Bitcoin ETFs are hardly needed for the ecosystem’s development, says founder and CEO of crypto investment firm BKCM Brian Kelly.
Founder and CEO of crypto investment firm BKCM Brian Kelly has said that Bitcoin (BTC) exchange-traded funds (ETF) are hardly needed for the ecosystem’s development, given that the coin is already available on regulated platforms such as Fidelity and TD Ameritrade.
Kelly made his remarks during an interview with CNBC published on Oct. 11, explaining:
“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”
He also pointed out that the United States Commodity Futures Trading Commission’s (CFTC) decision to define Ethereum as a commodity made a significant impact on the space, adding:
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. […] That opens the door for institutions to come in. […] Everybody is concerned, what if they ban it? […] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”
General hope for the market
In May, Kelly has also said that the upcoming supply cut — brought by the next halving of the block reward — could help Bitcoin prices rise further in the coming months.
As Cointelegraph reported on Oct. 9, the United States Securities and Exchange Commission rejected Bitwise Asset Management’s proposal to list a Bitcoin ETF.