Crypto Market Hardly Needs a Bitcoin ETF at This Time, Says BKCM CEO

Founder and CEO of crypto funding agency BKCM Brian Kelly has stated that Bitcoin (BTC) exchange-traded funds (ETF) are hardly wanted for the ecosystem’s growth, provided that the coin is already out there on regulated platforms resembling Fidelity and TD Ameritrade.

Kelly made his remarks throughout an interview with CNBC printed 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 additionally identified that the United States Commodity Futures Trading Commission’s (CFTC) determination to outline Ethereum as a commodity made a big influence on the area, including:

“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 additionally stated that the upcoming provide minimize – introduced by the subsequent halving of the block reward – may assist Bitcoin costs rise additional within the coming months.

As Cointelegraph reported on Oct. 9, the United States Securities and Exchange Commission rejected Bitwise Asset Management’s proposal to record a Bitcoin ETF.

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