Two More Investors Suspect Bitcoin ETF Approval Will Not Happen in 2018
During the widely spoken crypto talk show, CryptoTrader, host Ran NeuNer interviewed two experts, namely CEO of O Group, Maja Vujinovic and Chairman of a trading firm, OSL, Dave Chapman, within the crypto sphere and asked whether the greenlight will be given to Bitcoin ETFs (or exchange-traded funds) by year end 2018.
While both heads have a different perspective on ETFs, their conclusions seem to be aligned: no room for ETF in 2018.
First is Maja Vujinovic, who does not understand the reasoning behind the need for a crypto backed ETF. She goes on to argue that such instruments shouldn’t be the only way to lure in institutional investors into the crypto sphere, adding that knowledge is key. Despite her debatable take on whether ETFs are needed or not, when asked whether the Securities and Exchange Commission (SEC) will approve for 2018, she bluntly said no.
In her perspective, importance should be given to educating consumers and instituitions on cryptocurrencies, which she trusts will serve as a major foundation to the market. In particular, she emphasizes on:
“Knowledge on cryptocurrencies goes through committees.” She also noted that the entire process for SEC to approve a proposition is a tedious task that involves “various different organizations […] I don’t see that happening by end of this year. Simple fact of human lack of ability.”
Then there’s Dave Chapman, who sees the continued disapproval and postponing on SEC’s behalf as the inability to seek “quality exchanges”. This doesn’t come of surprise given the numerous exchanges that have since been caught for fraudulent activities like scamming and deceiving investors of their money.
The most spoken of ETF proposals came from the Winklevoss twins and that of VanEck Solid X Bitcoin ETF. Bitcoin’s price hiked in several instances, namely with some gains achieved in six days in a row since the former’s wait for an approval, however, the prices dropped once the Bitcoin ETF was disapproved.
The latter’s decision is still pending, with the SEC currently seeking comments on what the team involved have proposed and to explore different perspectives on the ETF presented. Since the announcement for comments were made, the SEC, as previously reported by Bitcoin Guide Exchange, has received 1,400 in regard to the latter’s proposal.
Will SEC’s first approved Bitcoin ETF be that of the VanEck Solid X? Are the investors interviewed right in assuming that ETFs will not happen in 2018? Let us know in the comments below.