Gemini CEO: “Bitcoin ETF will be approved in the US in early 2022”

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David Abner, head of business development at Gemini exchange, suggested that the launch of a Bitcoin ETF in the United States could be approved in early 2022, after the development of cryptocurrency regulation.

David Abner announced this in an interview with CNBC. In his opinion, by allowing ProShares and Valkyrie to launch ETFs on Bitcoin futures, the US Securities and Exchange Commission (SEC) made it clear that it considers cryptocurrencies to be an asset class. Abner hoped that crypto ETFs would appear in the country later this year, so he was very surprised when the agency rejected VanEck’s application to launch an exchange-traded fund with direct investment in bitcoin.

“I am still optimistic. I think the SEC is just biding its time to take the next step. The agency is thinking over more detailed and specific regulatory requirements for regulating the cryptocurrency industry. It is possible that they will be presented as early as the first quarter of 2022, after which the foundation will be laid for the launch of ETFs for cryptocurrencies. I think there is already little movement in this direction, ”Abner said.

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However, ETF Trends CEO Tom Lydon isn’t sure this will happen that quickly. He noted that for the average asset management firm, the inability to invest in Bitcoin or crypto ETF through a brokerage platform is a strong deterrent. This encourages investors to register on cryptocurrency exchanges where they are exposed to even greater risk of volatility.

Many experts, including Bloomberg analyst Mike McGlone, expect bitcoin to rise to $ 100,000 next year. Lydon believes that the growing demand for bitcoin will be a “catalyst” for the launch of bitcoin ETFs.

“I think that sooner or later investors will insist on their own, and cryptocurrency ETFs will appear in the United States. I would like this to happen in the first quarter. But, most likely, we will “cross our fingers” only by the end of next year, ”added Lydon.

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MicroStrategy CEO Michael Saylor recently suggested that Bitcoin ETFs are much more profitable than “futures” ETFs. If this new investment product is launched in the US, trillions of dollars will flow into it, Sailor said.

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