The launch of a “pure-play” bitcoin exchange-traded fund (ETF) in the United States may not be as far off as some think, according to Ric Edelman. The TV host predicted that such a product will see the light of day by the end of 2023 at the latest, as the SEC “runs out of excuses to say no.”
Additionally, he expects a third of Americans to own bitcoins by the end of the current year.
“The SEC will say yes”
The approval of the first BTC futures-backed ETF in the US was seen as a major step for industry growth and legitimacy, as it showed the watchdog is softening its stance on -visit the world of cryptography.
However, many believe that giving a futures ETF the green light is not enough and want to see a spot exchange-traded fund track the performance of bitcoin.
In a recent interview for CNBC, Ric Edelman estimated that the SEC would eventually approve such a product, which he referred to as a “pure-play” BTC ETF, within the next 48 months. He claimed that the Commission was running out of excuses to dismiss one:
“The reason I hope this happens if not in 22 and then in 2023 is because the SEC is running out of excuses to say no.”
Edelman recalled that one of the main reasons the agency is still against it is because they claim they can’t handle this type of product “well enough.” Nevertheless, the SEC “cannot control gold or oil either,” but it has always allowed such ETFs, the financial adviser noted.
The 63-year-old American also believes that without exchange-traded funds, investors risk becoming involved in fraud and other schemes. As such, “the SEC is going to say yes because they’re going to realize that’s a step towards consumer protection.”
Matthew Hougan – CEO of Bitwise – agreed with Edelman’s statement. According to him, the main US monetary regulator has forced the digital asset market to mature with its denials over the years. However, “it is time to overcome the hurdle” and approve a “pure-play” BTC ETF in 2021:
“It’s time to offer US investors the lowest cost, better protection and easier access that an ETF can provide. We are getting there. I think we can make the leap this year. »
Every third American will own BTC by the end of 2022
During his interview, Edelman also predicted that more than 30% of US citizens will own bitcoins by the end of the year. According to him, the current percentage is around 25%.
He explained that the reason for the increased adoption is the wider popularization of the asset:
“Many more people know this and invest in it than most realize. It’s a bit like teenagers buying beer. They do, they just don’t want you to know about it,” he said.
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