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Here’s Why a Spot Bitcoin ETF is Coming This Year, According to Bitwise CIO Matt Hougan

Here’s Why a Spot Bitcoin ETF is Coming This Year, According to Bitwise CIO Matt Hougan

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Source: Daily Hodle

Here’s Why a Spot Bitcoin ETF is Coming This Year, According to Bitwise CIO Matt Hougan

Bitwise CIO Matt Hougan is optimistic that federal regulators will finally green-light a spot Bitcoin (BTC) exchange-traded fund (ETF) this year.

In a new interview on CNBC’s ETF Edge, Hougan says that in terms of fraud risks, there is no material difference between the flagship cryptocurrency and other commodities to warrant the disapproval of Bitcoin ETFs.

“There’s certainly instances of fraud and manipulation in all sorts of commodity markets.

I don’t think they’re materially worse in the Bitcoin market and so, if the same standards are applied to oil, natural gas, gold, silver, et cetera, that have allowed ETF to launch in those commodities if those same standards are applied to Bitcoin and other crypto assets.

I think crypto will get through.”

Hougan says that the crypto industry’s efforts to address the concerns of the U.S. Securities and Exchange Commission (SEC)  will eventually translate to regulators approving pure-play Bitcoin ETF applications.

“While I can’t speak to Bitwise’s filings, the quality of filings around Bitcoin ETFs have improved dramatically over the past year.

Companies, not just Bitwise but others, are providing extreme amounts of data to the SEC to help answer their questions and I think, eventually, the cumulative weight of evidence will force them to move forward with an approval.”

Hougan explains why an ETF approval will largely benefit investors.

“That’s going to be great for investors. It’s going to be more investor protections, going to be better products.

It’s going to dramatically lower prices to access the crypto market that could save people billions of dollars over the long term, so I’m very hopeful we get it this year.”

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The post Here’s Why a Spot Bitcoin ETF is Coming This Year, According to Bitwise CIO Matt Hougan appeared first on The Daily Hodl.

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Author: Daily Hodl Staff