Ed Tilly, CEO, president and chairman at the Chicago Board Options Exchange (CBOE), announced that there is a need for both Bitcoin (BTC) exchange-traded notes (ETNs) in order to get Wall Street institutional investors to join the crypto area.
According to the preceding article, Tilly declared that"the growth of Bitcoin in recorded markets is still hamstrung by the absence of a trading product geared toward mom-and-pop investors" According to him, Bitcoin stocks failed to see substantial growth due to the deficiency of a tracker or note attached to BTC that retail clients could exchange.
The article demonstrates both futures and also exchange-traded notes are very important for offering access points into Wall Street-type investors.
According to the guide, Tilly explained that ETNs are somewhat more available to the average investor when compared to futures because of their lesser barrier for entrance. Tilly continued:
"The power of having that future there's also with an ETN that's more attractive to retail, and then institutions can put off that risk to the recorded futures market. [...] Absent that leg and introducing trackers or notes, I believe we'll be in this,'It trades daily, but it is not the narrative'"
According to Tilly, the reason regulators failed to approve a Bitcoin exchange-traded solution, such as the still-pending exchange-traded fund (ETF) software, is that the regulators cannot shield investors from manipulation onto a market they cannot control. "You answer that question, you receive your very first ETN," concluded Tilly.
Since Cointelegraph recently reported, crypto entrepreneur and also regular contributor to CNBC Brian Kelly maintained that there is not any chance for a Bitcoin (BTC) ETF acceptance in 2019.
Additionally, recently news bankrupt the cryptocurrency index fund supplier Bitwise Asset Management has enforced with all the United States Securities and Exchange Commission (SEC) to launch a brand new Bitcoin exchange-traded finance.