“No Shot” for Bitcoin ETF this Year, Says Crypto Analyst Brian Kelly
Crypto entrepreneur and CNBC contributor Brian Kelly said there is no chance that a Bitcoin ETF (exchange-traded fund) will be approved in 2019. This quote comes from an interview today with Cointelegraph at the Crypto Finance Conference in Switzerland.
In other remarks about the crypto market as a whole, Kelly predicted that this year would pan out better than last year, saying, “we are somewhere close to the end [of the bear market], but we might have another dip lower, it wouldn’t surprise me at all.”
Speaking about what to expect this year, Kelly went on to say:
“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.
Kelly believes that Bitcoin will generally become a more mainstream asset among everyday investors. But, when asked about whether a Bitcoin ETF would receive government approval this year, Kelly said there was “no shot.”
Many believe that the SEC’s (Securities and Exchange Commission) approval of a Bitcoin ETF would lead to significant institutional investment in cryptocurrency, since it is an accepted financial instrument that most money managers already use and understand. Notably, Cameron and Tyler Winkelvoss, who founded the American crypto exchange, Gemini, filed multiple Bitcoin ETF applications, but were rejected each time, the mostly in July of last year.
Kelly explained that the SEC will mostly likely not change its mind any time soon, as “there is too much that is unresolved.” He said it will take over a year to sort out the issues the agency still has with the idea of a crypto ETF before it grants approval. So, for now, the crypto industry continues to wait.