Bitcoin ETF Will Be a Boon for the Crypto Industry, Believes Bitmex CEO

Bitcoin ETF Will Be a Boon for the Crypto Industry, Believes Bitmex CEO
фото показано с : blokt.com

2018-8-2 16:10

After the Winklevoss ETF was declined by the Securities and Exchange Commission (SEC), and the pending decision on the CBOE and VanEck-SolidX ETF product approval, conversations around the feasibility of crypto derivatives have started to die down. One man, however, hasn’t lost hope. BitMEX CEO Arthur Hayes believes that the SEC will eventually have to approve one product because of increasing retail demand. Talking on CNBC Africa’s “Crypto Trader,” he made several comments about BitMEX and ETF products.

Ran NeuNer Asked Several Questions

Ran NeuNer, host of the CNBC show, asked Hayes about the performance of his exchange. The CEO replied that BitMEX has been doing really well and that they have seen volumes four to five times that of the whole of 2017. The year-to-date numbers look too good to be true given other exchanges have been facing declining volumes due to the ongoing bearish momentum facing the market.

Note that BitMEX is one of the highest volume crypto exchanges in the world. Its unbelievably high numbers are perhaps due to its leverage trading facility. It provides up to 100x leverage to traders of the XBT (BTC) contract on the platform.

What About Cryptocurrency ETFs?

When asked about his views on crypto ETFs, Hayes noted that SEC will have to approve one of the ETFs eventually if the retail markets continue posing a demand for these products. Note that VanEck-SolidX and CBOE are two ETF products whose fate will be decided by the financial watchdog in September. Later, in February 2019, two other ETFs will be seeking approval from SEC. Hayes said that there is a “50/50 chance that we see some decision in Q3.”

He compared Bitcoin ETF with Gold ETF, saying that the industry is unregulated, so “how could regulators not allow a Bitcoin ETF?”

He also pointed out that approving these products will help drive retail adoption of cryptocurrencies by making it easier for fiat to flow into the digital coin system and by removing barriers and complexities such as managing a Bitcoin wallet and multiple crypto exchange accounts.

He said that retail traders do not want to worry with owning or operating a Bitcoin wallet. A Bitcoin ETF will give them exposure to Bitcoin but will not allow them to experience the risks of holding it, and that is a very powerful way for them (retail investors) to get involved.

Moreover, they will be able to buy these derivatives from their regular trading accounts. He also reiterated that BTC prices could reach $50,000. He had previously stated that Bitcoin’s peak is yet to arrive.

Bitcoin ETF Will Be a Boon for the Crypto Industry, Believes Bitmex CEO was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0090495 (-100%)

etf believes bitmex ceo bitcoin crypto sec

etf believes → Результатов: 10


Фото:

Airbnb, Uber Investor Believes “Everybody Should Put Something Into Crypto”

Jeffrey Wernick, an independent investor who claims to have begun purchasing bitcoin as early as 2009, recently advocated that “everybody should put something into crypto. ” The investor also criticized the current financial system, describing cryptocurrency investment as sole viable means through which “a typical middle-class person [can] accumulate wealth.

2018-7-28 02:45