A lot of people expect Bitcoin ETF to clear its US SEC regulatory hurdle by Q1 2019. While, there’s still some time for the regulators to announce their decision, eToro’s CEO Yoni Assia believes Bitcoin ETF will not be around for some time at least.
Market Conditions and Nature of Crypto Industry making things difficult
Yoni Assia, who was near accurate in his visions in the past for the crypto industry, recently shared his thoughts at the Israel Bitcoin Summit which was held at Tel Aviv University this Wednesday. According to him, while the industry is still excited for the Bitcoin ETF to get an approval, both market conditions and the nature of the cryptocurrency industry makes it unlikely that the US SEC would give a green signal to a cryptocurrency ETF.
Following on from this, Yoni mentioned that the recent downfall in the crypto markets has lent credibility to the view that the cryptocurrency market is destined to fail and, as a corollary of that, lose people money.
“The people that said ‘crypto is a bubble, people are going to lose their money’ are now the smart people in the room because they were right”, said the eToro CEO. “Those people get credit [and can] delay things a bit further. So I think it’s going to be a while before we see an ETF but you never know.”
Assia also added that it’s really difficult to get the SEC to agree upon the way crypto industry and exchanges function. To quote him;
“The American capital markets, for the SEC, are already like a blockchain, they can monitor every single transaction that takes place. So when they look at crypto and all these exchanges spread across the world that doesn’t have control,