The head of crypto investment giant Grayscale believes that only a “couple of maturation points” separate the United States from its first Bitcoin (BTC) exchange-traded fund (ETF).
Speaking to CNBC on July 19, Michael Sonnenshein reiterated that a U.S. ETF is a matter of “not ‘if,’ but ‘when.’”
Sonnenshein: “If, not when” for U.S. Bitcoin ETF
Regulators currently have 13 ETF applications under consideration, and the U.S. lags behind neighboring Canada when it comes to giving them the green light.
Years of applications and rejections have gone by, and some believe that an ETF would ultimately create bearish price pressure for Bitcoin in the long term.
Nonetheless, Grayscale CEO Sonnenshein says the firm is “100% committed” to transforming its Bitcoin product, the Grayscale Bitcoin Trust ($GBTC), to ETFs once conditions are right.
“I think in our seat, from our view of the world, we’re really looking for a couple of different points of maturation in the underlying market, and that’s really the final stages of