Approval of a concurrency ETF is something the whole industry is looking forward to but experts believe that there are many factors that need to be taken into account before an exchange traded fund for digital assets gets approved. The co-founder and partner at BX3 Capital Investment Advisory, Kyle Asman believes that an ETF might not come about over the next 6 months. Talking to BlockPublisher he said:
Right now the crypto market is lacking direction. I don’t think anyone is thinking an ETF is going to be approved within the next six months.
2019 was tipped to be the year an exchange traded fund (ETF) will be approved for Bitcoin. After prices skyrocketed in 2017 and a record number of ICOs taking place in 2018, it was predicted that Bitcoin will see an ETF approved as the next step. However, lacking regulatory framework and with financial institutions all out against any progress made by the digital currency space has not only apparently postponed the idea, but also pushed back the exponential growth cryptos had started to show in late 2017. Bitcoin price free fall from $19,500 to $3,500 is a clear indicator of a bear market. The financial institutions are determined to curb any effective usage of cryptos as a form of trade and payment that is ultimately anticipated to replace the traditional fiat currencies.