The CEO of Fatfish, Kin-Wai Lau said recently on CNBC’s Crypto segment Coinrush that Bitcoin ETF Approval by the SEC could be just a couple months away.
As we know there has been a lot of hype and buzz about the Bitcoin ETF (Exchange Traded Fund) being approved by the SEC, after the recent developments with Bitcoin ETF where the Winklevoss application got rejected by the SEC it could be expected that the approval will be delayed for a while.
Lau said:
“I think we’re not far away; I think probably just a couple of months away from being ready for the market to generally accept an ETF.”
Lau thinks that the second wave of demand for Cryptocurrencies will be driven by institutional demand and adoption of the technology by the mainstream public and an ETF would certainly pave the way for that.
The reason why the SEC has rejected the Winklevoss and some other applications is that there are not enough tooling and measures available to avoid fraud at this moment of time, it is only a matter of time that an institution will have enough tooling to avoid any kind of fraud after the approval of the ETF would be much more likely.
Lau said:
“It is just which organization would be able to come up with the most comprehensive tools in terms of monitoring, surveillance and the ability to trade real equity”
While the Crypto mooners are eagerly waiting for the ETF approval for the price to moon, there are others that do not see the importance of ETF approval in the long term of Bitcoin. Vitalik expressed his views on twitter saying that more emphasis should be given on adoption rather than the ETF approval.
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
The price of Bitcoin shot up over $8000 for the first time after two months with the ETF hype, but saw a slight dip after the rejection of Winklevoss application but recovered soon.
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