According to Ric Edelman, a trusted Wall Street advisor, a Bitcoin ETF will only be a matter of time. The Finance Manager made the remarks during an interview with CNBC’s Bob Pisani on ETF Edge.
If we have to believe Ric Edelman, a Bitcoin ETF is ‘virtually certain’. According to the founder of Edelman Financial Engines, either the VanEck or Bitwise ETF will satisfy the demands of the SEC.
In an interview with Bob Pisani for CNBC’s ETF Edge, Edelman said:
“It’s virtually certain. The only question is when. And I don’t know how soon it will the happen; the SEC has several legitimate thoughtful concerns that the industry has to overcome, and I’m confident that they will, and eventually, we will see a bitcoin ETF. And it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”
Since June last year, the crypto community has been hoping for a Bitcoin ETF approval by the SEC. Many people within the crypto space believe that a Bitcoin ETF will cause a new bull market and that the market highs that were experienced in December 2017 and January 2018 can be retested.
On January 23rd, the CBOE withdrew its previous ETF application. The prolonged US government shutdown made it almost certain that the SEC would deny the ETF before the application’s late February decision deadline. Barely a week later, the CBOE resubmitted the application to list a bitcoin ETF on one of its trading platforms.
Edelman believes that the SEC’s demands will be met. He said:
“We’ve got some serious players. Fidelity has made a major announcement in the custody issue. We’ve got Kingdom Trust and a number of other very serious players on the custody side, and I’m confident that in very short order, VanEck or Bitwise will satisfy the custody concern of the SEC.”
When asked how the ETF would be viewed in light of price manipulation, Edelman compared the digital asset class to that of gold and oil:
“Another thing is manipulation: I put Bitcoin in the same category as oil and gold – globally traded assets beyond the control of the SEC; and the SEC is just going to have to shrug and say ‘that’s the way it is’.”
Watch the interview with Ric Edelman here: