What experts think about a possible Bitcoin ETF

Depuis 2017, SEC a refusé au moins trois applications Bitcoin ETF (y compris les jumeaux Winklevoss à deux reprises) de différents groupes citant des raisons spécifiques pour ces refus. Cela n'a pas empêché le surfaçage de nouvelles applications. Le mois dernier, trois groupes qui avaient été refusés auparavant (CBOE, VanEcK et SolidX) sont revenus avec des demandes révisées.

Ce dernier développement a relancé l'afflux d'opinions et de prévisions sur la nécessité pour l'ETF de se rapprocher des effets possibles de toute forme d'approbation. Alors que certains experts ne voient pas la nécessité d'un ETF pour bitcoin, d'autres croient que ce sera un catalyseur majeur pour le prochain grand mouvement et l'établissement possible de la crypto-monnaie dans le courant dominant.

Here are the opinions of some experts who told NCC how much they believe an ETF will affect the development of Bitcoin.

An interesting idea
Founder of Netcoins, Michael Vogel sees the possibility of a bitcoin ETF as "an interesting idea," even though he does not think it's crucial for Bitcoin's long-term success.

According to Vogel, many see the approval of the ETF as a new step forward to legitimize bitcoin in the eyes of Wall Street and the world of traditional finance, because that would finally put the bitcoin (as a commercial instrument) in the hands traditional traders. However, he believes that this would also represent an important step forward in terms of the level of comfort that regulators display around cryptocurrency, given the extreme hesitation around past applications of ETFs.

"A large ETF would likely have a significant impact on bitcoin prices, not only because of the volume of transactions, but simply because of the amount of bitcoin it would draw from the liquid market (because BTC would have to be held permanently by the ETF company) ".
Absolutely not necessary:
Bitcoin ETFs could attract more attention from Wall Street and retail investors, but some experts say they are not necessary for long-term asset success.
Another expert who has expressed her point of view on the developing event is the founder of Trezor and the corporate strategy advisor for crypto companies, Alena Vranova.

In Vranova's opinion, an ETF is absolutely not necessary for the development of bitcoin. However, she notes that this will open doors to a substantial mass of new investors who believe that some kind of regulatory approval makes bitcoin legitimate. Vranova says that in the short term, the bitcoin will benefit from positive publicity and that the price will probably increase, even if it advises hodlers to ensure the security of their coins.

She says:

"Anyone who wants to stay on the spot, please make sure your bitcoin is safe from hackers, because their interest will skyrocket too.I recommend giving up any guard service, configuring some of the proven hardware portfolios (TREZOR or Ledger), create a non-custodial multisig portfolio (such as CASA) and read Pamela Morgan's book on legacy encryption assets.

Nothing spectacular
For Dana Coe, a partner at CryptoCrest, an ETF is simply a fund (mutual, hedge, whatever) traded on a listed stock exchange.

He explains that ETFs primarily trade in SEC or CFTC regulated assets and currently many or most cryptos are not. As a result, a fund that trades them should record the equity interests of its shareholders in the fund, but the traded assets are not regulated. This can add to the reluctance of the SEC to allow such a thing.

Coe went on to note that, with respect to the importance of an ETF for bitcoin, what would really be a good way is for funds that use large broker-dealers to sell stakes in any type of funds they have. It would not be an ETF, but the funds themselves could buy their shares from Vanguard or similar.

"In the end, that's how it works, the difference being that they're not listed on an exchange," Coe concluded.

As the ecosystem awaits SEC's new appointment in September to make a decision on ETF applications, investors and other Bitcoin users will continue to think about the short- and long-term effects that may arise. Regardless of the outcome, the increase in awareness and interest in bitcoin is becoming more certain. In addition, with the various developments throughout the blockchain ecosystem, improved robustness and industrial stability are becoming more and more evident.