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Bitcoin ETF Approval | Abra CEO Believes It will Happen Soon

Cryptocurrency enthusiasts and bulls have been hopeful that the US Securities and Exchange Commission (SEC) will grant the first Bitcoin ETF (exchange-traded fund) this year. However, these bulls have been left disappointed recently as the SEC has handed out a handful of rejections and postponements.

Bill Barhydt, CEO of Bitcoin payment start-up Abra, told CNBC that it’s because the applications sent in haven’t fit the financial archetype that the SEC is looking for.

Abra CEO Speaks Out

“I think the issue with the SEC, quite frankly, is that the people who are doing the applications don’t fit the mold of who the SEC is used to approving,” Barhydt told CNBC today.

The CEO states that he used to work for Goldman Sachs and made a point to address his clothing attire in comparison to how these ETF applications are being sent in.

Many of the new tech start-ups and blockchain company executives have a much laxer work attire compared to those working on Wall Street. Barhydt states that he couldn’t just go into the SEC wearing what he’s wearing and expect them to accept an application for distributing ETFs. It has nothing to do with clothing, per say, but has everything to do with the reputation and foundation of the company applying to distribute bitcoin ETFs.

So far this year, the financial watchdog has rejected multiple bitcoin ETF proposals. Bitcoin (BTC) futures were introduced back in mid-December, and many believe ETFs are the next vital step for transforming the crypto space into a mainstream industry.

Bitcoin ETFs Coming Soon?

Abra’s CEO told CNBC that for an application to be approved by the SEC, it would take an applicant who “looks, feels, and smells” the way the SEC wants them to.

>> Kingdom Trust Secures Crypto Insurance from Llyod’s of London

“It’s going to happen in the next year, I would actually make a bet on it,” Barhydt said. “There is too much demand for it.”

It seems the Abra exec is pretty confident in Bitcoin ETFs coming to the markets soon. We shall see!

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Brian Kelly ETF Prediction | Approval Will Be Most Likely In February 2019

Another Brian Kelly ETF prediction surfaced yesterday. In an interview on CNBC’s Fast Money, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019.

Brian Kelly ETF Prediction Two

But why February? That is quite specific, isn’t it?

Well, according to Kelly, in July the SEC postponed its decision on two high-profile BTC ETF applications from investment firm VanEck and financial services company SolidX, to September.

But the Government regulator has, in fact, the option to defer its final decision again until February at the latest.

Kelly believes it will take that option in order to buy itself time as it continues to survey the volatile market.

Rejection

Only on August 22nd, the SEC rejected another nine BTC ETF proposals from three separate applicants. Along with these rejections the SEC also controversially rejected Gemini Exchange founders, the Winklevoss twins, who also made a proposal in July.

The SEC has been citing major concerns as the basis for all the rejections; it claims that cryptocurrencies:

  • Are vulnerable to “fraudulent and manipulative acts and practices”
  • That the BTC futures market is “not mature enough”
  • That cryptocurrency is not defined yet as a viable asset.

>> China Banning Cryptocurrency Events—Further Bans Expected

Kelly Speaks Up

But Kelly argued that:

“[When] the SEC talked about fraud and manipulation, it wasn’t so much about preventing it, but how do they surveil it? Do they have an arrangement with other [globally or nationally regulated] exchanges [that would enable them to] surveil what’s going on?”

He then also challenged the Bitcoin Future’s market, as statistics from CME suggest that the futures market is evolving very fast, meaning ETF approval by 2019 is much more likely:

“[From] April, you’re starting to see a big increase… about an 85 percent growth rate. If you extrapolate that out, by February 2019, you’re going to have a very robust market here.”

What do you think? Is Brian Kelly right? Will the SEC shift its sentiment in favor of a Bitcoin ETF by February?

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An ETF is Unlikely | According to Brian Kelly the SEC Won’t Approve It in 2018

ETF is Unlikely: Demand is growing for the establishment of a crypto ETF or exchange-traded fund. Just yesterday major exchange Bitwise joined the fight and filed a proposal to the SEC for an ETF.

