Another year, another filing.
A bitcoin-based exchange-traded fund could see the light of day in 2021 after a changing of the guard at the Securities and Exchange Commission and some promising developments in the corporate arena, Jeff Kilburg, founder and CEO of KKM Financial and a partner at Valkyrie, told CNBC on Monday.
At least 10 firms have filed and failed to gain approval for the long-awaited product, with the SEC frequently citing security concerns and the market's immaturity as reasons for its denials.
"It's a similar approach to the way I strategically asked my wife to marry me. Around the 15th or 20th time I asked, she finally said yes," Kilburg told CNBC's "ETF Edge."
With bitcoin soaring to record highs on newfound interest from Tesla and other major companies and the CME Group launching ethereum futures this week, the cryptocurrency space is getting the validation the SEC needs to see, Kilburg said.
"I think this is all coming together here in 2021," he said, calling the CME's move a "huge win" for the bitcoin ETF's chances. Valkyrie, where Kilburg is a partner, filed for its own version of the product in late January.
"If they can offer a solution via an ETF, regulate it and it can trade more accurately to the actual spot price of bitcoin, that's the win-win solution for all active and passive investors, even the 'hodlers,'" Kilburg said.
That solution could be close as ever with Gary Gensler, former head of the Commodity Futures Trading Commission, being tapped to lead the SEC and the cryptocurrency market gaining legitimacy, ETF Trends' Dave Nadig said in the same "ETF Edge" interview.
"I'm maybe not quite as Pollyanna about it. I think maybe we're still looking at '22. But I do think it's inevitable, and I think we're starting to make that progress towards a sort of fully liquid, fully exchange-traded crypto vehicle of some sort, whether it shows up in a traditional ETF or not," Nadig said.
Nadig, ETF Trends' chief investment officer and director of research, cited the success of over-the-counter stocks backed by large amounts of bitcoin such as the Bitwise 10 Crypto Index Fund and Grayscale Bitcoin Trust.
"I think that that is really going to force the SEC's hand," he said. "When we have companies like Tesla making bitcoin a major balance-sheet asset and we have companies for whom that is their whole balance-sheet asset trading on the pink sheets, I think it's going to get hard for them to say no for very much longer."
Disclaimer
Read the original here:
Long-awaited bitcoin ETF could finally get approved this year, market analyst says - CNBC
- Bitcoin Price Drifts. The Fed Killed a Crypto Rally. - Barron's - June 15th, 2024 [June 15th, 2024]
- Donald Trump wants all the Bitcoin that's left to be made in the U.S. - Quartz - June 15th, 2024 [June 15th, 2024]
- Here is Why the Crypto Market is Down 20% & Bitcoin 5% This Week - CoinGape - June 15th, 2024 [June 15th, 2024]
- Bitcoin Notes Major Buying Pressure Despite Dip To $66K, Analyst Hints Recovery - CoinGape - June 15th, 2024 [June 15th, 2024]
- Why we need philosophers to explain bitcoin: A review of 'Resistance Money' - Blockworks - June 15th, 2024 [June 15th, 2024]
- Bitcoin falls with equities as markets position for a single Fed rate cut this year - The Block - June 15th, 2024 [June 15th, 2024]
- Donald Trump wants US to rule Bitcoin mining industry - Cointelegraph - June 15th, 2024 [June 15th, 2024]
- NYSE Plans Bitcoin Options, Bringing Another TradFi Giant Into Crypto - CoinDesk - May 31st, 2024 [May 31st, 2024]
- Mt Gox distributions may not be all doom and gloom for bitcoin - Blockworks - May 31st, 2024 [May 31st, 2024]
- Bitcoin ETFs are an 'astonishing success,' Goldman Sachs executive says - Quartz - May 31st, 2024 [May 31st, 2024]
- Franklin Templeton's Jenny Johnson on Bitcoin ETFs, RWA Tokenization and Blockchain's Potential for TradFi - CoinDesk - May 31st, 2024 [May 31st, 2024]
- Mastercard Crypto Credential Launches with "First Peer-to-Peer Pilot Transactions" - Bitcoin Magazine - May 31st, 2024 [May 31st, 2024]
- Is The MEV Monster Under Bitcoin's Bed? - Bitcoin Magazine - May 31st, 2024 [May 31st, 2024]
