Bitcoin ETF has a future… just not in 2020
Bitcoin price has definitely kept everyone at the edge of their seats, but the failure of Bitcoin exchange-traded funds [ETF] has been another talked-about topic through 2019 and 2018. Numerous prominent players have tried and failed at acquiring approval from the US regulators. However, 2020 may not be the year of ETFs, according to Michael Moro, Chief Executive Officer at Genesis Global Trading.
“Yes, I do believe we’ll have one. No, I do not believe this is a 2020 event. I actually have said that I think there is a strong feeling and a general consensus that nothing’s going to happen until commissioner Clayton is no longer the chairman.”
SEC Chairman, Jay Clayton has repeatedly pointed out concerns with giving a green light to the Bitcoin product. Earlier in November 2018, Clayton was perturbed with price manipulation as the key reason to put a hold on bitcoin ETF. Another year passed and the Chairman claimed that “progress is being made” in the crypto universe to push Bitcoin ETF but there was still some worry lingering.
However, Moro believed that things will change soon. He added that:
“I think over time the rationale for not approving one slowly starting to go away. That’s my view, and there’s going to be a way for people to come to the terms that this isn’t going away. Bitcoin is around, and frankly, GBTC is out there. It is freely traded. Any mom and pop investors able to buy it, but in the public markets it is trading at a premium.”
Claiming to reconsider it as an investment for the public good, Moro emphasized the need for an infrastructure improvement in the space.