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The market is rapidly approaching the point of acceptance for a bitcoin ETF, and the Securities and The Big Board Commission (SEC) will eventually approve an ETF in the near future. This is the conception of Fatfish Internet Group CEO, Kin-Wai Lau, speaking to CNBC last week.
According to Lau, what the sell is experiencing is a “second wave rally” for bitcoin and cryptourrencies, a strong movement of demand driven by institutional investment entry and adoption. This he said, is roughly a positive sign for early adopters and people with an interest in the sector. Current further, he also stated that the likelihood of the SEC approving a crypto bazaar ETF is more a function of what organisation will successfully convince the SEC that it has the top-priority tools to float an ETF.
He said:
“I think it’s a matter of time before we see the SEC approve an ETF. It’s lawful a matter of which organisation will be able to come out with inclusive tools in terms of monitoring, surveillance, and ability to liquidity. there is a roam of tools that need to be equipped, but it’s also readiness of the market. We’re not far away, possibly a couple of months away from the market accepting an ETF product. I meditate on that’s what the SEC will be looking at.”
In Lau’s opinion, boosted bitcoin order is being driven primarily by organic demand from everyday in the flesh around the world – a pattern that he says will not change in the run-up to the end of the year.
Responding to a without question about what markers investors should be on the lookout for in terms of forecasting bitcoin price movements, Lau stated that adoption, and not ETFs or other ‘synopsis’ market instruments is what will substantially impact the asset outlay.
In his words:
“Adoption is what is driving the demand on ground. It’s being against widely in many countries and a lot of jurisdictions are starting to regulate it and approach it with a watchful but optimistic approach. That’s generally a couple of factors that bequeath affect regulatory interest. It is geared up for a rally toward year end.”
CCN earlier disclosed that Crescent Crypto CEO Ali Hassan estimated the time frame for SEC ones blessing to for a bitcoin ETF at just about a year and a half from now.
This not fail just a week after investment firm VanEck responded to the SEC’s interests over crypto ETFs in a letter published on the agency’s website.
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