BitcoinBusiness & Finance

Demands for the Establishment of a Bitcoin Exchange Traded Fund (ETF) Pile-up

As the need for people to find ways to buy bitcoins without having to go through extensive buying processes of bitcoin exchanges increased, the demand for building a bitcoin exchange traded fund (ETF) was inevitable. This demand has been echoing around the crypto space for quite some time. With the recent advancements that have been seen regarding the establishment of a bitcoin ETF, the development of a bitcoin exchange traded fund on an official scale might just be around the corner.

The proposals for building a bitcoin exchange traded fund have grown exponentially in the recent past, with most of them getting disapproved by United States’ Securities and Exchange Commission (SEC), the regulating body for building the bitcoin ETF. After initially getting declined, SolidX has partnered up with VanEck, an investment firm, to launch a campaign for the establishment of a bitcoin exchange traded fund, that can change the flow of the entire crypto world.

SolidX and VanEck have combined forces to spearhead this proposal of building a bitcoin exchange traded fund to the U.S. Securities and Exchange Commissions, through their joint venture known as VanEck SolidX Bitcoin Trust. The proposal has also been backed by most of the people linked to the crypto space. VanEck has persistently been trying to get a bitcoin exchange traded fund established, and this partnership with SolidX is its third attempt in this regard. The establishment of ETF will surely revamp the structure of how the buying process of bitcoin evolves. It also ensures and consolidates the security aspect that gets linked with bitcoin trade.

United States’ Securities and Exchange Commission (SEC) is also seeking out comments on the establishment of a bitcoin ETF, and all the major players in the crypto space seem in on this. Although the comment period is now over, the sentiment revolving around the crypto space is very clear, to establish a bitcoin ETF as soon as possible. These comments on the establishment of bitcoin ETF can be seen on the official website of U.S. Securities and Exchange Commission. Some of the snippets of the comments displayed on the official website of SEC are given below:

src; U.S. Securities and Exchange Commission

A strong sentiment for building and legtimizing bitcoin trade can easily be observed from these snippets.

src: U.S. Securities and Exchange Commission
src: U.S. Securities and Exchange Commission
src: U.S. Securities and Exchange Commission

With the public sentiment strongly driven towards the establishment of a bitcoin exchange traded fund, the establishment of a bitcoin ETF seems inevitable. Not all the comments that were submitted by all the major stakeholders in the crypto world such as economists, CIOs, financial analysts etc. were posted on the official website, but a major portion of them represents the same demand, that is boosting the process to implement the framework for such an ETF as soon as possible.

Although some comments were also posted against the establishment of such crypto-based ETF.

src: U.S. Securities and Exchange Commission

Despite some comments made against the proposal, a common demand can easily be figured out. In a nutshell, the public sentiment is strongly driven towards the establishment of a crypto-based ETF due to the security and development purposes on a national scale, and as seen from the movement, the establishment of a bitcoin ETF is surely in sight in the near future.

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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