According to reports, crypto analyst and entrepreneur Brian Kelly who is also a regular contributor on CNBC, there isn’t the slightest chance for the approval of a Bitcoin ETF (exchange-traded fund) this year. Kelly made this declaration during an interview with crypto media outlet Cointelegraph in Switzerland at the Crypto Finance Conference, January 18 2019.
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Kelly: 2019 Will Turnout Better Than 2018
While discussing on the current state of the overall cryptocurrency market, Kelly predicted a better year for cryptocurrency in 2019 compared to what happened a year earlier. The crypto analyst argued that the extended bear market is close to an end. Although the cryptocurrency entrepreneur agreed that we might have another dip in prices before the scene changes for good. In his words:
“I wouldn’t be surprised at all if another dip lower occurs.” Speaking specifically about what investors and consumers should expect this year, Kelly had this to say:
“Probably 2019 will see more focus on digital currencies including Bitcoin (BTC), Litecoin (LTC), and the likes. The reason for this is because we have a little geopolitical tension globally. We are beginning to see some of the global players use the Bitcoin (BTC) as an alternative option to their gold position. While others use it as a way of hedging against fiat fluctuations and volatility.”
Kelly: Bitcoin’s Acceptability to Improve Among Mainstream Investors
Kelly, while issuing a series of predictions also declared that 2019 would see Bitcoin (BTC) become a more widely accepted asset class among mainstream investors. However, when asked what his take was regarding the chances of a Bitcoin ETF getting approval from the SEC this year, Kelly claimed that there’s “no shot” for that.
A Bitcoin ETF approval (an investment fund built to track the value Bitcoin (BTC) and trade on exchanges) by the Securities and Exchange Commission is a highly anticipated upgrade that is regarded by many as the prerequisite for a flood of major institutional investors coming into crypto markets.
During the course of 2018, the SEC reportedly received a number of Bitcoin ETF applications from various entities including the Winklevoss twins. However, the apex regulatory body is yet to give approval to any one of them.
While expanding on his view, Kelly claimed that the SEC is unlikely going to change its stance on the matter in the near future, because “there’s too much that’s unresolved.” Kelly claims it will take at least a year to settle these issues.
Kelly: Coming Years to Usher in New Recession (Financial Crisis)
Finally, Kelly also predicted that in upcoming years there would be a new global recession, followed by a financial crisis. Although, the nature of the financial crisis will be much different from the previous recession which will allegedly pave the way for a window of opportunity for virtual currencies ultimately making them an alternative to fiat.
It should be recalled from an earlier report by Cointelegraph on August 2018 that Kelly had initially predicted that a Bitcoin ETF approval wouldn’t happen earlier than February 2019. Now he has predicted a different outcome for Bitcoin ETF. Kelly also affirmed the Securities and Exchange Commission’s argument that the already existing Bitcoin futures market isn’t mature enough although it is evolving quickly.