Despite fluctuating market trends each month, conversation surrounding Bitcoin-focused exchange-traded funds (ETFs) continues to be vibrant. Some speculate that the introduction of such a financial instrument could ignite a significant rally, potentially catapulting BTC to its pre-2018 decline levels.
However, a prominent industry analyst argues that the chances of such an investment tool receiving regulatory clearance this year are slim. Nevertheless, he emphasizes that cryptocurrencies can still see growth.
Lee stands firm on the unlikelihood of a Bitcoin ETF debut in 2019.
Though we're merely weeks into the year, the SEC is already buried in discussions about crypto ETFs. Recently, a California-based crypto investment firm, Reality Shares, was advised to withdraw its application due to regulatory hurdles. Yet, in a surprising twist, the SEC proceeded to advance two ETF proposals from Bitwise, NYSE, and CBOE to the Federal Register, triggering a 45-day countdown for an initial decision on these offerings. asked While sending proposals to the Register might seem like a denial setup, optimists believe the green light for a Bitcoin fund is imminent. Recent insights from Bitwise's Hunter Horsley, financial powerhouse Ric Edelman, and two SEC commissioners themselves bolster this view. VanEck Tom Lee believes Bitcoin's trajectory could mimic the ascent of global markets.
Speaking at the Blockchain Economy Istanbul Summit, Tom Lee from Fundstrat predicted that the SEC would likely withhold approval for a Bitcoin-related ETF within the year. He clarified that while an ETF would undoubtedly buoy Bitcoin, current conditions don't align for such acceptance. Robert Jackson and Hester “Crypto Mom” Pierce , this could very well be the case.
However, in a recent interview Macro factors set to greatly benefit the crypto landscape in 2019.
If an SEC-approved ETF isn't on Lee's horizon as a trigger for a crypto rally, what does he foresee boosting Bitcoin in 2019? According to him, the key lies in macroeconomic elements. Bitcoin price In the session mentioned, Lee pointed out that a recovery in the stock market following December's dip is likely to serve as a beneficial driver for Bitcoin. He referred to Bitcoin's 'risk-on' reputation. Additionally, he highlighted that a weakening dollar could be advantageous for Bitcoin, as the USD's position as a global reserve might be challenged.
It's worth noting that Lee has raised this argument before. Just a few weeks back, Fundstrat published its '2019 Crypto Outlook' report citing about eight reasons why BTC could prove successful this year. The report underscored USD’s trajectory, potentially influenced by mounting government debt, along with Fundstrat's strong belief that burgeoning markets, implicitly including Bitcoin and other cryptocurrencies, could outshine traditional equities in 2019.
During his talk in Istanbul, Lee referenced JP Morgan's blockchain venture, asserting that even though JPM Coin is centralized, it underscores crypto’s significance beyond mere speculation. He echoed thoughts recently shared by Silicon Valley investor Tim Draper.
Whether these developments, alongside those highlighted by Lee, will see fruition by year's close remains uncertain. Bitcoin I'm a cryptocurrency enthusiast and writer with roots in the industry since 2013. My work has frequented top-tier publications like LongHash, NewsBTC, and Decrypt. When not penning articles, I contribute to HTC's EXODUS unit, a prominent Taiwanese tech firm. I own a small amount of Bitcoin. Reach me at [email protected].
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