Bitwise: we are closer than ever to Bitcoin ETF approval

Matt Hougan, head of research at Bitwise, is optimistic about the decision of the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin ETF.

In an interview with CNBC, he noted that the crypto industry has changed dramatically over the past few years:

“Two years ago there were no regulated, insured custodians on the market. Today there is Fidelity and Coinbase with hundreds of millions of dollars of asset insurance. There were no regulated cryptocurrency exchanges. Today, 6 out of 10 major exchanges are regulated by the authorities of New York. Most importantly, two years ago it was a one-sided, inefficient market. Today, we have a daily trading volume of more than $ 200 million and regulated futures. ”

Hougan is confident that all these factors will minimize the risks that the SEC sees in bitcoin and the tools associated with it.

“We are closer to Bitcoin ETF approval than ever before,” he said.

The head of the research department of Bitwise believes that Bitcoin-based ETFs will attract a wide audience of investors to the market.

“While large institutions have safe and reliable ways to buy MTC through funds that are available only to people with super-high incomes, ordinary investors have no safe way.”

Recall that the final decision on the Bitwise application for the launch of the Bitcoin ETF SEC should be made on October 13.