The Gemini Exchange is one of the largest and most powerful crypto exchanges in the United States, and one of its executives – David Abner – explained that he still feels a valid bitcoin-based exchange-traded fund (ETF) will show up in the year 2022.
David Abner Is Confident a Valid Bitcoin ETF Will Arrive Soon
For years, blockchain and crypto companies have been working their butts off to get a real, spot-traded bitcoin ETF into play. While there have been a few to come about that are based on bitcoin futures technology, none of them are based on real, physical bitcoins. However, Abner is confident that next year will defy expectations and provide traders with the product they’ve wanted for so long.
In an interview, Abner commented that the Securities and Exchange Commission (SEC) is taking valid steps towards making sure that such a product can be released safely to the community. He says:
The SEC is taking these progressive steps to move us forward. I thought we were going to be there by the end of this year.
A lot of concern came after Van Eck – which has been working to get a bitcoin ETF into play since the year 2017 – had its recent physical bitcoin ETF application rejected by the SEC for the umpteenth time. it also doesn’t look good that they recently had one based on futures technology quickly approved by the same agency. The fact is that what is considered an inferior product by many analysts gets a quick greenlight, whereas the real thing is unceremoniously – and quickly – rejected.
But this isn’t swaying Abner, and he’s not falling into a negative pit. He’s still positive about the future of bitcoin ETFs and believes one could come about within the next few months. He stated:
I’m still very bullish. I think they are just sort of waiting to take that next step. They’re potentially looking for some greater, clearer regulatory guidelines around the industry, so maybe we see that in quarter one and then we see an ETF right after it. I think there’s a little bit of movement in that direction.
Not Everyone Is Confident
While Abner is rather bullish about where things will go, others aren’t so sure. One of the many doubters currently infiltrating the crypto space is Tom Lydon, the CEO of ETF Trends. While he thinks there’s certainly a possibility such a product could be unveiled in the future, he doesn’t see it happening that fast. He commented:
For the average advisor that is managing a diversified portfolio for their clients, not being able to buy bitcoin or a spot bitcoin ETF on a brokerage platform is somewhat of a handcuff. If your clients go rogue and they go off and open a Coinbase account, they potentially could shoot themselves in the foot as far as the volatility.