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Bitcoin (BTC) ETF Might Be Possible With the Bakkt Announcement, says CNBC’s Brian Kelly

Less than 24 hours ago, the owners of the New York Stock Exchange – Intercontinental Exchange (ICE) – announced that they would be partnering with Microsoft, BCG, Starbucks and other firms, to launch  a market and ecosystem to list physically settled Bitcoin futures contracts and for a new company to push Bitcoin and other digital assets towards becoming mainstream financial asset. This new company will be known as Bakkt.

It is with this background that CNBC’s Brian Kelly has dubbed this announcement the biggest Bitcoin news of the year. He went on to explain the following:

This is huge news. I think the market is completely underappreciated. So let us talk about why this is the biggest news of the year for Bitcoin.

It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why?

Because there was not a US regulated exchange and there wasn’t US regulated custody.

Kelly went on to explain that with the Bakkt announcement, there is going to be a regulated exchange and a licensed warehouse where commodities are stored. Thus paving the way for an ETF approval. He added that:

That’s going to make it a lot easier for an ETF to come through. It is even better than Bitcoin Futures…[because] they are talking about getting this into you 401k. They are talking about getting it into your Schwab, Fidelity or TDAmeritrade account…you are going to be able to buy a Bitcoin ETF, a Bitcoin Mutual Fund. It expands the universe.

Brian Kelly would go on to conclude the following:

My conclusion is that the crypto-market is completely missing this. Perhaps the market in general is missing this…this is very, very big news.

From Brian Kelly’s commentary on CNBC, this might be a good time to make an entry into the Bitcoin market as well as stock up on your favorite cryptocurrencies. Mr. Kelly also noted that the timing of the announcement came on a Friday morning when trading in Asia had closed for the day. This in turn meant that the news would not be received until today explaining why there was no market reaction to the news.

To note is the possibility of using Bitcoin to pay for you coffee at Starbucks. This is a major step towards crypto adoption.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Here is Why The Rejected Winklevoss Bitcoin (BTC) ETF is Different from The One Filed By the CBOE

The news of the rejection of the the Winklevoss Bitcoin (BTC) ETF by the SEC shook the crypto-markets immediately. This was due to the fact that many traders were confused as to whether this was the highly anticipated ETF that would send the prices of Bitcoin to the roof. It has since emerged that the Winklevoss Bitcoin (BTC) ETF was not expected to pass and that the ETF that pundits were excited about, was proposed by VanEck and sponsored by CBOE.

In a commentary to Ethereum World News, Mati Greenspan, a Senior Market Analyst at eToro stated that:

There’s a lot of FUD and confusion out there in crypto markets right now so I’d like to clarify.

One of the many reasons that bitcoin is rising at the moment on anticipation of an ETF decision from the SEC. However, too many people have crossed their E’s with their T’s and F’ed the situation.

The Winklevoss ETF that was rejected (known as Bats) was never expected to pass. The ETF that pundits are excited about was proposed by VanEck and sponsored by the CBOE, which will likely not be decided on until March.

Mr. Greenspan would also comment on SEC Commissioner Hester Peirce, who publicly disagreed with the SEC decision to reject the Winklevoss ETF.

What is notable is the reaction from an SEC commissioner who strongly disagreed with the decision to reject Bats.

In her letter of dissent, Hester Peirce eloquently elaborates on how the decision to strike down Bats “undermines investor protection” and “Dampens innovation.”

The online community has now bestowed on her the nickname “CryptoMom” and her Twitter following is currently exploding.

Commentary on the Indian Law Commission recognizing cryptocurrency as an Electronic Payment 

Mati Greenspan was also optimistic that the Law Commission recognizing crypto as an Electronic Payment was a step in the right direction in India and with regards to the cryptocurrency and blockchain industry.

I’m not an expert in Indian law, I will refrain from commenting too directly…

What is clear to me, is that having a government wing like the Indian Law Commission recognizing cryptocurrencies in any capacity is a very positive step forward.

We’ll need to watch this space very closely over the next few months. Mass adoption of Bitcoin in India could very well be the tipping point that many crypto enthusiasts are waiting for.

In a nutshell, the ETF that was rejected by the SEC was not the one everyone was looking forward to in August. This was a different one although its rejection resulted in the crypto-community being acquainted with SEC Commissioner Hester Peirce who publicly outlined why she disagreed with the rest of the SEC on this decision. Also, there is a glimmer of hope in India with the Law Commission of the country recognizing crypto as an Electronic Payment.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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