SEC To Soon Approve Bitcoin ETF
The market is increasingly getting to the point to gain acceptance for a bitcoin ETF, and it’s only a matter of time for the Securities and Exchange Commission (SEC) to give its approval. This is the view of Fatfish Internet Group CEO, Kin-Wai Lau.
Lau explained that the market is currently going through a “second wave rally” for bitcoin and cryptocurrencies, a strong wave of the demand made by institutional investment entry and acceptance. According to him, it is a good sign for early adopters and people keen in the sector. He went on to add that the possibility of the SEC to approving a crypto market EFT is more a function of what organization will effectively persuade the SEC that it has the need tools to drift an ETF.
“I think it’s a matter of time before we see the SEC approve an ETF. It’s just a matter of which organization will be able to come out with comprehensive tools in terms of monitoring, surveillance, and ability to liquidity. There is a range of tools that need to be equipped, but it’s also the readiness of the market. We’re not far away, maybe a couple of months away from the market accepting an ETF product. I think that’s what the SEC will be looking at.”
According to Lau, the increase in bitcoin demand is boosted mainly by organic demand from everyday people across the world.
In response to what investors should be concerned about regarding the speculation of bitcoin price movements, Lau noted that adoption and not ETFs is what will have greater effects on the asset price.
“Adoption is what is driving the demand on the ground. It’s being used widely in many countries and a lot of jurisdictions are starting to regulate it and approach it with a cautious but optimistic approach. That’s generally a couple of factors that will affect regulatory interest. It is geared up for a rally toward year-end.”