Bitcoin (BTC) bull and Edelman Financial Engines founder Rick Edelman has made some promising predictions about the future of the leading cryptocurrency.
In an interview with CNBC’s ETF Edge on Monday, Edelman said:
We’re already at a quarter of that number with 24% of Americans owning bitcoin. That’s not much for him to get into the third. Bitcoin is becoming more and more popular. People hear about it everywhere – it just doesn’t go away. …”
Although the start of 2022 was difficult, he believes that governments, corporations, foundations and pension funds are investing in Bitcoin: “This is a major institutional commitment.”
As the author of the upcoming book The Truth About Cryptography, Edelman is an age-old hero in cryptography. In 2019, he called bitcoin the “really new asset class” for 150 years, and in December 2018, he encouraged investors to stockpile the orange.
In a follow-up interview with CNBC on Tuesday, he lamented that while he has been forecasting a Bitcoin ETF for the past seven years, he is convinced that spot ETFs will be approved by 2023.
Similar to US Securities and Exchange Commission Hester Pierce’s thoughts on the matter, Edelman stated that the SEC is running out of excuses to say no:
“Many of the SEC’s problems have been solved by the industry through its maturity, innovation, and evolution. I’m sure we’ll see the SEC say yes, because they have no legal reason not to do so.”
Matthew Hogan, chief investment officer at Bitwise Asset Management, agreed in a second interview.
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Hogan said there would be more investor protection and a better product thanks to a “body of evidence that will compel them to continue to approve.” The consumer protection offered by the SEC-run ETF is the cherry on top of the attractive product.
Aside from ETF speculation, Edelman clearly sees the vulgarity of Satoshi Nakamoto’s future invention. He summed it up succinctly, saying that bitcoin “will spread as widely as any other part of the wallet in the next few years.”