The approval of Bitcoin ETF by the U.S. SEC is seen as the major motivating factor that will aid institutional investors to invest in cryptocurrencies and equally cause a trend turnaround. This view was prevalent in 2018 amid the bearish trend; however, many hopes were dashed as the U.S. SEC rejected many Bitcoin ETF proposals and some are still under review till now.
Despite the stance of the SEC on Bitcoin ETF, Brian Kelly, a crypto entrepreneur and a regular contributor to CNBC shared his view on the Bitcoin ETF and the crypto market at large for 2019 in a recent interview at a crypto finance conference in Switzerland.
Brian Kelly’s View On Bitcoin ETF and The Crypto Market
The crypto entrepreneur, Brian noted that things should be positive in the crypto market in 2019. He stated that the crypto market is about to see out the ravaging bearish trend, but a dip lower could still be on the horizon for the crypto market, which will not be surprising to him.
Further, Brian in his statement regarding the crypto market in 2019; the focus could probably be on currencies such as Bitcoin, Litecoin and related options because of geopolitical tensions in the world. He also noted that the world is already seeing some global micro players use Bitcoin as their alternative to their gold position or as a way to hedge against fiat currency fluctuations and volatility. In his opinion, it will lead to Bitcoin getting more accepted among mainstream investors in 2019.
When his opinion was sought on the probability of Bitcoin ETF coming to reality in 2019, Brian stated that there is “no shot” for that. He further stated that the U.S. SEC is unlikely to change its opinion on Bitcoin ETF anytime soon because much is still unresolved in the crypto market and according to him, resolving them will take more than a year which makes Bitcoin ETF not feasible in the year 2019.
Opportunity For Crypto Dominance Ahead
Brian further noted that a greater recession is ahead in upcoming years. The recession will be greater than those experienced previously, and it will pave the way for the dominance of cryptocurrencies – making it alternative to money.
Notably, Robert Kiyosaki, the famous billionaire author of the best selling book “Rich Dad Poor Dad” also said something similar last year. Even Billionaire that are crypto pessimists such as Warren Buffet shares the same opinion on tougher recession ahead.
The question is, will the economic hardship lead to cryptocurrency usurping fiat currency in the world?