Canaccord Genuity Wealth Manager Expects Bitcoin ETF Approval in 2019
2019 Might be the Year of the Bitcoin ETF
An exchange-traded Bitcoin fund, also known as a Bitcoin ETF, has always been one of the most ambitious goals in the cryptocurrency community. Additionally, the creation of a publicly-traded Bitcoin ETF would be a major accomplishment for the traditional financial sector, a market rife with investors interested in pouring funds into the original cryptocurrency in hopes of the quick profits that only cryptocurrencies can provide.
But so far, regulators have been slow to allow any exchange to create an ETF for Bitcoin. A slew of regulatory concerns and obstacles have prevented the top regulators in the country from effectively embracing the potentially profitable venture. The SEC has rejected several bids to host Bitcoin ETFs this year, although more and more organizations and money managers continue to apply for the coveted right to come out with their own exchange-traded fund for BTC.
But according to the biggest independent investment platform in the country of Canada, an ETF in the United States is likely to come in 2019. The prediction may be a bummer for cryptocurrency analysts who were hoping that 2018 might be the year of the long-awaited Bitcoin exchange-traded fund. However, the outlook of cryptocurrency ETFs hitting the market in the next year is an optimistic one for the industry as a whole.
The Canadian investment manager publishes a quarterly update on the status of the cryptocurrency community, including information on security tokens, cryptocurrency news, and blockchain startups and Initial Coin Offerings. The publication has gained traction in North America, having made several important predictions regarding the future of the evolving market.
But this newest publication included a lengthy piece on the future of the biggest topic to hit the current cryptocurrency community, the Bitcoin ETF. Canaccord predicted that the SEC will elect to not rule on the current ETF applications this year, but will instead exercise their right to extend their decision to later in 2019, next year.
This is sad news for some, because the SEC could have theoretically made their decision as early as the tenth of August, on Friday. Instead, Canaccord’s argument is that the Bitcoin ETF decision will be pushed back as the agency seeks to respond to a series of regulatory questions which pre-empt any substantive consideration of a Bitcoin ETF application.
The Future of the ETF
ETFs are not an entity in the financial world limited to the United States. The funds exist all over the world, which is a hopeful sign for those that believe in the global power of economic peer pressure. It is likely that the United States will come forward with its own allowance of a Bitcoin ETF eventually, especially when confronted with the profitable interest in the market exercised by other markets.
Even the home country of the publication has their own version of the Bitcoin ETF. Canada’s Evolve Bitcoin ETF may not be currently available on the market, but it still remains “in the works.” Moving forward, the community will continue to look towards to the momentous decision by the SEC, whenever it comes.