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The SEC’s Approval Of a Bitcoin ETF Will Change Everything

Despite the dismal performance of crypto assets, this space continues to receive attention from prominent thought leaders in traditional capital markets, making it evident that this industry shows promise and is much more than a well-thought-outfad or trend.
The brain exodus of the traditional institutions continues, as Ric Edelman joined hands with San Francisco – based BitwiseManagement, as a lead investor and counselor. Although Edelman hasn’t left his former stint at the firm he parented, his move to overtly back Bitwise, a prominent crypto-focused index provider, brings further legitimacy to an industry that is continually bashed by misleading headlines from traditional news outlets.
Ric Edelman, who wasn’t afraid to cheer Bitcoin on from the sidelines in the past, cleared his schedule to sit down with CNBC’s Fast Money panel to discuss his first formal foray into what can only be described as the most promising industry of the decade.
Bob Pisani started by asking the new guru why he is bullish on bitcoin. The prominent investor said  “I’m bullish on it because Bitcoin is now 10 years old, it’s a $200 billion market when it comes to crypto total, Bitcoin is about 40% of that. Clearly, it is here to stay. There’s a massive amount of investments going into the blockchain and crypto assets specifically.”
While he may know all the intricacies of this nascent technology himself, Edelman went on to explain that a good portion of investment advisors today lack the knowledge and expertise to actively discuss crypto assets and blockchain technologies with their clientele.
It is clear that this is really making the adoption of cryptocurrencies a little difficult, the chairman of Edelam financial came to encourage that the main aim in this sector should be eduate the people and investors.
CNBC’s host the went to ask about his expectations in the future of cryptocurrency wealth ina classical investment portfolio. Pointing out that all cryptocurrencies are crypto assets, but all crypto assets aren’t cryptocurrencies, Edelman noted that this form of digital value will become a mainstay in the investment world of the near future, but added that he can’t give a clear forecast for much financial influence this space will garner.
No matter what, linking blockchain assets to the most valuable materials on earth, like gold, silver, natural resources, explained that the investment class of blockchain tokens is undoubtedly here to stay. But before this asset class gains traction, Edelman, who isn’t afraid to speak his mind, pointed out that regulation is a must, as allocating capital to this space, which he dubbed a wild west may be a difficult task for the average Joe.
The Bitcoin ETF may be the key to unlock this unused potential, as the president added that USA Securities and Exchange Commission (SEC) can significantly alter the market. The host, who showed signs of anti-crypto sentiment in the past, seemed skeptical, stating that the sec had doubts. But still, Edelman remained adamant by putting weight behind his comment, saying crypto people will join with the purpose of eventually finding a way to satisfy the SEC.

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