CNBC’s Brian Kelly: ‘Don’t Sell Crypto After Bitcoin ETF Delay’
Earlier last week, the SEC postponed Cboe’s Bitcoin ETF application decision until late September. On Aug. 7, Brian Kelly went on CNBC’s Fast Money to urge viewers to hold their crypto investments through the delay.
BK: “There’s More to This Story Than Just an ETF”
The CEO and founder of investment firm BKCM, Brian Kelly, appeared on CNBC’s Fast Money to share his expectations following the SEC’s recent delay of a Bitcoin ETF application. During the show, he said:
“If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF.”
Initially scheduled for a decision next week, the SEC delayed the Bitcoin ETF filed by CBOE Global Markets until Sept. 30. Following news of the postponement, Bitcoin prices fell nearly 14 percent within a 24-hour period.
The Bitcoin ETF decision was highly anticipated by retail investors as a potential catalyst for institutional capital to enter the sector. Taking an optimistic stance, Kelly urged Fast Money viewers to refrain from selling out of fear during the application delay.
“A little spoiler alert: On Sept. 30, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.”
According to Kelly, a regulated U.S. cryptocurrency derivatives exchange will need to come into place before any new digital asset-backed investment products are introduced. On Aug. 3, Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE), revealed plans to launch a digital assets marketplace.
In late-July, the SEC denied Winklevoss-owned Gemini exchange’s Bitcoin ETF application. Cboe’s Bitcoin ETF application is thought to have better chances for approval due to its high minimum share price and exclusive availability to accredited investors.
BK: ‘Bitcoin Will Resurrect’
Since the start of the year, Kelly has professed a long road to cryptocurrency legitimization, stating that gradual growth in institutional investor interest will lead to more “robust” market systems and regulation in the industry.
During Bitcoin’s price drawback in late June, Kelly appeared on CNBC’s Fast Money to remind viewers that Bitcoin isn’t dead yet.
At the time, increased regulatory scrutiny and low market sentiment had caused cryptocurrency prices to reach their multi-month lows.
However, it was becoming apparent that the decrease in Bitcoin prices was working inverse to institutional investor interest in the sector.
On June 25, Silicon Valley investment powerhouse Andreessen Horowitz (a16z) launched a $300 million fund dedicated to cryptocurrency-related ventures. Weeks earlier, Goldman Sachs confirmed plans to launch a Bitcoin futures trading desk to meet rising client demand.
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