Even though the regulatory status of Bitcoin and the Bitcoin exchange-traded funds (ETFs) has been floating in the air since November 2018, the present cryptocurrency news show that 2019 may be the year of cryptocurrency-backed ETFs.
However, there are also cynics who believe that 2019 won’t be the turning point for Bitcoin ETFs. One of them is Meltem Demirors who is the chief strategy officer (CSO) at CoinShares, which is a crypto asset management group from Jersey.
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In an interview on the CNBC Africa’s “Crypto Trader” show along with another guest, Demirors said that he doesn’t expect Bitcoin ETFs to hit the mainstream in the coming months.
During the interview, which was also intertwined with comments from Morgan Creek’s Anthony Pompliano and Arjun Balaji from The Block, Demirors first claimed that ETF proposal from VanEck, SolidX and CBOE will “absolutely not” be the application that gets approved in 2019.
She also noted that as it currently stands, the US Securities and Exchange Commission (SEC) has no upside in approving applications. Instead, Demirors said that there is solely a downside for the financial regulator, adding that the current climate in the US is making Bitcoin’s outlook even worse.
Moreover, she explained that from a fundamental perspective, the green lighting of a truly crypto-backed exchange-traded product is a quixotic dream as there are still many concerns about Bitcoin (lack of market surveillance, manipulation risk and few custody/proper security measures.
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