Brian Kelly ETF Prediction: Approval Will Be Most Likely in February 2019

Another Brian Kelly ETF prediction surfaced yesterday. In an interview on CNBC’s Fast Money, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019.

Brian Kelly ETF Prediction Two

But why February? That is quite specific, isn’t it?

Well, according to Kelly, in July the SEC postponed its decision on two high-profile BTC ETF applications from investment firm VanEck and financial services company SolidX, to September.

But the Government regulator has, in fact, the option to defer its final decision again until February at the latest.

Kelly believes it will take that option in order to buy itself time as it continues to survey the volatile market.

Rejection

Only on August 22nd, the SEC rejected another nine BTC ETF proposals from three separate applicants. Along with these rejections the SEC also controversially rejected Gemini Exchange founders, the Winklevoss twins, who also made a proposal in July.

The SEC has been citing major concerns as the basis for all the rejections; it claims that cryptocurrencies:

  • Are vulnerable to “fraudulent and manipulative acts and practices”
  • That the BTC futures market is “not mature enough”
  • That cryptocurrency is not defined yet as a viable asset.

>> China Banning Cryptocurrency Events—Further Bans Expected

Kelly Speaks Up

But Kelly argued that:

“[When] the SEC talked about fraud and manipulation, it wasn’t so much about preventing it, but how do they surveil it? Do they have an arrangement with other [globally or nationally regulated] exchanges [that would enable them to] surveil what’s going on?”

He then also challenged the Bitcoin Future’s market, as statistics from CME suggest that the futures market is evolving very fast, meaning ETF approval by 2019 is much more likely:

“[From] April, you’re starting to see a big increase… about an 85 percent growth rate. If you extrapolate that out, by February 2019, you’re going to have a very robust market here.”

What do you think? Is Brian Kelly right? Will the SEC shift its sentiment in favor of a Bitcoin ETF by February?

Featured Image: Toshi Times

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