Sometimes things seem so far away but in reality, they might be much closer than we think. We’ve been talking about the possibility of a Bitcoin ETF hitting Wall Street for almost three years now and the latest indication is that it might be right around the corner.
In an interview on CNBC earlier this week, the Chairman of the United States Securities and Exchange Commission (SEC), who seems to be the one man standing in the way of the BTC ETF, confirmed that we are getting closer and progress is being made but that he still has two main concerns.
1. “How do we know that we can custody and have hold of these cryptoassets? That’s a key question.”
2. “An even harder question, given that they trade on largely unregulated exchanges, is how can we be sure that those prices aren’t subject to significant manipulation?”
From what it seems, these are the last two roadblocks in the chairman’s mind for this to be approved. Now, if that’s true, we could be extremely close at this point. In fact, both of these concerns should be easily assuaged with just a little bit of knowledge and understanding.
1. Bitcoin was born to solve the custody question. In fact, verifying ownership is kind of what crypto does best.
2. The decentralized nature of price discovery in the crypto market is another one of its star qualities and makes it far more resilient to price manipulation.
If indeed these are the only two roadblocks to a bitcoin ETF, then we are probably much closer than you think.
Tomorrow there will be no daily update due to a company event. We’ll continue on Friday the 13th of September.
Please note: All data, figures & graphs are valid as of September 11th. All trading carries risk. Only risk capital you can afford to lose.
The mood on social media and in the United States is somber today as we commemorate the attacks on New York’s twin towers 18 years ago. In general, the markets have been pretty quiet lately save for a sudden inexplicable movement in the bond yields.