Since last year, the Securities and Exchange Commission has rejected about three ETF applications for bitcoin (two of those applications are from the Winklevoss twins). However, this hasn’t stopped other firms from applying. In June alone, three firms that have been turned down by the SEC before – SolidX, VanEcK, and CBOE – returned with modified applications.
The recent rejection by the SEC has reawakened the inflow of predictions and opinions on how important the exchange-traded fund is to BTC as well as potential impacts of the approval. While there are some that don’t see the need of an exchange-traded fund for BTC, others believe that an ETF for BTC will be a key driving force for the next massive move of Bitcoin (BTC).
A lot of experts gave their opinion about an ETF for Bitcoin, listed below are the views of some experts.
Michael Vogel Sees It as “an Interesting Idea”
Michael Vogel – the founder of Netcoins – sees the possibility of an ETF for BTC as “an interesting idea.” He said a lot of people see the approval of an exchange-traded fund as another stepping stone to legitimize Bitcoin (BTC) in the traditional finance world and in the eyes of Wall Street because it will definitely put BTC in the hands of conventional traders.
Nevertheless, Vogel believes that an ETF for BTC would also signify an important step forward in terms of the level of comfort displayed by regulators around digital currency.
Alena Vranova says it’s “Not Necessary”
Alena Vranova – a business strategy advisor for digital currency firms and founder of Trezor – believes that an exchange-traded fund is absolutely not necessary for BTC development. Nevertheless, she acknowledged the fact that an ETF for Bitcoin would pave the way for a lot of new investors that believe that a regulatory approval makes the digital currency more legit.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently trading at $8,220 after an increase of about 0.5 percent over the past twenty-four hours. The market cap of Bitcoin is now $140.81 billion and its trading volume over the past twenty-four hours is $4 billion.