Bill Barhydt, the founder of the Bitcoin payment initiative Abra, said he believes a bitcoin ETF will be approved within a year, as long as the SEC feels comfortable with the calibrations of applicants seeking permission.
Speaking to CNBC, Barhydt said that the SEC has so far refused to allow a number of Bitcoin ETF applications, particularly applications where people are “foolproof” people who are interested in the commission. with.
“Look how I get dressed”
Prior to the SEC’s decision on the ETF application filed by Van Eck on September 30, Barhydt noted that applicants were unable to meet SEC’s requirements for financial industry profile and personality archetypes, which is even harder to achieve. .
In his words:
“I think the problem with the SEC is, frankly, that the practitioners did not fit the mold the SEC used to approve. I was working for Goldman Sachs, but you probably do not know how you look at it. So, unfortunately, I can not go as I came to a meeting in the SEC to say that I am applying for ETF regulation. ”
While many ETF offers were rejected by the SEC, including funding proposed by Tyler and Cameron Winklevoss, the decision to postpone a decision on the ETF, proposed by the commission VanEck, left a somewhat disappointed bitcoin bull, hoping it might be over. Bitcoin ETF approval this year.
Some believe that a cash-redemption bitcoin like an ETF is a leverage that will open up the bitcoin market to large-scale entry by investors, especially institutional investors who have not yet jumped. A bitcoin ETF can theoretically help the bitcoin and the broader crypto market to achieve an appraisal that only mass adoption can otherwise reach.
According to Barhydt, for the SEC to approve a bitcoin ETF, the applicant would need to “look, smell and feel” as the commission would like. Going further, he noted that from a reputable financial institution, an application with some important noble criteria would have a greater chance than a smaller company or an initiator.
At the end of the SEC, he said he would approve an ETF, and that Barhydt’s money would be made within a year.
In his words:
“I will make a bet on it next year,” he said. “There is a lot of demand for it.”