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.
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.
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.
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