entirely different proposition from all the clones mentioned above. It is the first coin to tokenize Bitcoin cloud-mining on the Ethereum Blockchain.
$BTCMTX takes an approach that solves a number of pressing problems and delivers passive income to token holders via a share of Bitcoin mining rewards.
Cloud-mining Bitcoin is an attractive product offering, but fraud is rampant. Bitcoin Minetrix’s stake-to-mine system solves that problem because no cash changes hands, removing at a stroke the incentive for fraud.
In the Bitcoin Minetrix ecosystem all the business logic is encoded into smart contracts – from the stake-to-mine mechanics to the earning and allocation of cloud credits.
All a user needs to do is stake their tokens to begin earning a percentage of mining revenue based on the amount of mining credits held. There’s no need for expensive upfront capital outlay and the risk of making a loss.
In addition, all the technicalities of managing the mining operation are delegated to smart contracts, but in a way that keeps ultimate control with the user.
What’s more, you can stake in presale right now to start earning 344% annual percentage yield.
When BlackRock CEO Larry Fink says he is seeing Bitcoin buyers around the world and that there is a safe haven aspect to that, we should all sit up and take notice. Naturally, BlackRock is talking up its own book because it will have skin in the game if its spot Bitcoin ETF receives approval.
In order to offer its spot Bitcoin ETF it will have to buy the underlying asset, as will all the other ETF providers with products awaiting approval by the SEC.
But there’s no need to wait for the starting gun – get a headstart by buying Bitcoin Minetrix in presale today.
Bitcoin Minetrix May 100x As ETFs And Halving Fever Boost Bitcoin Demand
Gains of 100x for small-cap coins like $BTCMTX are a strong possibility, given its strong connection to the economics of the oldest and most valuable digital asset in crypto.
Given all of the unique selling points and advantages over the current mining incumbents, it is not surprising that Bitcoin Minetrix is being picked up for special attention by analysts.
CLOUD MINING DÉCENTRALISÉ POUR LE BITCOIN [Review de Bitcoin Minetrix]
Conor Kenny, who has 165,000 YouTube subscribers, latches on to the ease-of-use angle as one of Bitcoin Minetrix’s key selling points.
Meanwhile, presale analyst Jacob Crypto Bury (20,000+ subscribers) predicts a 10x price explosion at launch.
How To Buy And Stake To Start Earning $BTCMTX
To buy the $BTCMTX token you will need ETH, USDT, BNB or a bank card. If you plan to purchase with ETH you can start staking-to-earn straightaway.
All you need to do is connect your wallet, determine how much you wish to invest and make sure you have a small amount in excess of that to cover transaction fees (approximately $10-20), if using the Ethereum blockchain.
Buying Bitcoin Minetrix today and sitting back to watch its cloud-mining passive income stream could build your wealth as Bitcoin, the currency of the future, grows in popularity and value.
Join Our Telegram channel to stay up to date on breaking news coverage
