The founder and CEO of cryptocurrency investment firm BKCM says the SEC’s recent Bitcoin ETF delay was expected.
“If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF,” Kelly told CNBC’s Fast Money. “A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.”
Kelly also analyzed Ethereum Classic’s 30% rise and its jump to the number 10 cryptocurrency by market cap.
“Coinbase added it to their institutional side. I believe over the next week or so they’re going to be adding it to the retail side of their platform… For it to really take off, that ecosystem has to expand. And that’s what they’re working on now.”