There are numerous people and groups in the crypto industry that want a crypto ETF. The Gemini exchange is one, and BitWise is another. Over the weekend, the CEO of Fatfish Internet Group joined the conversation. But is there a crypto ETF coming soon, or is this false hope? After all, the SEC has a different opinion.
Crypto ETF Coming Soon?
On Sunday, Kin-Wai Lau, CEO of Fatfish Internet, a global tech venture investment firm, said that a Bitcoin ETF is on the horizon, adding that global markets will soon be “ready to accept” a BTC ETF.
When? Mr. Lau predicts markets will be ready in a “couple of months.”
The ‘Go-Slow’ Approach
While many are pushing for a crypto ETF now (Bitwise, Gemini, Spencer Bogart of Blockchain Capital), others believe the SEC is taking a ‘go-slow’ approach when it comes to creating a crypto ETF.
This approach lines up with what Lau said on Sunday, being that an ETF might take a few months, as well as with what others have said about a crypto ETF coming soon, such as the following:
- Brian Kelly says he “hopes” there is an ETF, but “there is still quite a few things” to do before that can happen, which means it will be a while before the market sees one. He said the chances of an ETF being passed this year are “relatively low.”
- Bob Pisani of CNBC said that it’s unlikely the SEC will pass an ETF application, hinting at that the go-slow approach.
Thoughts?
Overall, it seems that even though there is a demand for a crypto ETF, the world is not yet ready for it—not at the moment at least.
A few things still need to be worked out, like the possibility of fraud and manipulation—which explains why the SEC is taking its time.
In time, too—a few months tops—any reluctance in global markets will have faded, according to the Fat Fish Internet CEO. You can see this happening already—when the SEC rejected the Winklevoss twins’ proposal, the market dropped a little but quickly recovered, Bitcoin surpassing $8,000 once again.
Bitcoin is currently selling for $8,144.03.
The Takeaway
I suppose only time will tell what will happen. What do you think? Is there a crypto ETF coming soon?
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