Crypto Venture Capital Firm Believes Bitcoin ETF Approval Is Imminent
The CEO of crypto venture capital firm Fatfish Internet Group says he sees a shift in the SEC’s stance on Bitcoin on the horizon.
Kin-Wai Lau told CNBC institutional investors are already getting into the market and are a main factor in Bitcoin’s recent rise above $8,000.
“I think we are experiencing typically what people will think of as a second wave rally for Bitcoin and cryptocurrencies. It’s a very strong wave. It’s driven by institutional demand. It’s driven by adoption. Lots of interest this time around — trading volume is several times higher than during the lows. It’s just generally, I think, very positive for early adopters and people who have interest in the sector…
I think we’re probably just a couple of months away from being ready for the market to generally accept an ETF.”
Last week, the Winklevoss-brothers’ second Bitcoin ETF proposal was rejected by the US Securities and Exchange Commission, which cited a lack of investor protection and resistance to manipulation.
The rejection triggered a formal dissent from SEC Commissioner Hester Peirce, who said the ruling sends a strong message that innovation is unwelcome in US markets.
Fatfish Internet Group invests in cryptocurrency ventures across Europe and Asia, and currently owns a 51% stake in Singapore startup APAC Mining.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any losses you may incur are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.