From past some months, cryptocurrency enthusiasts are in dilemma about the approval or denial of the Bitcoin (BTC) ETF. Though cryptocurrency enthusiasts left disappointed after a series of postponement and rejection of Bitcoin ETFs in this year but Abra’s Chief Executive Officer, Bill Barhydt is still optimistic about the approval of Bitcoin ETFs.
Crypto enthusiasts are hopeful that the U.S. Securities and Exchange Commission (SEC) will approve bitcoin ETF this year but the regulator has declined Bitcoin ETFs. Recently SEC has rejected the reapplication of Winklevoss and several other ETFs. According to the CEO of bitcoin payment start-up Abra, the applicants haven’t fit the financial archetype which the SEC is looking for. On 30th September SEC is going to take the decision about the approval or disapproval of CBOE VanEck/SolidX ETF. According to several cryptoanalysts, VanEck SolidX Bitcoin Trust ETF is the most anticipated ETF which is most likely to approve. Abra’s CEO Bill Barhydt thinks that the SEC will approve first Bitcoin ETF later this year.
The U.S. regulator has been slow to approve Bitcoin ETFs applications because the applications do not fit in the financial models which SEC is used to. According to Bill Barhydt, an applicant who thinks like SEC can win the approval for a Bitcoin ETF. An application from a trusted financial institution can win the favour from SEC than a lesser known firm or startup. Bill Barhydt also said that he is very much confident about the approval of ETF later this year as there is a huge demand for the Bitcoin ETFs in the market. If the VanEck SolidX Bitcoin Trust ETF gets approval in September, it will be a major catalyst for the Bitcoin Bull Run.
According to crypto enthusiasts, institutional interest in cryptocurrency can transform it into a mainstream industry which can be trusted by both banks and consumers. But the huge downturn in cryptocurrencies last year made the institutional involvement uncertain. In 2017, bitcoin soared to $20,000 but soon it loses a significant chunk of those gains and now it is trading at around $7,300 level.