Van Eck CEO Insists Bitcoin ETF Is A Good Idea After SEC Delays The Decision Once Again

Jan Van Eck, the CEO of asset manager Van Eck Associate, urged the United States Securities and Exchange Commission (SEC) to approve a Bitcoin BTC/USD exchange-traded fund due to investor demand.

What Happened: According to a Tuesday CNBC report, Van Eck said that the regulator “should approve a Bitcoin ETF” since “the only alternative investors have is a closed-end fund that trades it at a 40% premium or 20% discount.” 

According to CNBC, he was presumably hinting at the Grayscale Bitcoin Trust GBTC, known to be often trading at a premium or discount.

Van Eck’s comments follow SEC’s decision to yet again delay the regulator’s decision to approve the VanEck Bitcoin Trust for the second time, requesting comment from interested parties on how this decision could impact markets.

The asset manager’s CEO also mentioned Bitcoin futures, claiming that they “aren't any better,” adding a futures-based fund “underperformed Bitcoin by 22% last year and 8% this year.”

What Else: Ric Edelman, the No. 1 registered investment advisor in the United States and the founder of Edelman Financial Engines, also said that integrating Bitcoin into portfolios would “be so much easier and simpler if there was a Bitcoin ETF.”

At the same time, he admits that investors have to act instead of waiting because “by the time the SEC says yes to it, Bitcoin might be $100,000.” 

Read also: What Is Crypto ETFs?

“You’re going to miss out, so, you’ve got to move on with the investment opportunities that do exist,” he concluded.

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Posted In: CryptocurrencyFintechNewsFuturesManagementSECMarketsTechMediaGeneralBitcoinbitcoin ETFCNBCcryptocurrenciesEthereum
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