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Bitcoin ETF: VanEck or Bitwise will satisfy the custody concern of SEC, says Ric Edelman

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Bitcoin ETF: VanEck or Bitwise will satisfy the custody concern of SEC, says Financial Advisor
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Ric Edelman, the Founder of Edelman Financial Engines, spoke about one of the most controversial and popular subjects in the cryptocurrency space presently, the Bitcoin ETF. In an interview with CNBC, the legendary financial advisor spoke about whether the U. S Securities and Exchanges Commission would ever pass a Bitcoin ETF as well as addressed the SEC’s main concerns regarding an ETF as well.

The financial advisor started by speaking about the chances of the SEC approving an ETF, in light of the several proposals that have been shot down by the regulatory body under several grounds. Here, Edelman stated that the the question that should be emphasized upon should be “when” would the ETF be passed as it certain that there will be one very soon.

“I don’t know how soon it’ll happen; the SEC has several legitimate thoughtful concerns that the industry has to overcome but I’m confident that they will and 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”

This was followed by Edelman elucidating on how this could be possible, considering that the SEC’s main concerns have been in relation to custody and overseas trading where the prices are established on platform that are not regulated by the SEC.

“True. But, we’ve got some serious players, Fidelity has made a major announcement in the custody issue, we’ve got Kingdom Trust and a number of other very serious players on the custody side. I’m confident that in very short order, VanEck or Bitwise will satisfy the custody concern of the SEC.”

For him, Bitcoin is on the same list as oil and gold, globally traded assets that are beyond the control of the regulatory body. He added that the Securities and Exchanges Commission will eventually have to “shrug” and accept the market the way it really is.

YouTuber Dr. Guru put an interesting spin on things when he said,

“Meanwhile the SEC hints that’s it’s almost impossible. Isn’t it ironic that the same people that want a currency independent from government policies, want an ETF?”





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Bitcoin

Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin

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Bitcoin [BTC] rises in the market as cryptocurrency continues to mark new milestones
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Bitcoin [BTC], the largest cryptocurrency in the market, has successfully breached the $9000 mark, boosting the market sentiment. Notably, the digital currency was not the only coin to rise in the market as other coins such as Ethereum [ETH] also registered a significant rise in the market.

According to CoinMarketCap, at press time, Bitcoin was trading at $9181, with a market cap of $163.101 billion. The 24 hour trading volume of the cryptocurrency was recorded to be nearly $22.778 billion, with the coin recording a significant rise of over 17 percent in the past week.

Keeping the price surge aside, the coin has constantly been in the headlines with news pertaining to its development and new milestones. The coin was placed in the limelight of the cryptocurrency space after report by researchers at the Technical University of Munich [TUM]  claimed that Bitcoin’s carbon footprint was between 22 and 22.9 megatonnes/year, almost the same as that of Vienna or Las Vegas.

Further, the coin recently marked a new milestone after Bitcoin surpassed a million daily active addresses, with the last record on the same dating back to November 2017. Weiss Ratings heralded the same, tweeting,

“Bitcoin passed an interesting milestone – there are now over a million daily active addresses – an important metric that shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges.”

Additionally, the coin was in the news again after Wasabi Wallet, an open-source non-custodial Bitcoin wallet, completed the first ever 100 participants CoinJoin, the largest CoinJoin transaction in terms of participants. Aviv Milner reported the same on Twitter,

“Huge Congratulations – @wasabiwallet just did the first ever 100 person CoinJoin, likely the largest in Bitcoin History. (link) A monumental achievement in Bitcoin privacy. Credit to the team @lontivero @molnardavid84 @nopara73 @dwuk86 @NicolasDorier and others!”

Days after this achievement, a Redditor highlighted that the largest CoinJoin transactions, in terms of inputs, was completed on June 17, 2019, with a total of 125 inputs. Golden Wiki describes CoinJoin as,

“A digital currency platform that enables multiple users to combine all inputs and outputs from different transactions into a single transaction. Privacy is achieved in a way that when a transaction is broadcast, it will not be possible to determine which Bitcoins went where.”





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