Will the Bitcoin ETF be approved before the end of 2021?
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Answer Will the Bitcoin ETF be approved before the end of 2021?
Many crypto enthusiasts are waiting for the Bitcoin ETF and other alternative cryptocurrencies because it will bring in cash flows from big investors.
While countries like Canada and Brazil have already authorized Bitcoin and Ethereum ETFs, the SEC has been hesitant about its decision in this regard.
Dave Nudge, CIO and head of research for ETFs, believes this could happen as soon as the end of this year.
Bitcoin ETF is coming:
stated Dave:
The Securities and Exchange Commission has made it clear that this is the direction they want the industry to go.
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I think approval will be soon.
Notably, more than a dozen Bitcoin ETF applications have been filed with the Securities and Exchange Commission (SEC) over the past year.
But so far, none of them have been announced yet.
Gary Gensler, the head of the SEC, recently hinted at considering bitcoin ETFs under strict guidelines.
It should be noted that Dave’s optimism contrasts with recent comments made by Todd Rosenbluth about licensing futures ETFs.
Rosenbluth, head of ETF and mutual fund research at CFRA, believes this is because futures-based ETFs will contain unique risks.
In addition to the risks, Rosenbluth also mentioned that this Bitcoin ETF will be characterized by high costs and the fact that it will not track the price of the underlying digital asset.
Limited options:
Rosenbluth also stated that there was nothing an investor could do, until the authorization had been granted.
But Dave believes that this is not true, and suggests to investors wishing to invest indirectly in Bitcoin and cryptocurrency through ETFs already, and commented on this by saying:
The best thing to do for traditional ETFs is to invest in companies that are already driving this digital transformation.
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There are already many crypto companies that are listed on the exchange or that are directly or indirectly exposed to Bitcoin.
Dave added:
Companies that bring cryptocurrency to their balance sheets as a kind of proxy for direct investment as an investor, or companies like Coinbase and Square really help move the crypto ecosystem forward.
Read also:
What drives Bitcoin to reach and breach the $50K level?
Coinbase Adds $500 Million in Cryptocurrency to Its Balance Sheet… What Does That Mean?
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