Canaccord Genuity Wealth Manager Foresee Bitcoin ETF Approval in 2019
Wealth manager Canaccord Genuity released their quarterly report on digital currencies, predicts that the long-awaited Bitcoin exchange-traded fund (ETF) won’t likely arrive by 2019. Canaccord is one of the largest independent investment dealers in Canada, whose detailed analysis provides c comprehensive insights into a range of topics, including security tokens and the ongoing developments in the cryptocurrency industry.
In its reports, Canaccord hones in on much awaited, CBOE Bitcoin ETF. Filed in June by the trust formed by a joint collaboration between money manager VanEck and crypto startup SolidX – Vaneck Solidx Bitcoin Trust (“the Trust”). While the SEC ruling on the CBOE Bitcoin ETF is expected on August 10, acknowledging the hopes of the entire community of crypto enthusiasts, Canaccord puts forward the view that the SEC will delay its decision time till the March of 2019. The report notes:
“And although the VanEck SolidX Bitcoin Trust, seen by many as the most formidable candidate for a potential approval, is due for a potential decision as early as this month, it is largely believed that the SEC will extend its deadline, in which case a decision may not be made until March 2019.”
Canaccord also highlights that other similar Bitcoin-related investment products are already available on the market in other parts of the world except for the U.S. The report states:
“Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF.”
After facing two rejections last year by SEC, the latest CBOE Bitcoin ETF from VanEck is said to be the best shot from the company. As the CBOE Bitcoin ETF awaits it fate this Friday, there is still a long road ahead to legitimize the crypto space by overcoming the regulatory hurdles that lie ahead.
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