Gemini government ‘very bullish’ on pure-play bitcoin ETF in early 2022

A pure-play bitcoin exchange-traded fund will not be as far off as some assume, based on one cryptocurrency government.

With its approval of three bitcoin futures ETFs, the Securities and Alternate Fee signaled that it’s embracing crypto as an investable asset class, Gemini’s David Abner advised CNBC’s “ETF Edge” this week.

“The SEC is taking these progressive steps to maneuver us ahead,” stated Abner, who’s world head of enterprise improvement on the crypto change.

“I assumed we had been going to be there by the top of this yr,” he stated, including that he was shocked that the SEC rejected VanEck’s bid for a bodily bitcoin-based ETF.

“I am nonetheless very bullish,” Abner stated. “I believe they’re simply type of ready to take that subsequent step. They’re probably on the lookout for some higher, clearer regulatory tips across the business, so perhaps we see that in Q1 after which we see an ETF proper after it. I believe there’s slightly little bit of motion in that route.”

ETF Traits CEO Tom Lydon was much less optimistic in regards to the SEC’s timeline however flagged a number of catalysts that might profit hopeful ETF suppliers.

“For the common advisor on the market that’s managing a diversified portfolio for his or her purchasers, not with the ability to purchase bitcoin or a spot bitcoin ETF on a brokerage platform is considerably of a handcuff,” he stated in the identical interview.

“In case your purchasers go rogue and so they go off and open up a Coinbase account, they probably might shoot themselves within the foot so far as the volatility,” he stated.

With many anticipating the value of bitcoin to rise to $100,000 in 2022, “glowing demand” might give approach to louder requires ETFs that straight observe the digital asset, Lydon stated.

“I believe that is one thing that the advisor group is pushing for. I believe we’ll finally see it. I want it was going to be Q1 however I might say fingers crossed by the top of ’22,” he stated.

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