BitMEX CEO Believes A Bitcoin ETF Will Be A Boon For Crypto Industry

With the Securities and Exchange Commission (SEC) declining the Winklevoss ETF and also the call on the CBOE and VanEck-Solid ETF product awaiting approval, the conversations encompassing the practicableness of crypto derivatives have began to fade out. Despite this, the business executive of BitMEX, Arthur Hayes believes that the SEC can sooner or later approve one product due to the increasing retail demand.

Hayes talked on CNBC Africa’s Crypto dealer phase wherever he created comments regarding BitMEX and ETF merchandise.

CNBC

The host of the CNBC show Ran NeuNer, questioned Hayes on however he feels that his exchange is playacting. The BitMEX business executive replied by speech communication that the exchange is doing very well which they’re seeing volumes four to 5 times that of the total of last year. The numbers virtually look too sensible to be true given different exchanges are facing declining volumes due the continual pessimistic movement within the market.

BitMEX

BitMEX is one among the largest crypto exchanges within the world and its insanely high numbers area unit maybe because of its leverage commerce facility. Providing up to 100x leverage to traders of the XBT (BTC) contract on the platform, BitMEX is one among the foremost fashionable exchanges within the crypto world.

Cryptocurrency ETFs

NeuNer went on to question Hayes relating to his views on crypto ETFs speech communication that eventually the SEC can ought to approve one among the ETFs, particularly if the retail markets continue to cause a better demand for these merchandise.

In February next year, the 2 different ETFs are going to be seeking the SEC to provide them approval. Hayes commented speech communication:

“There’s a 50/50 chance that we see some decision in Q3.“

Hayes compared Bitcoin ETF with Gold ETF by saying that the industry is unregulated.

“How could regulators not allow Bitcoin ETF?”

He also noted out that if these products get approved it will help to drive retail adoption of digital currencies by making it simpler for fiat to flow into the digital coin system which would lead to the removal of ‘barriers and complexities’ such as managing a Bitcoin wallet and multiple other crypto exchange accounts.