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A Gemini CEO quite positive about a pure-play bitcoin ETF in early 2022

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  • According to one cryptocurrency executive, a pure-play bitcoin exchange-traded fund may not be as far off as some belief
  • Abner stated, he is still quite bullish. He believes they’re just waiting to take the next move. They might be looking for more stringent, clearer regulatory rules in the business, so we could see that in Q1 and then an ETF soon after
  • If your clients go rogue and register a Coinbase account on their own, they might possibly shoot themselves in the foot in terms of volatility, he added

According to one cryptocurrency executive, a pure-play bitcoin exchange-traded fund may not be as far off as some belief. The Securities and Exchange Commission has suggested that it is embracing crypto as an investable asset class by approving three bitcoin futures ETFs, according to Gemini’s David Abner on CNBC’s ETF Edge this week. 

The SEC is adopting these positive moves to drive them ahead, Abner, the crypto exchange’s global head of business development, said. He believes they would be there by the end of the year, he said, adding that the SEC’s rejection of VanEck’s application for a physical bitcoin-based ETF startled him.

ALSO READ: COINBASE TO THRIVE UNDER INDIAN CRYPTO PROJECTS

Abner stated, he is still quite bullish. He believes they’re just waiting to take the next move. They might be looking for more stringent, clearer regulatory rules in the business, so we could see that in Q1 and then an ETF soon after. He believes there is some progress in that direction. 

Tom Lydon, CEO of ETF Trends, was less bullish about the SEC’s schedule, although he did point to a few triggers that may help hopeful ETF producers. Not being able to buy bitcoin or a spot bitcoin ETF on a brokerage platform is kind of a shackle for the ordinary adviser out there who is managing a diverse portfolio for their customers, he added in the same interview.

If your clients go rogue and register a Coinbase account on their own, they might possibly shoot themselves in the foot in terms of volatility, he added. With many forecasting a price of $100,000 for bitcoin in 2022, burgeoning demand for ETFs that follow the digital asset might increase, according to Lydon. He believes that the advisor community is pushing for this. He believes they will see it eventually. He stated he hoped that it was going to be Q1, but fingers crossed before the end of ’22.

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