Cryptocurrency
SEC-Approved Bitcoin ETF Possible in 18 months: Crescent Crypto CEO via @cryptocoinsnews
As reported by CCN, “The US Securities and Exchange Commission (SEC) could approve a Bitcoin ETF in the next 18 months, said Ali Hassan, the CEO, and one of the three co-founders of asset manager Crescent Crypto. “Hassan, a former Goldman Sachs executive, was speaking at Bloomberg Markets studios about the considerable potential of passive management […]
As reported by CCN, “The US Securities and Exchange Commission (SEC) could approve a Bitcoin ETF in the next 18 months, said Ali Hassan, the CEO, and one of the three co-founders of asset manager Crescent Crypto.
“Hassan, a former Goldman Sachs executive, was speaking at Bloomberg Markets studios about the considerable potential of passive management strategies in cryptocurrency markets. On being asked about the SEC’s rejection of Winklevoss Bitcoin ETF twice in a row, he acknowledged the US regulator’s concern about investors’ protection. However, Hassan proposed passive investments as a solution to reduce some of those concerns, saying that they will ‘actually increase the participation in the market.’
“’We do think that a product is coming soon,’ said Hassan. ‘Perhaps, in the next 18 months, we’ll see a Bitcoin-only ETF.’
“Hassan continued by mentioning some exciting projects in the Bitcoin ETF space, mainly putting VanEck on his look-out list. VanEck has attempted – after failing twice – to address the regulator’s concerns by inflating its Bitcoin ETF’s share value; thereby, making it unrealizable for retail investors. Currently, each VanEck share represents approximately 25 Bitcoins (~$188,000 at the time of this writing).
“Hassan’s very own asset management fund, which was launched during Q1 2018, approaches only wealthy US investors, whose annual salaries are above $200,000. To strengthen the protection, the index fund lists the top 20 coins in its portfolio, only shortlisted after they meet specific standards of market capitalization, security, and liquidity.”