Kin-Wai Lau, CEO of Fatfish Internet Group, in an interview, cited the global markets are preparing to embrace a Bitcoin (BTC) exchange-traded fund (ETF) in a “couple of months.”
In a CNBC’s cryptocurrency segment, the Coin Rush, Lau shared his belief in Bitcoin’s current price rally, noting it is a very strong wave. Many investors are aware of the growing institutional demand and they are willing to adopt it widely.
He added many have shown interest this time around, stressing the trading volume increased several times compared to the lows.
Based on reports, Bitcoin is being traded above $8,000 after experiencing a short dip to about $7,700 the previous week.
The second rejection of the Winklevoss twins’ ETF on July 26 did not have so much effect, when prices got up to above $8100 afterward, showing the investors’ belief in the capacity of Bitcoin to bounce back.
Lau stressed the bounce back is a very positive sign for the initial adopters and those who have high interest in the sector.
Cointelegraph earlier reported that many ETF applications are lined up for review by the U.S. Securities and Exchange Commission (SEC). A Direxion offering was already scheduled for a decision until mid-September this year.
Following the agency’s rejection of the Winklevoss’ ETF petition, SEC Commissioner Hester Peirce made a statement of official dissent, saying the SEC had overstepped its “limited role.”
Lau shared that in the near future there can be a shift in the regulatory environment. In a couple of months, the market will be ready to accept the ETF.
Fatfish made a headline this year when it entered the cryptocurrency mining market despite the higher prices. In January, the firm made a $1 million investment for a 51% stake in APAC Mining, a Singapore startup.