Bektt Exchange Might Pave Way for Bitcoin ET
BKCM LLC boss Brian Kelly has said that the launch of Bektt exchange platform might lead to the emergence of bitcoin ETF. Kelly who was speaking during an interview with CNBC Fast Money noted that the development is the highlight of the year in the crypto industry.
He went ahead to explain why the Winklevoss ETF was not approved. According to Kelly, the rejection came since there was no American controlled exchange available. He pointed out that ICE’s plan will open the door for bitcoin ETF since it leads to the US governed exchanging trading bitcoin. With this in place, the ETF will be easily approved.
Kelly added that Bektt will fill the gaps left by Bitcoin Fortunes. He said that unlike, Bitcoin Fortunes, Bektt is not confined to a group of people.
This comes at a time when the NYSE is reportedly planning to venture into 401K, intro-funds and fidelity. Clients will be in a position to purchase bitcoin ETFs and bitcoin mutual funds. The transactions will be enabled through pre-existing structures. Kelly stated that it will then widen the crypto world since it’s the missing element in the market.
Reports indicate that Bektt team has already engaged regulators and might launch the exchange later this year. Kelly expressed optimism that if all goes well, the price of bitcoin will rise by 20%. He argued that the current slow growth was propelled by the bear market demoralizing investors. However, the news is yet to reach many people within the US because bitcoin has a huge market in Asia.