Recently, Ran NeuNer, the host of the popular cryptocurrency show CryptoTrader spoke with industry experts about why the cryptocurrency space needs a Bitcoin ETF [exchange-traded funds], when is it expected to be approved and more. The two people that NeuNer fetched opinions from were Maja Vujinovic, the CEO and investor of the O Group and Dave Chapman from the Asian counter trading firm, OSL.
Vujinovic propagated an unpopular viewpoint on the Bitcoin ETF and believes that the cryptocurrency space does not need it as ETFs do not necessarily bring liquidity. She also mentioned that ETF is not the only path to pull in institutional investors into the cryptocurrency space. The CEO explained that the digital asset class is slowly being recognized by institutions, such as banks, where they are hiring teams to understand cryptocurrencies and Bitcoin [BTC].
On being asked if an ETF will be approved by the end of this year, her answer was a no. Vujinovic stated that an ETF will not arrive this year as the decision does not depend on a single party. Furthermore, before an ETF arrives, the industry requires time to learn thoroughly about Bitcoin and other cryptocurrencies. In her words:
“Folks need time to learn. I think it’s really important that this [knowledge on cryptocurrencies] goes through committees… SEC will probably check with their counterparts somewhere else that it needs to go through… Various different organizations before an approval. I don’t see that happening by end of this year. Simple fact of human lack of ability. We are such linear learners and this technology is exponential, I think there’s a completeness balance here.”
Next, NeuNer sought Chapman’s opinion on why the Securities and Exchange Commission [SEC] rejected the Bitcoin ETF. According to OSL’s Executive Chairman, the SEC is not seeing quality exchanges in the cryptocurrency space. This issue poses a major threat regarding the market manipulation and fraudulent transactions. More so, Chapman believes that more and more financial institutions and banks are gearing up for the digital asset class.
In the month of August, the SEC rejected 9 Bitcoin ETF proposals. The two Bitcoin ETFs that saw popularity this year were the Winklevoss Bitcoin ETF and the VanEck Solid X Bitcoin ETF. However, the former was rejected by the US regulatory authority whereas the latter is still on the waiting list. The cryptocurrency space pays massive attention to the approval of this ETF as it is believed to be the key to unlock the institutional money and deploy it into the space.
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