There has been some silence on the Bitcoin ETF for quite a while as everyone seems to be waiting for Bakkt’s launch and Q1 FY19 to arrive for the Bitcoin ETF to clear. But the man who understands ETF at best, has taken advantage of this silence to voice his opinion. Here comes the comment of Reggie Browne, the so-called “godfather of ETFs,”
Bitcoin ETF is coming says Browne
There has been some silence on the Bitcoin ETF for quite a while as everyone seems to be waiting for Bakkt’s launch and Q1 FY19 to arrive for the Bitcoin ETF to clear. But the man who understands ETF at best has taken advantage of this silence to voice his opinion. Here comes the comment of Reggie Browne, the so-called “godfather of ETFs,”
Bitcoin ETF is coming says, Browne,
Reggie Browne, the so-called “godfather of ETFs,” said that Bitcoin (BTC) Exchange-Traded Funds (ETF) will be certified “no time soon,” Business Insider. Browne is a senior managing director and head of ETF trading at financial services firm Cantor Fitzgerald.
Founded in 1945, Cantor Fitzgerald focuses on institutional equity, fixed income sales, and trading. The company reportedly has over 5,000 institutional clients, which includes such fields as investment banking, prime brokerage, and commercial real estate.
Speaking at Georgetown University’s Financial Markets Quality Conference in Washington D.C., Browne reportedly said that BTC ETFs will be approved only after the development of a strong regulatory framework in the industry. Addressing the current state of BTC ETFs,
Browne was quoted saying:
“It’s very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.”
Apart from Browne, Larry Fink of Blackrock also made a statement which echoed a similar sentiment.
When commenting on cryptocurrency ETFs’ future, Fink claimed that ETFs “ultimately” must be backed by a government and that a government will not greenlight such a financial instrument unless it knew the funds were not being used for illicit activities.
Speaking at the New York Times DealBook Conference in Manhattan on Nov. 1, Fink questioned the reasonability of launching a crypto ETF, at least until the industry becomes “legitimate.” “I wouldn’t say never, when it’s legitimate, yes,” Fink stated.
He also added
“I do see one day where we could have electronic trading for a currency that could be a store of wealth. But right now, the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing.”
The optimism of Bitcoin ETF is so high because this ETF is expected to bring in the huge chunk of institutional money into the cryptos and hence these statements do bring in some positivity to the sentiment.
Will Bitcoin ETF be approved in Q1 of FY 19? Do let us know your views on the same?
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