Mati Greenspan: Bitcoin has a "good shot" at ETF, but who cares? not BTC...

28 Apr, 2019 | Updated: 28 Apr, 2019
by Will Heasman
Interview
Mati Greenspan: Bitcoin has a good shot at ETF, but who cares? not BTC...

In an interview with AMBcrypto, Mati Greenspan, senior analyst for eToro, shared his thoughts on the potential of a Bitcoin ETF, and what that might mean for the future of Bitcoin and the wider cryptocurrency market

For many months, even years, investors have been put on edge, pondering whether or not the SEC will approve a BTC ETF; watching the back and forth of proposal rejection and delay like some kind of regulatory ping pong.

Due to this, the idea of a Bitcoin (BTC) ETF has all but run out of steam in the minds of the crypto community; in essence -  no one really cares either way anymore, and, according to Greenspan, neither does Bitcoin.

Greenspan spoke of the once lauded promise of a BTC ETF, relaying that the notion of approval is fairly inconsequential:

“The idea of the SEC approving a Bitcoin ETF is basically saying that the government is going to approve something that the banks made. I don’t think Bitcoin cares very much about that.”

 

However, humoring those who still actually care, Greenspan continued to speak on the Bitwise Assets Management report which was submitted to the SEC addressing their ETF proposal. According to Greenspan, the report focused on Both “market manipulation,” and “wash trading,” two points of high contention for the SEC.

Thanks to this report, Greenspan relays that the proposal may have a “good shot” of approval, adding that many more members of the SEC are “more bullish on crypto” which will help sway the rest.

The next ETF hearing is set for May 19th, 2019, however, Greenspan notes that just like many times before this will likely be delayed. Instead, the analysts proposed that the final deadline will likely be October 13th and October 18th, 2019.

While the crypto community may have gone cold on the idea of an ETF, it doesn’t rule its potential impact on the market. Greenspan suggests that an ETF approval would open up “larger crypto investments,” with more institutional investors entering the market:

“Basically, having an ETF is another vehicle that they [institutions] can invest in Bitcoin, in an easy way,” he said, adding that approval or rejection could still create a “significant impact in the price” of Bitcoin, albeit only temporarily.

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