- The 2024 Bitcoin Halving Is Still Playing Out. Here's What to Expect Next. - The Motley Fool - May 31st, 2024 [May 31st, 2024]
- Ether Spot ETFs to See Much Lower Demand Than Bitcoin Versions, JPMorgan Says - CoinDesk - May 31st, 2024 [May 31st, 2024]
- Bitcoin market split as buying and selling volumes remain the same - CryptoSlate - May 31st, 2024 [May 31st, 2024]
- Bitcoin price today: flat at $67.7k amid rate fears; MT Gox risk eases By Investing.com - Investing.com - May 31st, 2024 [May 31st, 2024]
- Bitcoin Finds A New Consolidation Phase: Heres What to Expect from BTC Price Rally In H2 2024 - Coinpedia Fintech News - May 31st, 2024 [May 31st, 2024]
- Bitcoin needs '3.3% or lower' CPI print to reach new ATH - Cointelegraph - May 31st, 2024 [May 31st, 2024]
- This is How Bitcoin is Mirroring the 2015-2017 Bull Market - BeInCrypto - May 31st, 2024 [May 31st, 2024]
- This CEO Is Looking For The Next Generation Of Bitcoin Fund Managers - Bitcoin Magazine - May 31st, 2024 [May 31st, 2024]
- Bitcoin Price Drops. These Are the Levels to Watch. - Barron's - May 31st, 2024 [May 31st, 2024]
- Bitcoin Spot ETFs See 13 Consecutive Days of Net Inflows, Maintaining Strong Momentum - Cryptonews - May 31st, 2024 [May 31st, 2024]
- BlackRock Now Runs the World's Largest Bitcoin Fund - The Wall Street Journal - May 31st, 2024 [May 31st, 2024]
- $1,000,000 Bitcoin Price Is Possible Within the Next 18 Months, Says Strike CEO Jack Mallers Heres Why - The Daily Hodl - May 31st, 2024 [May 31st, 2024]
- Hackers Recover $3,000,000 in Lost Bitcoin From 11-Year Old Wallet After Owner Lost Password: Report - The Daily Hodl - May 31st, 2024 [May 31st, 2024]
- Researchers cracked open $1.6 million Bitcoin wallet after 20-character password was lost well worth the six months ... - Tom's Hardware - May 31st, 2024 [May 31st, 2024]
- Bitcoin drops to $67,000 level, and Gemini returns more than $2 billion to users - CNBC - May 31st, 2024 [May 31st, 2024]
- Bitcoin Price Slips. Why Mt. Gox Refunds Are Making the Market Nervous. - Barron's - May 31st, 2024 [May 31st, 2024]
- Fold Will Be Your Bitcoin Bank With CEO Will Reeves - Bitcoin Magazine - May 31st, 2024 [May 31st, 2024]
- Healthcare tech company shares surge 27% after announcing plans to buy bitcoin with cash reserves - The Block - May 31st, 2024 [May 31st, 2024]
- Binance: Bitcoin has a scalability issue, but there's hope in solutions - crypto.news - May 31st, 2024 [May 31st, 2024]
- Bitcoin on Cusp of Entering Parabolic Phase of the Cycle, Says Crypto Analyst Heres the Timeline - The Daily Hodl - May 31st, 2024 [May 31st, 2024]
- Here's What XRP Price Could be if Bitcoin Hits $155,000 - The Crypto Basic - May 31st, 2024 [May 31st, 2024]
- 41% of Voters Looking at Bitcoin and Crypto Due to Weakening Dollar and Political Tensions: Grayscale Survey - The Daily Hodl - May 31st, 2024 [May 31st, 2024]
- Ether will continue to outperform bitcoin in near term, says crypto asset manager - The Block - May 31st, 2024 [May 31st, 2024]
- US major predicts Bitcoin recognition as a weapon system as catalyst for $100 million price target - CryptoSlate - May 31st, 2024 [May 31st, 2024]
- Bitcoin Reaches Record High of $69,000, Recovering from 2022 Meltdown - The New York Times - March 10th, 2024 [March 10th, 2024]
- Is Bitcoin headed for $100k? What it could mean for US dollar. - IG - March 10th, 2024 [March 10th, 2024]
- Bitcoin Rallies To Record $70K, Prompts Coinbase Upgrade; BlackRock To Add BTC Exposure To $17.83 Billion Fund - Investor's Business Daily - March 10th, 2024 [March 10th, 2024]
- What Is Bitcoin 'Halving' and Does It Push Up the Cryptocurrency's Price? - Bloomberg - March 10th, 2024 [March 10th, 2024]
- What to Know About Bitcoins Record High in Latest Crypto Surge - The New York Times - March 10th, 2024 [March 10th, 2024]
- SEC's Gensler says crypto 'rife with abuses and fraud' as bitcoin surges to new all-time record - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin 'on Fire' BTC Headed for $300K This Year Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin can top $150000 in the next 12-18 months, says Fundstrat's Tom Lee - CNBC - March 10th, 2024 [March 10th, 2024]
- Is This The Real $90 Trillion Reason Behind BlackRocks Huge Bitcoin ETF Flip That Triggered The Price Boom? - Forbes - March 10th, 2024 [March 10th, 2024]
