During an interview at the Crypto Finance Conference in Switzerland on January 18, 2019, Brian Kelly claimed that the chances of the approval of Bitcoin Exchange-Traded Fund in 2019 are very bleak.
Kelly is the founder and CEO of BKCM LLC, a cryptocurrency investment firm. Apart from this, he also contributes to CNBC regularly.
Kelly chatted about the state of the crypto market. The crypto entrepreneur reckoned that 2019 will be a better year as compared to 2018.
He elaborated during the interview that while the bear market trend is soon coming to a close, the crypto markets may see another dip.
When talking about how the year 2019 will fare, Kelly said,
“Probably in 2019 the focus will be on currencies — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world. We are starting to see some global macro players use Bitcoin as an alternative to their gold position, or as a way to hedge against fiat currency fluctuations and volatility.”
Kelly also believes that mainstream investors will warm up to Bitcoin in 2019 and accept it as a valid asset. However, Kelly said that there’s ‘no shot’ for Bitcoin ETF approval by the US government.
Interestingly, the approval of Bitcoin ETF by the US Securities and Exchange Commission is likely to see major institutional investors entering the crypto markets. For this reason, such approval is highly anticipated by the crypto community.
Bitcoin ETF is an investment fund that is built over Bitcoin and can be traded on the stock exchange.
Various players in the crypto markets such as the Winklevoss twins have sent applications to the SEC for the approval of Bitcoin ETF, but till now there has been no approval on the same from the regulatory body.
Kelly is of the opinion that SEC is not likely to change its opinion any time soon. He says that it will take more than a year to resolve the current issues.
Further, during the interview, Kelly said that the world is going to witness a financial crisis in the upcoming years. Such a crisis, according to Kelly would result in the mass adoption of cryptocurrency.