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 have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you're going to be able to buy Bitcoin in a regular brokerage account, or it's going to look like a regular brokerage account. So I'm less concerned that you need a Bitcoin ETF at this point in time,"Kelly said in an interview with CNBC.
He also said that the recent announcement by Heath Tarbert, chairman of the US Commodity Futures Trading Commission (CFTC) that ETH is a commodity, not a security, has had a big impact on the cryptocurrency industry.
"The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said 'we're not banning it yet, we're gonna regulate it,' and now investors can say 'Put them in my commodity bucket,"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.
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