The head of the leading cryptocurrency investment giant Grayscale believes that solely a “couple of maturation points” separate the U.S. from its primary Bitcoin ETF.
Within an official interview with CNBC earlier today on 19th July, Michael Sonnenshein reiterated that a United States ETF may be a matter of “not ‘if,’ but ‘when.’”
Regulators presently have 13 ETF applications into account, and the United States lags behind neighboring Canada when it involves giving them the green light.
Years of applications and rejections have gone by, and a few believe that an ETF would ultimately create bearish price pressure for Bitcoin [BTC] within the mere future.
Nonetheless, Grayscale CEO Sonnenshein says the firm is “100% committed” to reworking 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 trying to find a few of valid points of maturation within the underlying market, and that’s really the ultimate stages of what we expect regulators got to approve that kind of products and offer investors the security that they’re trying to find,” he told the network.
Last week, Grayscale announced its collaboration with U.S. banking giant BNY Mellon, which will now offer services for GBTC when it undergoes its metamorphosis.
GBTC is already within the headlines in cryptocurrency circles over its unlocking events, one of which occurred Sunday, with opinions mixed over their potential price impact.