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Monday, May 17, 2021

Approval Of Bitcoin ETF Will Happen, Says Mark Yusko

Mark Yusko, the CEO of Morgan Creek, is sure that the US SEC will approve the much-awaited Bitcoin ETF. According to him, Bitcoin should is comparable to the venture investments done at later stages. He is confident regarding the landing of the Bitcoin ETF on Wall Street. He stated the above in his interview with news media MarketWatch.

Bitcoin ETF Will Not Get Approved Easily

Among the partners of Morgan Creek is an applicant for one Bitcoin ETF which is a fund that is exchange-traded, and Bitwise Management which is a crypto index funds provider based in San Francisco. Bitwise’s application in 2019 January for one Bitcoin ETF was declined by the US SEC during October 2019. It again applied for the same in 2020 January but later withdrew it because of investors’ protection and public interest. 

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Since that period, the total assets of Bitwise under management rose to above $1 billion. It recently launched the 10 Index Crypto Fund, the 1st publicly traded cryptocurrency fund across the United States. It can be found on the OTCQX marketplace.

It has launched a Defi Cryptocurrency Fund too which is designed for enabling investors for diversifying their portfolios using the Defi space assets. Earlier in 2021, Bitwise also applied for its Innovators ETF with the US SEC. It is an alternative vehicle of investment that primarily tracks the cryptocurrency companies’ performance regarding its innovation.

Although the Bitcoin ETF is already available for all the investors of numerous countries including Brazil and Canada, the counterparties in America are still on the wait for having regulated crypto products. During the few previous years, the US SEC has rejected or delayed applications on many Bitcoin ETFs on grounds of market manipulation potential and trading information transparency lack.

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