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Finance Expert Ric Edelman Says Bitcoin ETF Is Virtually Certain


Bitcoin exchange-traded fund or ETF is virtually certain, but the only question is when, said Ric Edelman, founder of Edelman Financial Engines. He expressed confidence that in very short order VanEck or Bitwise, who already filed with the SEC for bitcoin ETF, will satisfy the custody concern to the SEC.

While talking at CNBC's "ETF Edge" at the Inside ETFs Conference in Hollywood, Florida, Edelman said that eventually the market will see a bitcoin ETF, despite the ongoing roadblocks.

Edelman said, "The SEC has several legitimate thoughtful concerns that the industry has to overcome but I'm confident they will. Eventually we will see a bitcoin ETF and it's at that stage that I will be much more comfortable recommending that ordinary investors participate."

Edelman noted that Fidelity has made a major announcement in the custody issue, and that there are Kingdom Trust and a number of other very serious players on the custody side.

ETFs are securities that track assets that are proportionately representing in the fund's shares. Bitcoin-ETF would use Bitcoin as the main asset.

The SEC has received bitcoin ETF applications from many companies, but it has been rejecting those over concerns about fraud and manipulation of bitcoin markets.

Recently, internet entrepreneur twins Cameron and Tyler Winklevoss, the founders of digital asset platform Gemini, backed their strong support for major cryptocurrency Bitcoin and said they are committed as ever to make a bitcoin ETF a reality.

In early February, CBOE, along with asset manager VanEck and crypto start-up SolidX Management LLC, re-applied with the SEC for a rule change to list a Bitcoin ETF.

In January, Crypto startup Bitwise Asset Management filed for registration with the SEC for a new bitcoin ETF that it says, would address the regulatory concerns that doomed previous attempts.

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