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Bitcoin and exchange-traded funds (ETFs) are currently the most promising investment options in the market.
The two investment options may finally be fused into one if Bitcoin ETFs are finally sanctioned by regulatory authorities in the US and other parts of the world.
Currently, there is an ongoing ETF application by Bitwise at the U.S. Securities and Exchange Commission (SEC).
According to CoinDesk, the latest ETF application by Bitwise was rejected by the SEC. The SEC stated that the application did not meet the set rules and regulations of operating an ETF. This is not the first rejection Bitwise received, and it may not be the last.
There is still one more ETF application by Bitwise set to be reviewed by the SEC.
Despite the latest rejection by the SEC, it may be the closest that the cryptocurrency industry has gotten to the registration of an ETF.
Registration of a Bitcoin ETF may soon be possible, considering the gains made in 2019 alone.
With the ETF registration in mind, Insights Network surveyed their blockchain-powered platform to understand the market perception of the Bitcoin ETF.
Key Metrics and Demographics
The survey involved global participants from over 150 countries. Over 1900 participants gave more than 5,900 unique responses. Here is the key data:
- Total number of participants: 1,980
- Total number of questions asked: 4
- Total number of unique answers: 5,940
- Total number of countries participated: 154
Questions Surveyed
The survey questions were carefully crafted to come up with data that would inform this report. The questions covered the objectives of the study which include:
- To determine market awareness of Bitcoin ETFs.
- To determine market belief in the Bitcoin ETFs.
From the responses, the scope of the study was primarily covered and achieved.
Key Insights — Bitcoin ETF Unlikely To Be Approved, However Would Bring Increased Legitimacy To Cryptocurrency
Bitwise has made significant strides in trying to get it’s Bitcoin ETF services approved. More companies should borrow a leaf from Bitwise if the cryptocurrency industry is to grow.
The strides made by Bitwise will make it easier for other companies to apply for and hopefully get approval for Bitcoin ETF services.
Because of the may hurdles Bitwise has gone through, the cryptocurrency industry now understands what the SEC requires for them to operate an ETF.
The precedence set by Bitwise brings closer the approval of a Bitcoin ETF by the SEC. With a better understanding of the requirements and a proper application of the same, we will soon see a Bitcoin ETF operating in the United States and other countries.
Given the applications received by the SEC, it is likely that the market is ready for the Bitcoin ETF. Further, aside from being ready, the market needs Bitcoin ETFs to increase the credibility of cryptocurrencies to the institutions and the public.
Having undergone the meticulous eye of the SEC and receiving an approval to operate a Bitcoin ETF, the public is likely to have more confidence in the services and products of the Bitcoin ETF. This will increase Bitcoin’s credibility and the cryptocurrency industry’s as well.
The presence of a Bitcoin ETF in the market will likely improve the chances and rates of cryptocurrency adoption by the general public and even institutions.
Key Insights — Hurdles To Bitcoin ETF
The responses given above may be the reason as to why the SEC is yet to sanction any Bitcoin ETF. The allegations of market manipulation, dumping and other unethical and illegal market practices in the cryptocurrency industry are making it harder for Bitcoin ETFs to be approved.
If any of the allegations were proven correct and end up getting practiced by approved Bitcoin ETFs, then the blame will remain with the SEC, thus, the currency hesitation by the regulatory body.
The market is ready and willing to invest in Bitcoin ETFs; however, the drawbacks highlighted by the respondents and probably flagged by the SEC may force the market to wait a little longer for their benefit.
The cryptocurrency industry needs to address its core issues which include market manipulation if it wants to expand its products and services; otherwise services such as a Bitcoin ETF may never see the light of day.
Conclusion of Survey Results
The addition of a Bitcoin ETF would be excellent for the cryptocurrency industry. There is a ready market for the product and the potential for the cryptocurrency industry to increase its reach into the public.
More institutions and traders will likely be drawn into the cryptocurrency ecosystem by the Bitcoin ETF.
However, there is still a long way to go before a Bitcoin ETF is fully operational. The cryptocurrency industry still has several challenges that regulators may use to discredit their expansion plans.
Once the issue of market manipulation and other questionable activities are cleared, we may see the first Bitcoin ETF on the market which may usher in a new era of cryptocurrency investments.
Onwards and more insights,
Team INSTAR
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