Founder and CEO of BKCM cryptocurrency investment company Brian Kelly believes that the industry does not currently need Bitcoin traded exchange traded funds (ETFs).
Kelly emphasized that Bitcoin ETFs are not needed for the development of the industry, since the first cryptocurrency is already available for trading on regulated platforms such as Fidelity and TD Ameritrade.
“You see that companies like Fidelity and TD Ameritrade are already entering the industry. You can buy bitcoin through an ordinary broker, well, or it will look like a deal through an ordinary broker. So I don’t think you need bitcoin ETFs at the moment, ”said Kelly in interview CNBC
He also said that the recent announcement by Heath Tarbert, chairman of the US Commodity Futures Trading Commission (CFTC) that ether is a commodity, not a security, has had a big impact on the cryptocurrency industry.
“This statement is very important for the industry, because it gives regulatory certainty. It opens the door for institutional investors. Investors are afraid that cryptocurrencies may ban, but the CFTC said it would not ban them, but regulate. Therefore, now investors can add cryptocurrencies to their portfolio, ”said the founder of BKCM.
In April of this year, Kelly also expressed the opinion that the growth of the Bitcoin exchange rate is caused not by any speculative factors, but by the growth of infrastructure and the development of the fundamental foundations of the first cryptocurrency.