“Obviously the Goldman news has been disappointing to those Bitcoin holders, people freaking out that ‘a big bank trading desk is backing off, maybe I should to'” said CNBC “Futures Now” trader Brian Stutland. “But I would say, ‘Forget about those guys. Bitcoin was made to deposit off the transactions of bank sheets–we don’t need them.'”
Related: Bitcoin Bounce Ignites Talk of Another Comeback
Bitcoin reached a high of $20,000 in late December of last year, but has since lost over 60% of its value as digital currencies continue to face concerns regarding manipulation and security. Despite efforts by various firms to bring Bitcoin and other cryptocurrencies under regulatory control, Bitcoin ETFs continue to face a legal labyrinth to legitimacy in the investment space and despite efforts by firms, they keep encountering their own Minotaur in the form of the Securities and Exchange Commission.
Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, is optimistic that a Bitcoin ETF make its way into the investing world, but it will take time and must address certain issues, such as surveillance ability to monitor fraud and a mature futures market.
A Bitcoin ETF application from investment firm VanEck and financial services company SolidX is currently pending review by the SEC and will decide on whether to accept or reject the application by the end of this month.
For more information on the cryptocurrency market, visit the Bitcoin category.