Brian Kelly: a BTC ETF has ‘Zero Shot’ of Approval in 2019
In the recently held Crypto Finance Conference (CFC), Brian Kelly, a CNBC analyst, says the bitcoin will continue to gain mainstream acceptance but he remarks that a bitcoin exchange-traded fund is not possible this year.
The US Securities and Exchange Commission have to first resolve ‘financial issues in relation to these financial tools,’ says Kelly. He supposes that working these out will take a minimum of another year before issues can be straightened out. Due to this, he forms his belief that an SEC approval for a BTC ETF is not sure to happen within the year.
2019 Will Be About Cryptocurrencies
‘Probably in 2019 the focus will be on currencies — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world. We are starting to see some global macro players use Bitcoin as alternative to their gold position, or as a way to hedge against fiat currency fluctuations and volatility.’
-Brian Kelly, CNBC Analyst and Founder of BKCM LLC
Throughout the three-day CFC, Kelly articulated issues surrounding the crypto market and the future of the industry. He makes a conjecture that the bear market is ending and altcoins will see a small drop in price before normalizing. In addition, the analyst says an economic recession could be in the immediate future. If it happens, cryptocurrencies will attract the interest of the populace stronger than before.
Various Proposed ETFs
A BTC ETF by Bakkt, slated for 24 January 2019, is still awaiting the go-ahead from the US Commodity Futures Trading Commission.
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