But despite the desire for an ETF, Brian Kelly – CEO of BKCM; an independent investment firm specializing in cryptocurrency and blockchain-focused investment opportunities has expressed his opinion that it might not be possible in 2018. 

Kelly has suggested that the establishment of the first Bitcoin ETF will be tough to get approved by the U.S. Securities and Exchange Commission (SEC) in the current year.
In an interview with CNBC, the economics expert stated:

“I also hope there is an ETF. But I think the chances of a bitcoin ETF in 2018 are relatively low. There is still quite a few things. That doesn’t stop speculation on that. That’s one reason why we’ve seen this bottoming process here from $5,800 to $8,500.”

And his opinion is mirrored elsewhere too, as Bob Pisani, a CNBC business expert, also suggested that the higher authorities of SEC are unwilling to pass a proposal for a Bitcoin ETF any time soon. He hinted that the authorities are taking a “go slow” approach towards the establishment of a bitcoin ETF.

ETF is Unlikely – Why Are the SEC Moving Slowly?

The SEC’s reasoning is that the coin still has many unresolved concerns that affect an ETF being established. The body needs more time to asses these concerns which, more specifically, surround security and transparency.

It announced that it would “designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”

And further comments from the SEC regarding this decision have been postponed until September 21.

But an ETF Could Change Everything:

Demand is there for an ETF as it would create massive growth in the crypto-space; investors around the globe would be encouraged to invest into crypto as security and stability in the market would be far more reliable. A surge of investment would result in a sudden surge in the value of Bitcoin and other cryptocurrencies and eventually could make the cryptocurrency market a major contributing factor in the global economy.

Already, mere speculation regarding ETF’s has caused effects on Bitcoin Price, imagine what might happen if it gets approved.

2019 perhaps?

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Bitcoin (BTC) Breaks $8,100 | Will a Bitcoin ETF Be Coming Soon?

Bitcoin (BTC) price has climbed above the $8,100 mark for the first time today since mid-May.

Source: CoinMarketCap

Big Week for Bitcoin

Bitcoin’s bull run this week is leading many to predict a return of its 2017 bull run that pushed BTC to almost $20,000.

Bitcoin (BTC) Price Movement
Source: CoinMarketCap

July 16th seems to have started this run when BlackRock, the world’s largest exchange-traded fund (ETF) provider, announced that its company had assembled a group to look into cryptocurrencies, more specifically, Bitcoin (BTC). This news immediately boosted BTC into the green with 4% gains. BlackRock, to date, has managed nearly $6.4 trillion in assets.

News of potential institutional investors dipping their toes into the market has given cryptocurrencies a boost in the past. With the world’s largest ETF provider eyeing cryptocurrencies, it seems investors have gained more confidence in crypto.

The US Securities and Exchange Commission (SEC) is still mulling over whether it will approve a Bitcoin ETF, which was first filed through the Chicago Board of Exchange (CBOE).

If approved, a Bitcoin ETF would mean individuals would be able to buy Bitcoin without having to go through crypto exchanges, many of which have been having serious security issues and have been hacked (which may lead some people to be wary of using them). The ICO Journal reported late last week that it is highly likely that a Bitcoin ETF will be approved.

“I would call [the likelihood of approval] 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding bitcoin futures across several global exchanges,” one of the ICO Journal’s unnamed sources, from the CFTC, reportedly said. “The price moderation and adoption of a peer product is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”

However, new reports have surfaced that the SEC will be pushing back their decision until September.

Bitcoin Price Movement

The Bitcoin (BTC) bull run has extended over ten days and doesn’t seem to be slowing down anytime soon. For the week, Bitcoin is up 20%. The largest cryptocurrency has also boosted the rest of the market, as mostly all coins in the top 25 are sitting in the green currently.

Bitcoin’s dominance of the entire cryptocurrency market has just hit 47%, which hasn’t been reached since BTC skyrocketed to its all-time high price back in December 2017. A year ago, Bitcoin held a very similar percentage hold on the market at 47.9%.

At press time, BTC is trading at $8,179 a coin, up 6.07% in 24 hours. For the week, BTC is up 20.86%, and for the month, the digital currency is up 39%.

>> Bitcoin is Bullish but the G20’s Still Out on Regulation

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