Bitcoin (BTC), Cryptocurrency, Exchange Traded Fund (ETF) –It seems that not all cryptographic analysts are confident about Bitcoin's chances of getting ETF approval in the new solar year.
While both bearish and bullish investors appealed to the US Securities & Exchange Commission (SEC) decision to delay a Bitcoin-based ETF decision in 2019, the prospect of turning the fund into a reality is slowly decreasing, at least in the short term.
More recently, the cryptocurrency entrepreneur and CNBC regular contributor analyst Brian Kelly said that Bitcoin had "no shot" to get approval for an ETF in 2019. Intervening in an interview with Cointelegraph at the Crypto finance conference in Switzerland, on 18 January, the veteran analyst expressed his opinion on the current state of the market and its forecast for the coming year. While he is convinced that the approval of BTC's ETF will not take place within the next twelve months, he believes that 2019 will be a more profitable year for the encrypted markets than last year's squashed bear cycle , affirming,
"We are somewhere near the end of [the bear market], but we could have another lower drop, it would not surprise me at all. "
Kelly went on to state that the rise in geopolitical tensions, such as the trade war between the United States and China, will lead to greater interest in the trading of currencies such as Bitcoin and Litecoin. Furthermore, he says that more market players will turn into crypts as an alternative to the portfolio of more traditional assets, such as gold,
"Probably in 2019 the focus will be on the currencies – Bitcoin, Litecoin, some of these – because we have a lot of geopolitical tensions in the world. We are starting to see some global macro players use Bitcoin as an alternative to their position. 39, gold, or as a way to protect yourself from the fluctuations and volatility of the legal currency ".
While Kelly believes that 2019 will bring even greater adoption for Bitcoin and cryptocurrencies, with the acquisition of digital assets among traditional investors, it does not believe that the SEC will go through the approval of an ETF.
The funds traded on the stock exchange, which became the predominant topic for Bitcoin throughout the summer of 2018, continued to captivate the encrypted investors. While many believe that the approval of such a fund would herald the beginning of large capital, institutional investments, the SEC has found grounds to continually deny or delay the approval of a fund, with the majority of proposals that fall within the first. The effect was a rift in the direction of the crypto that goes on, with some seeing greater regulation of the sector as a necessity to gain legitimacy in the eyes of the broader market and the SEC.
The most popular cryptocurrency exchange Gemini and its co-founders, the Winklevoss twins have been blunt in their drive to greater cryptography, with a new advertising campaign and recent Reddit AMA centered around this topic.
Kelly, however, seems to think that next year will not bring enough change and will change decision-making power at the leading US financial regulatory agency. However, it foresees a new recession coming to global markets, leading to a financial crisis similar to that experienced a decade ago. According to Kelly, the cryptocurrency is well positioned to capitalize on another market crash, providing a real alternative to the traditional fiat.
Title image courtesy of BeatingBetting.co.uk