- Bitcoin's Test of All-Time Highs Means Old Miners Are Cashing Out - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin Price Prediction: Can BTC Reach $100000? Forbes Advisor - Forbes - March 10th, 2024 [March 10th, 2024]
- Bitcoin hits new all-time high near $69,000 before tumbling - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin spikes above $70K, a record high, before fading - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin Ordinals Wallet Oyl Raises $3M With Arthur Hayes, BRC-20 Creator Domo Among Investors - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Fear of bitcoin price 'triple top' dismissed by analysts following all-time high - TheStreet - March 10th, 2024 [March 10th, 2024]
- Here's why gold, bitcoin and stocks are all hitting new highs - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin vs. Ethereum: Which Is the Better Buy? - U.S News & World Report Money - March 10th, 2024 [March 10th, 2024]
- Crypto Analyst Predicts Bitcoin Could Surpass $330000, Breaking Historical Growth Patterns Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin is running out of enemies - Fortune - March 10th, 2024 [March 10th, 2024]
- Why is Bitcoin at an all-time high? - BBC.com - March 10th, 2024 [March 10th, 2024]
- Bitcoin tops $68,000 as it nears 2021 all-time high - CNBC - March 10th, 2024 [March 10th, 2024]
- BlackRock's Global Allocation Fund Eyes Spot Bitcoin ETFs, Expects Institutional Uptake to Drive BTC Above $600k - TradingView - March 10th, 2024 [March 10th, 2024]
- FT Cryptofinance: This time isn't different for bitcoin rally - Financial Times - March 10th, 2024 [March 10th, 2024]
- Coinbase Stock vs. Bitcoin: Which Should You Invest In? - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- ETC Group CEO on Bitcoin's wild ride to a new high and why Ethereum could be the next big thing - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Miners continue money-conscious moves ahead of the Bitcoin halving - Blockworks - March 10th, 2024 [March 10th, 2024]
- Warren Buffett's danger to Apple, the truth about Bitcoin's record, and Nvidia's bubble: Markets news roundup - Quartz - March 10th, 2024 [March 10th, 2024]
- Warren Buffett Says He Wouldn't Pay $25 For All The Bitcoin In The World He Considers Crypto 'Rat Poison' And ... - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin breaks record: Will the crypto rally sustain? - DW (English) - March 10th, 2024 [March 10th, 2024]
- Bitcoin Hit a Record High. Here's What Might Happen Next - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin down 20% since ETFs approval, but may still see record high this year - MarketWatch - January 25th, 2024 [January 25th, 2024]
- Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitcoin trims its losses after breaking below $39,000 to lowest level in 7 weeks - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitwise publishes bitcoin ETF holdings address after on-chain sleuths uncover BlackRock's - Blockworks - January 25th, 2024 [January 25th, 2024]
- AI Agents Are Coming For CryptoPalantir Cofounder Issues Very Important Bitcoin, Ethereum, Solana And XRP Price Prediction - Forbes - January 25th, 2024 [January 25th, 2024]
- This Investing Phenomenon Could Be Why Bitcoin Prices Are Down After ETF Approval - Money - January 25th, 2024 [January 25th, 2024]
- Bitcoin Under $39K as ETF Debut Continues to Be a Sell-the-News Event - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Blockchain, the tech behind bitcoin, may have found its 'killer use case' by keeping AI in check - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Aren't There Options on the New Bitcoin ETFs Yet? - The Wall Street Journal - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs to Likely Divert Users and Trading Volumes Away from CEXs, Says Anthony Bevan Bitcoin News - Bitcoin.com News - January 25th, 2024 [January 25th, 2024]
- Retail investors are worried bitcoin will plunge below $20000 this year, Deutsche Bank survey says - CNBC - January 25th, 2024 [January 25th, 2024]
- China's Currency Woes to Weigh on Bitcoin: Crypto Observer - CoinDesk - January 25th, 2024 [January 25th, 2024]