The road to a bitcoin ETF has seen many roadblocks, however one finance expert said This kind of’s an inevitability.
“This kind of’s virtually certain. The only question is usually when,” Ric Edelman, founder of Edelman Financial Engines, said Monday on SouthIndianNews.com’s “ETF Edge” at the Inside ETFs Conference in Hollywood, Florida. “The SEC has several legitimate thoughtful concerns in which the industry has to overcome however I’m confident they will. Eventually we will see a bitcoin ETF along with This kind of’s at in which stage in which I will be much more comfortable recommending in which ordinary investors participate.”
The Securities along with Exchange Commission has long had concerns over the cryptocurrency market along with how to regulate This kind of. For one, bitcoin trading lacks a secure chain of custody like various other financial markets. Secondly, the SEC has little control over cost manipulation given This kind of has no governance over overseas trading platforms.
Major financial institutions’ interest along with investment in finding a solution should mean a bitcoin ETF eventually comes to market, Edelman contended.
“We’ve got some serious players. Fidelity has made a major announcement inside the custody issue. We’ve got Kingdom Trust along with many various other very serious players on the custody side. I’m confident in which in very short order VanEck or Bitwise will satisfy the custody concern to the SEC,” said Edelman.
Tom Lydon, editor-in-chief of ETFTrends.com, said he’s already seen massive demand for a product like a bitcoin ETF.
“There is usually pent-up demand. We interview advisors all the time. Seventy-four percent say they’ve talked to clients about their interests in bitcoin so they need to step up when This kind of happens because in which money is usually going to go elsewhere,” Lydon said Monday on “ETF Edge.”
The Cboe refiled an application for a VanEck along with SolidX bitcoin ETF to the SEC in late January. This kind of had pulled the ETF submission roughly a week earlier on concerns the partial government shutdown might cause delays.