Founder and CEO of crypto investment firm BKCM Brian Kelly has said that Bitcoin exchange-traded funds are hardly needed for the ecosystem's development, given that the coin is already available on regulated platforms such as Fidelity and TD Ameritrade.
"You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you're going to be able to buy Bitcoin in a regular brokerage account, or it's going to look like a regular brokerage account. So I'm less concerned that you need a bitcoin ETF at this point in time."
"The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. That opens the door for institutions to come in. Everybody is concerned, what if they ban it? The CFTC said 'we're not banning it yet, we're gonna regulate it,' and now investors can say 'Put them in my commodity bucket.'".
In May, Kelly has also said that the upcoming supply cut - brought by the next halving of the block reward - could help Bitcoin prices rise further in the coming months.
Crypto Market Hardly Needs a Bitcoin ETF at This Time, Says BKCM CEO
Publicado en Oct 13, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.