The CEO of a financial asset management firm Crescent Crypto Ali Hassan believes that in the next 18 months we will see a Bitcoin-only Exchange-traded fund (ETF). He shared this vision during his interview with Bloomberg Markets.
Hassan mentioned that his company holds 20 different cryptocurrencies in cold wallets for long term passive trading investors with less volatility.
He also commented on the rejection of Winklevoss’ ETF by SEC, saying that the regulator is trying to make sure that investors are on the safe side. The crypto space has many good upcoming products he says, while the most interesting ones are multi-coin assets.
SEC rejected an application by Chicago Board Options Exchange (CBOE) on behalf of the Winklevoss brothers to list bitcoin ETFs. SEC commissioner Hester Peirce said in his twitter account that “Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent”.
Earlier, the Netcoin founder, Michael Vogel said that he doesn’t believe that a bitcoin ETF will play a big role in the success of the first cryptocurrency. Vogel thinks that an ETF would mean a move towards Wall Street seeing bitcoin as a legitimate financial instrument, giving conventional traders access to bitcoin.
WHY IS IT IMPORTANT?
1. Cryptocurrency adoption does not depend only on Bitcoin-ETF, even though experts are predicting to see Bitcoin only ETF in the next 18 month, investors have other options due to the other products on the market.
2. However, some investors think that with the adoption of Bitcoin-ETF's, the price of the first crypto will skyrocket to the moon.