Brian Kelly Warns Against BTC Selling After ETF Delay
Chief Executive Officer and founder of BKCM, an investment company, has stated that the US Securities and Exchange Commission’s decision to yet again delay the Bitcoin Exchange-traded fund comes as no surprise.
Stating that the delay was expected, Brian Kelly spoke to CNBC, saying that if anyone is currently selling their Bitcoins after the announcement of the delay, it’s essentially the “wrong way” of handling cryptocurrency investments.
He then goes on to state that on the 30th of September, the date set for the final decision will most likely see another delay due to the fact that the cryptocurrency market is not yet equipped to handle an ETF and the SEC has yet to have all its questions on the matter answered.
The CEO also then analyzed the climb by Ethereum Classic, rising 30 percent and landing as the 10th highest ranked cryptocurrency in terms of market capitalization. Additionally, Kelly commented on ETC and said that it would possibly be listed on Coinbase within a few days.
He explains that the cryptocurrency exchange added ETC to its industrial investor group and will most likely open it to the retail section within a week or so. Kelly adds that for this process to succeed and climb, the environment must develop and grow further and as of now, that’s what Coinbase is attempting to achieve.