CNBC analyst Brian Kelly has predicted that approval of a Bitcoin ETF will “likeliest” and “earliest” come in February 2019.
Crypto analyst Brian Kelly has predicted that approval of a Bitcoin (BTC) exchange-traded fund (ETF) will “likeliest” and “earliest” come in February 2019, in an interview on CNBC’s Fast Money August 23.
Kelly’s forecast comes hot upon the heels of the U.S. Securities and Exchange Commission’s (SEC) rejection of nine BTC derivatives-based ETF proposals from three applicants August 22.
An ETF is a type of mutual investment fund that divides ownership of a commodity, derivative, index, or basket of assets, into shares. The fund tracks the value of the underlying asset(s) and is traded on exchanges, with shareholders entitled to any positive returns.
ETFs are marketable securities that require oversight by government authorities, and the current and prospective regulatory status of crypto-related ETFs remains unresolved and avidly discussed.
Kelly pointed out that while the SEC has recently chosen to delay its decision on a separate and high-profile BTC ETF application from investment firm VanEck and financial services co. SolidX until this September, the regulator in fact has the option to again defer its final decision on the proposal until February at the latest. Kelly suggested the agency would be likely to choose to do so, citing four further grounds.
Source/More: CNBC’s Analyst Brian Kelly Says Bitcoin ETF Approval Likely by February 2019