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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?

Featured Image: Toshi Times

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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?

Featured Image: Deposit Photos/Melpomene

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