Bitcoin [BTC] ETF will be passed by the end of this year, says BitMEX CEO

BitMEX, a Bitcoin mercantile exchange platform and one of the leading exchange platforms around the world which provides liquidity to short-sellers, has made a 4x to 5x profit when compared to 2017.

During an interview with CNBC, Arthur Hayes, the CEO of BitMEX said that the cryptocurrency community could get a Bitcoin [BTC] ETF at the end of this year. Arthur said that he surfed the SEC website and that there are two Bitcoin ETF’s which have decision dates in Q3 of this year and two Bitcoin ETF’s which have decision dates in Q1 February of next year.

He stated:

“So, I’d say there’s probably a 50/50 chance that we see some decision in q3 again and then again we have another two ETFs looking for approval February next year.”

The CEO of BitMEX said that he is unsure whether the VanEck Bitcoin ETF which is currently being reviewed by the U.S Security and Exchanges Commission could be approved. He stated that if the retail investors continue demanding for the Bitcoin ETF, the SEC will have to approve one of them at some point.

Arthur also said that the Winklevoss Bitcoin ETF has already done all the pre-work for the approval of the next ETF. Other ETF issuers are going to benefit from the all the “long-work” they have done over the past years. He further spoke about the statement provided by the SEC for the rejection of the proposed rule change and stated that they would probably not decline the next ETF’s for the same reason.

The Securities and Exchange Commission pointed out the risks of price manipulation in the underlying Bitcoin market in the rejection statement. Arthur stated that they did not show any empirical evidence of “what they [SEC] mean by manipulation”. According to him, manipulation takes place in the gold market, oil market, interest rate markets and actual equities that are underlying many of the products which are listed on their exchanges and regulated by the SEC. He thinks that the “excuses can go away quite quickly if they [SEC] change their mind”.

He further states that the US government agencies are trying to come up with a coherent view around Bitcoin. The SEC would not turn around and state that Bitcoin is not suitable as a product whereas there are two big exchanges offering leverage trading on Bitcoin.

Arthur is still confident that Bitcoin [BTC]’s price would reach $50000 if the ETF decision by the SEC turns out to be positive. He claims that if the US allows a retail ETF and investment product then jurisdiction around the world would also start offering the investments and that people would start competing to offer the same products.

The CEO of BitMEX further spoke about the Bitcoin ETF shorts. He stated that a healthy market would require people to go long and short.

He said:

“With an ETF you can borrow the shares and short them on the market. There will also be the derivatives offered on top of ETF on exchanges like the CME and CBOE. So it actually creates a healthy ecosystem for people to express bullish and bearish views.”

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