How Far Are We Away From A Bitcoin Exchange Traded Fund? Not Far Off, According To The Internet Group, FatFish
The world may be edging closer to the very first cryptocurrency-based ETF sooner than any of us anticipated. According to the CEO of the internet group, FatFish, the world may come to accept a Bitcoin Exchange Traded Fund within a span of time as short as ‘a couple of months' according to Kin-Wai Lau.
Speaking on the CNBC cryptocurrency segment, the Coin Rush, Lau established the fact that Bitcoin is enjoying in an exceptionally strong wave of support from the market and investors, supported by an increasing level of implementation of blockchain.
“It’s a very strong wave; it’s driven by institutional demand, it’s driven by adoption. [There’s] lots of interest this time around — trading volume is several times higher than during the lows.”
While the cryptocurrency market experienced a series of correction in July, Bitcoin has been continually trading above the $8,000 mark. While the failure of the Winklevoss twins in establishing a Bitcoin-based ETF earlier in July, the crypto bounced back to trade at $8,100. This inspired investors due to the apparent level of stability it had in the wake of an otherwise shaky market.
The bounce back, in Lau's mind, is “generally very positive for early adopters and people who have an interest in the sector.”
From the early months of 2018, the Securities and Exchange Commission has some ETF petitions it will be taking into consideration, with discussions and decisions about specific ones such as Direxion being postponed until mid-September.
After the subsequent rejection of the Winklevoss twins ETF proposal, the SEC Commissioner, Hester M. Pierce published a report in dissent officially of the SEC's capacity within these proposals, stating that it had overstepped its bounds when approaching cryptocurrency ETFs.
During the CNBC discussion, Lau re-affirmed his belief that the world may be ready for Bitcoin ETF's far sooner that institutions like the SEC believe.
“I think we’re not far away; I think probably just a couple of months away from being ready for the market to generally accept an ETF.”
FatFish had previously entered the world of social media controversy after announcing that it will be entering the cryptocurrency market in the early months of 2018. This decision was made on the back of higher market prices.
In January, FatFish invested roughly $1 million for a 51% stake in APAC Mining, the Singapore-based cryptocurrency mining company.