A new bold prediction was made on the popular post-market and crypto related news show Fast Money, aired on CNBC and hosted by the analyst and Bitcoin protagonist Brian Kelly. In the latest edition of the show, which aired on August 23rd, Kelly commented the SEC’s decision to (again) reject 9 Bitcoin ETF submissions.
As he forecasted, the SEC will approve a Bitcoin ETF by February 2019 – and while they have recently chosen to delay their decision on the recent investment firms, they have an option to again defer their final decision on the proposal until February 2019 at the latest.
As Kelly said during the show:
“[When] the SEC talked about fraud and manipulation, it wasn’t so much about preventing it, but how do they surveil it? Do they have an arrangement with other [globally or nationally regulated] exchanges [that would enable them to] surveil what’s going on?”
Then, he affirmed SEC’s argument that the existing BTC futures market is “not mature enough” and said that BTC futures were only launched on major US exchanges such as CME and CBOE last December. Still, Kelly believes that the market is fast evolving and stated the following:
“Here’s CME Futures open interest of large holders. [As of] April, you’re starting to see a big increase… about an 85 percent growth rate. If you extrapolate that out, by February 2019, you’re going to have a very robust market here.”
He concluded that a “bullish sign of sentiment change” that suggests we are coming closer to ETF approval is the fact that the “market did not sell off” on the news of most recent disapproval orders. Bitcoin’s recent surge is, according to him, the positive outlook that everyone should have right now.
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