Lack of ETNs Keeps BTC Away in Wall Street

| Publish date: 01/21/2019
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The CEO, president and chairman of CBOE or Chicago Board Options Exchange named Ed Tilly suggested that there is a significant need for Bitcoin exchange-traded notes (also known as ETNs). According to him, this would give all Wall Street institutional investors the ability to join the cryptocurrency space.

The Need for a Platform

As per the official report, Tilly revealed that there is an apparent growth of the world’s leading cryptocurrency in all listed markets. However, this rapidly increasing growth is quite “hamstrung” by the substantial lack of a trading platform specifically built towards “mom-and-pop investors.”

Tilly added that all BTC futures will have a hard time seeing a noteworthy growth, which has been the case since time immemorial. And the culprit behind this hindrance is the lack of either a note or tracker that is completely tied to the digital currency that retail customers could use in trading.

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The executive’s statements further note that both exchange-traded notes and futures are essential, especially when it comes to offering access points to investors at Wall Street. He even went to say that these ETNs are a lot more accessible particularly to the average investors – and it is more than capable when compared to futures. For him, this narrative is possible because of the existing lower barrier meant for entry.

Tilly explained that there is power having these futures, but it can only become more successful if there is an ETN. The latter, in particular, will make things more attractive to retail, as well as to a great number of institutions. From there, these entities could just eliminate the risk of a plausible listed futures market.

‘Still-Pending’ ETF Applications

The CEO is steadfast with his belief that there is a reason behind all of this. For him, there is a deciding factor why all regulators did not decide to approve an exchange-traded product geared towards the world’s leading cryptocurrency. For instance, there are the “still-pending” exchange-traded fund or ETF applications. Due to this, regulators are having a hard time protecting investors from the possible manipulation and/or exploitation on a market, especially if the latter is quite hard to control.

But for Tilly, as soon as this void is filled, there is no reason why no one would get his first ETN. As previously reported, CNBC’s very own digital currency entrepreneur and regulator contributor namely Brian Kelly said that there is little to zero chance for a BTC ETF approval this year.

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