The price of Bitcoin has definitely kept everyone on the edge of their seats, but the failure of Bitcoin (ETF) traded funds has been another topic of debate during 2019 and 2018. Many important players have tried and failed to obtain U.S. approval UU. Regulators However, 2020 may not be the year of ETFs, according to Michael Moro, Executive Director of Genesis Global Trading.
Moro appeared on the Castle Island ‘On the Brink’ podcast, where he agreed that the Bitcoin ETF is the future, but not yet in 2020.
“Yes, I think we will have one. No, I don't think this is a 2020 event. In fact, I have said that I think there is a strong feeling and a general consensus that nothing will happen until Commissioner Clayton is no longer the president. ”
SEC president Jay Clayton has repeatedly signaled his concern about giving the Bitcoin product a green light. In early November 2018, Clayton was disturbed with price manipulation as the key reason to stop the bitcoin ETF. Another year passed and the president said "progress is being made" in the crypto universe to boost the Bitcoin ETF, but there was still some concern.
However, Moro believed that things would change soon. He added that:
“I think that over time the justification for not approving one slowly begins to disappear. That is my opinion, and there will be a way for people to come to terms that this will not disappear. Bitcoin is present and, frankly, GBTC is available. It is free trade. Any family investor can buy it, but in public markets it is quoted at a higher price «.
Claiming to reconsider it as an investment for the public good, Moro emphasized the need for an improvement of infrastructure in space.