A few things are keeping Bitcoin on its toes, including an apparent break-up between Elon Musk and the cryptocurrency, along with the SEC’s decision to delay the decision on Bitcoin ETF applications again – this time for WisdomTree. During “The Claman Countdown” on Fox Business Network on Friday, host Liz Claman spoke with ETF Trends CEO Tom Lydon live from the Bitcoin conference in Miami about recent crypto news and what to expect going forward.
As Lydon makes clear, Bitcoin is much bigger than Musk, as thousands of people have gathered at the conference to get the latest on the cryptocurrency and get a handle on what moves to make with this growing sector.
“Bitcoin Is Not A Fad.”
— ETF Trends (@ETFtrends) June 4, 2021
Lydon goes further to say: “The ETF and mutual fund businesses are looking very closely at all of this, as there’s a line around the corner at the SEC for applications for Bitcoin ETFs. Eventually, we’re all going to see that the demand will not be held back. Most investors want to be able to buy them for their platform accounts, as opposed to a coin-based account.”
Looking at what is holding things up for an actual ETF, as opposed to something like the Bitwise Crypto Industry Innovators ETF (BITQ) that is a proxy for cryptocurrencies, it comes down to concern for securities and the plumbing in the crypto space. With that said, the industry is doing a good job of being responsible and communicating with the SEC.
“Big institutions are putting billions of dollars there; it’s going to happen,” Lydon adds.
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