Future of ETFs Look Solid But Not This Year
- Over the past few weeks and months, we’ve seen the bitcoin price go from highs to lows and lows to highs.
- It’s safe to say that many investors and traders are well on their toes when it comes to keeping an eye on how the leading cryptocurrency is performing.
Over the past few weeks and months, we’ve seen the bitcoin price go from highs to lows and lows to highs. It’s safe to say that many investors and traders are well on their toes when it comes to keeping an eye on how the leading cryptocurrency is performing. With the bitcoin exchange-traded funds not going as well as everyone had hoped, things aren’t looking great for the future of the flagship cryptocurrency.
Despite this, the bitcoin halving is in May 2020, which is what many investors are looking forward to. According to the chief executive officer at Genesis Global Trading, Michael Moro, bitcoin ETFs are the future... but not this year.
Taking part in the Castle Island podcast, Moro said:
“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.”
The chairman for the securities and exchange commission in the United States, Jay Clayton has been repeatedly pointing out the worries for the bitcoin ETFs and especially in giving them the go-ahead. If you can think back to November 2018, the chairman was extremely concerned about the manipulation of price and it was the main reason that these ETFs were postponed. Despite this, the Chairman claimed that progress is being made in the crypto world for these ETFs but there is still a lot of concern lingering in the back of regulators’ mind.
Moro believes that everything will change soon though. He went on to add:
“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.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!