Brian Kelly predicts Bitcoin ETF approval likely by February 2019
On an episode of CNBC’s Fast Money, crypto analyst Brian Kelly predicted that Bitcoin ETFs or exchange-traded fund will likely come in February of 2019.
The US Securities and Exchange Commission (SEC) recently rejected nine BTC ETF proposals from three applications on Wednesday. However, yesterday Hester Peirce a commissioner with the SEC revealed on twitter that the decision to deny these proposals was "stayed" pending a Commission review. The decision to deny the proposals was originally made by staffers who work for the SEC, and the Commissioners and chairman have the authority to review that decision.
— Derick Fiebiger (@fiebsy) August 23, 2018
The SEC will determine whether they agree with their staffers decision and there is some hope, albeit slight that the SEC may overturn this decision.
Why is everyone getting so hung up on the #sec approving #etf’s in the US.
— Phillip Nunn 🚀 (@PhillipNunnUK) August 23, 2018
Firstly - #crypto is global SEC isn’t
Secondly - ETF’s aren’t necessarily a magic wand for crypto. At best they’ll improve the price
And Thirdly, why are we pining for centralised greed to come in?
Kelly noted that the SEC has the authority to delay its decision on the proposed ETFs until February, which is what he believes the organization will do. According to Kelly, the SEC is concerned with how to surveil fraud and not just prevent it. Kelly argued that the BTC futures market is only in its infancy and that the futures market will likely “have a much better shot at ETF approval.
Bitcoin saw a noticeable price decrease with the SECs decision to deny Proshares, GraniteShares and Direxion the ability to create nine variations of ETFs. However, as the price has stabilized Kelly believes there is a “sentiment change” as bitcoin ETFs are more likely a when and not an if. Currently Bitcoin is being sold for $6540 (USD), up 1% in the past 24 hours according to CoinMarketCap.
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