In an exclusive interview with CNBC, a venture capitalist and author of personal finance books, Ric Edelman gave his insights on the possibility of Bitcoin getting approval for exchange-traded funds (ETFs). According to him, it is now a question of when not if.
“The Securities and Exchange Commission (SEC) has several legitimate, thoughtful concerns that the industry has to overcome but I’m confident they will. Eventually, we will see a Bitcoin ETF, and it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”
The venture capitalist sees the VanEck SolidX and Bitwise ETFs as potentially the strongest candidates. “I’m confident that in very short order VanEck or Bitwise will satisfy the custody concern to the SEC,” he said.
His statement comes a few days after the SEC commissioner Robert J. Jackson told Congressional Quarterly Inc. that Bitcoin ETF would finally be approved.
What will an ETF do for the Bitcoin market?
The future of Bitcoin is, to many within the cryptosphere, at the mercy of the governmental endorsement of a Bitcoin ETF. An ETF is an “exchange-traded fund.” Many industry experts argue that a bitcoin ETF would make the cryptocurrency markets a safer and more reliable space for traditional investors to deal in. There will be tangible booms in Bitcoin when big names in the world of banking foray into the realm of cryptocurrency.
Bitcoin ETF is sitting in limbo
Recall that SEC, the agency charged with supervising the country’s securities markets earlier turned down nine applications brought before it.
The financial watchdog still believes the top-ranking cryptocurrency is still susceptible to manipulation and theft for regulators to approve it. That’s the biggest roadblock the SEC is dealing with right now.
Despite that, most analysts believe the agency is likely to offer candidates with the green light to move forward with a Bitcoin ETF listing this year.