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
gepubliceerd op Oct 13, 2019
by Cointele | gepubliceerd op Coinage
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