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The market is rapidly approaching the point of acceptance for a bitcoin ETF, and the Securities and Exchange Commission (SEC) will approve an ETF in the near future. This is the opinion of Fatfish Internet Group CEO, Kin-Wai Lau, speaking at CNBC last week.
According to Lau, what the market is experiencing is a "second wave rally" for bitcoins and cryptourrencies, a strong wave of demand driven by the entry and adoption of institutional investments. This said, it is generally a positive signal for early users and people with an interest in the industry. Going further, he also stated that the likelihood of the SEC approving an ETF on the cryptographic market is more a function of which organization will succeed in convincing the SEC that it has the tools necessary to fluctuate an ETF.
He said:
"I think it's a matter of time before we see the SEC approving an ETF, it's just a question of which organization will be able to provide comprehensive tools in terms of monitoring, surveillance and liquidity capabilities. There is a range of tools that must be equipped, but it is also the readiness of the market, we are not far, maybe a couple of months from the market that accepts an ETF product, I think that is what SEC will look at ".
According to Lau, the demand for enhanced bitcoins is driven primarily by the organic demand from ordinary people around the world – a model he believes will not change in the previous period. At the end of the year
Responding to a question on which indicators investors should be looking for forecasts of bitcoin price movements, Lau said that the adoption and not the ETFs or other "abstract" market instruments is what substantially impact the price of the assets.
In his words:
"Adoption is what is driving the field question, it is widely used in many countries and many jurisdictions are starting to regulate it and to approach it with a cautious but optimistic approach. it is generally a couple of factors that will influence the regulatory interest.It is ahead of a demonstration towards the end of the year. "
CCN previously reported that Ali Hassan, CEO of Crescent Crypto, estimated the timeframe for the approval of the SEC for a bitcoin ETF at about a year and a half from today.
comes just a week after the investment firm VanEck responded to the SEC's concerns about cryptographic ETFs in a letter published on the agency's website.
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