THELOGICALINDIAN - Bitcoins amount has to be about 150000 to be aqueous abundant for a accompanying exchangetraded armamentarium ETF Fundstrats Tom Lee said in an account with BLOCKTV
Bitcoin ETF is Years Away
A Bitcoin ETF is a few years abroad from now, according to Thomas Lee, co-founder of bazaar analysis close Fundstrat.
Contrary to accepted acceptance that the US Securities and Exchanges Commission (SEC) is adverse the acceptable advance of the cryptocurrency market, Lee absolutely accepted the regulator for its adeptness to ascendancy the arising amplitude and assure institutional and retail investors from abeyant scams.
According to Fundstrat’s arch of research, institutions are admiring by a bazaar that is appropriately regulated. Thus, the SEC is absolutely accomplishing a favor. Nevertheless, the US regulator ability accept afflicted the industry by activity slow.
The best important accomplishment that will accomplish Bitcoin adorable for institutions is the conception of an ETF, Lee says. However, he doesn’t anticipate the SEC will accept a BTC-related armamentarium anytime soon. One of the affidavit why the regulator is afraid is the Bitcoin bazaar size. Currently, the bazaar cap of the oldest agenda bill is beneath $150 billion.
Lee estimated that the better cryptocurrency by bazaar cap has to be priced at no beneath than $150,000 to be aqueous abundant to aback an ETF.
SEC Doesn’t Step Back on its Stance
The SEC looks actual bent to accumulate Bitcoin ETFs abroad from US investors for now. Earlier this month, we reported that the US banking babysitter alone a Bitcoin ETF proposed by Bitwise Asset Management. Curiously enough, Bitwise controlling bidding hopes that the SEC would assuredly accept the listing, which was not the case.
Nevertheless, ETF providers are not discouraged. Asset administrator Kryptoin Investment Advisors has afresh filed an appliance with the SEC to actualize a BTC ETF that would clue the CME CF Bitcoin Reference Rate. The close is assisted by the ex managing administrator of the World Gold Council.
When do you anticipate we’ll see Bitcoin clashing at about $150,000? Share your expectations in the comments section!
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