Brian Kelly is confident that ETF will not be approved in 2019
Brian Kelly is an experienced cryptocurrency entrepreneur who admitted that even minimal chances of BitCoin exchange-traded funds to be approved in 2019 are absent. This viewpoint was expressed by him at the Crypto Finance Conference held in Switzerland in the middle of January. In the discussion of the current state characterizing crypto market, he made […]
Brian Kelly is an experienced cryptocurrency entrepreneur who admitted that even minimal chances of BitCoin exchange-traded funds to be approved in 2019 are absent. This viewpoint was expressed by him at the Crypto Finance Conference held in Switzerland in the middle of January.
In the discussion of the current state characterizing crypto market, he made a prediction that 2019 will be much better than the previous year. Kelly explained that the bear market is going to come to an end soon, however, he does not refuse the possibility to experience one more great dip. He supposed that the following year, there will be a focus on BTC and LTC currencies due to the existing geopolitical tension existing on the planet. He admitted that many global companies choose BitCoin instead of the gold positions as well as try to avoid volatility and currency fluctuations in this way.
Kelly predicts that many leading investors will choose BitCoin as their basic asset. At the same time, the question about the possibility of the BitCoin ETF to receive the approval from the government has received a distinct negative answer.
Exchange traded fund is a fund created with the goal of tracking the value of the underlying assets it has as well as trading on stock exchanges. It must be approved by the US Securities and Exchange Commission (SEC). Many huge investors consider the approval of BitCoin ETF a very important stage that will allow them to enter the crypto market.
Many players of the market have been sending applications to the SEC during 2018, but none of them were approved. Kelly supposed that there are little chances that this agency is planning to change its viewpoint. The reason for this is many not resolved problems. The analyst believes that the following issues require more than one year for settling.
Another prediction of Kelly was not that positive as according to him, the next financial crisis will happen soon after recession that will take place this year. At the same time, this crisis will have an absolutely different nature as it will open new opportunities for crypto coins and even replace fiat money.
Earlier predictions of Kelly were a little bit different as he thought that this approval would not be received until February. However, even believing that arguments provided by SEC have no strong foundation, he was saying about its fast evolution.