Bitcoin's (ETTC) Bitcoin-traded fund (ETF) will be launched over time, according to Ric Edelman, founder of Edelman Financial Engines, in an interview with CNBC on Feb. 11.
Edelman said that the ETF is "virtually safe" while "the only question is when," adding:
"The Securities and Exchange Commission (SEC) has several legitimate concerns that the industry has to overcome, but I'm sure they will do it, and we will eventually see the ETF Battle, and at this point I will feel much more comfortable to recommend to ordinary investors to participate,
Keep reading: The new ETF to be offered will include Bitcoin futures along with sovereign debt
In general, ETFs are values that track a basket of assets represented proportionally in the fund's shares. The Battle of the ETF is perceived by some as the "sacred grail" for cryptoLight and its acceptance.
Edelman said, "Fidelity has made an important statement on custody, we have the Kingdom Trust and other very serious players on the part of the trustees, and I hope that in a very short time VanEck or Bitwise will satisfy the custody of the SEC.
The Securities and Securities and Exchange Commission earlier expressed concern about the lack of a secure chain of custody and the management of foreign trade platforms. Edelman also said he places Bitcoin in the same category as oil and gold, which he thinks is "assets traded globally outside the scope of the SEC".
Founded in 2018, Edelman Financial Engines was created through the merger of consulting firms Edelman Financial Services, LLC and Financial Engines Advisors, L.L.C. Edelman Financial Engines works as a financial consulting firm with $ 205 billion in managed assets.
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In the same interview, Tom Liddon, editor-in-chief of ETFTrends.com, said he had already noticed a deep interest in Bitcoin ETF, saying "we are interviewing advisers all the time." 74% say they have spoken to customers about their interests at Bitcoin, so they have to take a step forward when it happens because money will go elsewhere.
"From a regulatory point of view, from a regulatory point of view, this can happen tomorrow, there is little motivation because" the powers that exist "in the fund sector have no incentive to give up their market share. ".
In January, the Chicago Stock Exchange, together with investment firm VanEck and SolidX Financial Services, again asked SEC to change the Bitcoin ETF quote policy that it had previously withdrawn. A spokesman for CBOE told Cointelegraph that the decision to withdraw his request was a result of the closure of the US government.
Do not stop reading: ETF.com president and Bitwise researcher Matt Hougan: 95 percent of crypts will die