Saturday, January 19, 2019

'There is no opportunity' for a Bitcoin ETF in 2019


Criptoempresario and CNBC's regular contributor, Brian Kelly, stated that there is no possibility of approval of a Bitcoin (BTC) exchange traded fund (ETF) in 2019. Kelly made his comments in an interview with Cointelegraph at the Crypto Finance Conference , Switzerland, on January 18.

Do not stop reading: SEC delays the decision on Bitcoin ETF and sets the deadline for the end of February

Discussing the general state of the cryptocurrency market, Kelly predicted that 2019 will be better than 2018. The analyst argued that "we are somewhere near the end of[el mercado bajista], but we could have another lower drop, I would not be surprised at all. "Speaking specifically about what we should expect in 2019, Kelly continued:

"Probably in 2019 the focus will be on the currencies-Bitcoin, Litecoin, some of them-because we have a lot of geopolitical tension in the world, we are beginning to see that some global macrojourners use Bitcoin as an alternative to their gold position, or as a way to protect against the fluctuations and volatility of fiat currencies ".

According to Kelly, in 2019 Bitcoin will become a more accepted asset among major investors.

However, when asked about the likelihood of a Bitcoin ETF receiving government approval this year, Kelly said there is "no chance" for it.

The approval of a Bitcoin ETF - an investment fund that would track the value of its underlying asset and its trading on stock exchanges - by the Securities and Exchange Commission (SEC) ) is a highly anticipated event that is seen by many as a prerequisite for large institutional investors to enter the crypto market.

Continue reading: Bloomberg: Japan shows interest in Bitcoin ETFs while experts talk to rumors of US approval

Throughout 2018, the SEC has received multiple Bitcoin ETF requests from various actors, such as the Winklevoss twins, but has not yet approved any of them. Expanding her point of view, Kelly said that the agency is unlikely to change its mind in the near future, since "there are too many unresolved issues". According to the analyst, it will take more than a year to solve the existing problems.

Kelly also predicted that in the coming years the world will face a new recession, followed by a new financial crisis. However, the nature of the latter will be different from that of previous crises, which will supposedly create a window of opportunity for cryptocurrencies and make them a real alternative to fiat money.

You may be interested: Bitwise applies to the SEC of EE. UU for a Bitcoin ETF with physical availability

As Cointelegraph reported last August, Kelly had previously predicted that approval of a Bitcoin ETF would not occur before February 2019. He then affirmed the SEC's argument that the current BTC futures market is not mature enough, although he stressed that it is evolving rapidly.

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