After several attempts, the decision for Bitcoin ETFs has been postponed again, this time until Sepetember 2018. The US Securities and Exchange Commission (SEC) has delayed the much awaited review for ETFs that was proposed by investment firm Direxion Asset Managment, as the commission needs time to study before a final decision can be reached. The bottom line is that the SEC and many experts in the market will need more time to decide – note there are US investment banks that make the point that Bitcoin is not a store of value and is not in fact a currency. Some banks are producing research that suggests the Bitcoin boom is over, that the future for Bitcoin, in its current form has no future at all.
Face the reality as it is, many investors and exchanges are interested in ETFs, and according to several sources they will be regulated the same as Bitcoin futures are, under the Commodity Futures and Trading Commission, the CFTC. The Commission will discuss the approving and disapproving of proposals in the coming weeks, delivering an answer on September 21, 2018. Keep in mind that the New York Stock Exchange (NYSE) submitted an ETF proposal in January of 2018. This ETF, the proposal from Direxion is just one of many, like the NYSE`s that have been submitted again and again, with no luck. September 2018 could be different.
Note that we at Classiarius have taken a more positive and constructive stance, as we feel that the ETF world and Bitcoin in general will see a positive news cycle in August and September, taking Bitcoin to $8,000 and through $10,000 by December of 2018. We will be updating you on developments and of course giving our views in the coming weeks, months of 2018.