According to Ric Edelman, the launch of a “pure-play” bitcoin exchange-traded fund (ETF) in the USA may not be as far off as some think. The TV host predicted that such a product will see the light of day by the end of 2023 at the latest, as the SEC is “running out of excuses to say no.”
“He expects that one-third of Americans will own bitcoin by the end of the ongoing year.”
Ric Edelman also expects that one-third of Americans will own bitcoin by the end of the current year. The approval of the first BTC futures-backed ETF in the United States was considered a major milestone for the growth and legitimacy of the industry as it showed that the watchdog is softening its stance to the world of crypto. However, many believe greenlighting a futures-back ETF is not enough and want to see a spot exchange-traded fund tracking the performance of bitcoin.
SEC will eventually approve BTC ETF in the next 48 months.
In a recent interview for CNBC, Ric Edelman opined that the SEC would eventually approve such a product, which he referred to as a “pure-play” BTC ETF, in the next 48 months. He asserted that the Commission is running out of excuses to reject one: “The reason that I’m hopeful that it’s going to occur if not in ’22, then in 2023, is because the SEC is running out of excuses to say no.” Edelman further reminded that one of the top reasons the security agency is still against it is because it claims it cannot handle that type of product “well enough.”