For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of twin-entrepreneurs Winklevoss concerning bitcoin-ETF the situation is expected to remain unchanged. At least, that’s what Brian Kelly, a regular contributor to CNBC, as well as cyber money entrepreneur, believes.
2019 Might Be Better For Cryptos In General But Not For ETFs
In a conversation with Cointelegraph’s rep at the recent Crypto Finance Conference in Switzerland, Brian Kelly touched upon the future of cryptos and ETFs in 2019. Concerning the latter, he claimed that a bitcoin ETF is unlikely to get approval from the SEC.
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Bitcoin ETFs
In particular, the crypto entrepreneur said that there is «no shot» for BTC ETF’s approval by the American government. Meantime, in the crypto-community, the green light for such an investment fund is highly anticipated. Many crypto-experts believe that bitcoin ETFs will allow funds of significant institutional investors to flow into the market.
Within the last year, the SEC received many applications for BTC ETFs from different actors. Among them, there were Winklevoss brothers. However, none of them was approved.
Kelly explained that in the foreseeable future the agency will not change its hardline stance on such ETFs due to many unresolved issues. The latter, as the expert predicted, might be solved not earlier than within a year.
Interestingly, last year summer Kelly forecasted that the approval of the BTC ETF would not occur earlier than in this year’s February. The expert said that the bitcoin futures market was not developed enough — the notion earlier expressed by the SEC. In spite of this, Kelly back then admitted that this market was evolving fast.
State of Cryptos
Talking about the future of the cyber-money industry in general, CNBC’s contributor forecasted that this year will be better for the market than the previous.
The expert claimed the bearish period will soon come to an end. However, we should expect another fall in the market. Kelly added that primarily in 2019 the focus will be on such currencies as BTC, LTC and some others. Moreover, Kelly said, bitcoin will see a higher level of adoption among most popular investors.
«We are starting to see some global macro players use Bitcoin as an alternative to their gold position, or as a way to hedge against fiat currency fluctuations and volatility,” asserted the analyst.
Kelly concluded his account by stating that the world will go through another financial crisis, different from the one we saw a decade ago. Yet, believes he, it would be a great chance for cyber-coins to become a practical alternative to public currencies. It is important to note that the first crypto — bitcoin — allegedly was created after the 2008 collapse as a challenge to the existing financial and banking systems.
