CNBC’s Brian Kelly Doesn’t Think Crypto Needs A Bitcoin ETF; Major On-Ramps Already Exist
If you were keen on the industry news concerning Bitcoin for the past two years, you would have noticed a recurring trend in the Bitcoin exchange-traded funds. They are financial vehicles that are believed to be a catalyst that will take the nascent market to greater heights. Some analysts think so even though these vehicles have not appeared in US markets.
Institutions and retail investors would receive their original medium for investments in Bitcoin from an ETF tracking the top cryptocurrency. However, some investors think otherwise. They are not entirely convinced that these vehicles would be everything for cryptocurrency investment.
EFT Hype (Bitcoin) Unjustified
In last week's segment of Fast Money on CNBC, Brian Kelly said that a Bitcoin ETF is not that important for continued growth at the moment. Many people take his statement to be blasphemy, but he went ahead and did back up his sentiments.
— CNBC's Fast Money (@CNBCFastMoney) October 10, 2019
He argued that this was because other on-ramps were up-and-coming. The great investor looked at TD Ameritrade and Fidelity, these are two giants in the finance space in the US.
“ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”
Sasha Fleyshman, a trader at Arca, also made similar remarks on the issue. He posted on his Twitter account recently that the Bitcoin ETFs that are so much hyped shouldn't be receiving such kind of attention. He argued that there are investment and custodial solutions for institutional entry in the right way.
Lou Kerner, the CryptoOracle founder, said that Bitcoin does not require institutions to prosper and go higher. He added that retail-based activities have mainly contributed to the growth of the asset. Kerner concluded that these institutions should be followers in this market; they should not be the trailblazers.