The prominent founder and CEO of the major crypto investment firm BKCM named Brian Kelly believes that Bitcoin (BTC) exchange traded funds (known as ETFs) are a hard need for the current development of the ecosystem. As the latest crypto news show, Kelly is a big supporter of Bitcoin ETFs.
Knowing that the coin is already available on regulated platforms such as Fidelity and TD Ameritrade, Kelly agrees that now is the right time for a Bitcoin ETF.
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The BKCM CEO made his remarks in an interview with CNBC published on October 11, when he said:
“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.”
Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“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.’”
In May this year, Brian Kelly also said that the upcoming supply cut – which was brought by the next halving of the block reward – is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.
Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
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