Crypto entrepreneur and routine factor to CNBC, Brian Kelly, declared that there is no opportunity for a Bitcoin ( BTC )exchange-traded fund( ETF)approval in 2019. Kelly made his remarks in an interview with Cointelegraph at the Crypto Finance Conference, Switzerland, Jan. 18.
Discussing the overall state of the cryptocurrency market, Kelly forecasted that 2019 will turn out much better than 2018. The analyst argued that “we are someplace close to the end of [the bear market], however we might have another dip lower, it wouldn’t amaze me at all.” Speaking specifically about what we must get out of 2019, Kelly continued:
“Most likely in 2019 the focus will be on currencies– Bitcoin, Litecoin, some of those– since we have a fair bit of geopolitical stress on the planet. We are starting to see some worldwide macro players use Bitcoin as alternative to their gold position, or as a way to hedge versus fiat currency fluctuations and volatility.”
According to Kelly, 2019 will see Bitcoin become a more accepted possession among mainstream financiers.
When asked about the likelihood of a Bitcoin ETF getting government approval this year, Kelly stated that there is “no shot” for that.
The approval of a Bitcoin ETF– an investment fund that would track the worth of its hidden property and trade on stock market– by the United States Securities and Exchange Commission ( SEC) is an extremely anticipated event that is seen by lots of as a requirement for major institutional investors entering the crypto market.
Over 2018, the SEC has gotten numerous Bitcoin ETF applications from different gamers, such as the Winklevoss twins, but is yet to authorize any one of them. Broadening on his perspective, Kelly stated that the firm is unlikely to change its viewpoint in the future, as “there is too much that is unresolved.” According to the analyst, it will take more than a year to settle the existing issues.
Kelly even more forecasted that in the upcoming years the world will deal with a new recession, followed by a brand-new financial crisis. The nature of the latter will be various from the previous crises, which will supposedly create a window of chance for cryptocurrencies and result in making them a real alternative to fiat cash.
As Cointelegraph reported last August, Kelly had formerly anticipated that the approval of a Bitcoin ETF would not occur earlier than in February 2019. He then verified the SEC’s argument that the existing BTC futures market is not fully grown enough, however highlighting that it is developing rapidly.