Prominent Wall Street Advisor Ric Edelman: “Bitcoin ETF is Inevitable”
One of the most recognized investors n Wall Street, Ric Edelman, said that a Bitcoin ETF is inevitable. During an interview with CNBC, he decided to announce his entry in the cryptocurrency space. The U.S. Securities and Exchange Commission has decided to delay the approval of several crypto-related exchange-traded funds (ETFs).
“A day will come when SEC creates or allows a Bitcoin ETF,” he mentioned.
At the same time, he emphasized that financial advisors have a lack of awareness about Bitcoin, cryptocurrencies and blockchain technology.
According to Ric Edelman, once a Bitcoin ETF is approved, the market will completely change and experience a bullish trend. There are some experts in the crypto market that believe that Bitcoin could reach $3000 or even $1000 dollars in the near future.
However, other bullish analysts are convinced that if a Bitcoin ETF is approved, the most important cryptocurrency could reach new all-time highs.
— CNBC's Fast Money (@CNBCFastMoney) October 3, 2018
Clearly, with a Bitcoin ETF approved, it will be possible for institutional and wealthy investors to start having exposure with Bitcoin and other cryptocurrencies. This would generate greater pressure on Bitcoin’s price. Since the beginning of the year, Bitcoin has been in a bear trend as well as other virtual currencies. Most of the crypto enthusiasts are waiting for a new bull run to recover part of the funds lost in 2018.
The SEC is expected to approve a Bitcoin ETF before February 2019. However, the market will have to show that it is more mature since the regulatory agency is worried about market manipulation.
The Bitcoin ETF applications that have been rejected were presented by the Winklevoss twins, Proshares, Direxion and GraniteShares.