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At the interview, Edelman confessed to making these predictions for the last 7 years and believes that someday he is going to be right about it.
In an interview given on CNBC’s ETF Edge, Edelman Financial Engines founder Ric Edelman, the long-standing Bitcoin proponent made some interesting predictions. More and more Americans are investing in cryptocurrency, the latter thus entering the mainstream at a much quicker pace.
According to Edelman’s forecasting for Bitcoin, a pure-play ETF can come into existence this year and he also believes one-third of Americans to be bitcoin owners by the end of this year. At the interview, Edelman confessed to making these predictions for the last 7 years and believes that someday he is going to be right about it.
Reasons Why Edelman Believes His ETF and Other Predictions to Come True
The first and foremost reason why Ric Edelman is such an optimist is the growing awareness of Americans regarding Bitcoin. At the moment, almost a quarter of the population are Bitcoin owners. The number is just getting better with each passing day as several Americans are investing in it without making a big fuss about it. With such an impressive adoption graph, it is not much of a stretch for the crypto investor number to reach one-third.
Edelman also stated the SEC’s inability to find any more excuses to say no to a Bitcoin-based ETF is the most important reason for his hopefulness. He mentioned how the industry using innovation and market maturity has addressed the concerns of the SEC. The latter would need to give a nod to the creation of ETF-based products as part of its commitment towards consumer protection. Without an ETF, the growing crypto enthusiasts are seeking alternative channels thus facing fraud and other scams in the process.
The chief investment officer of Bitwise Asset Management, Matthew Hougan supported Edelman’s thoughts. He believes it is time the SEC approves an ETF and provides reduced cost, improved defences and easier access to the American investors and is hopeful this year would bear fruit. He also stated that the collective weight of the evidence will force SEC to go ahead with the ETF approval.
Ric Edelman is an entrepreneur and founder of Edelman Financial Services and author of personal finance books. He has also hosted a talk show ‘The Ric Edelman Show’ themed on personal finance that aired every week. In addition, Edelman served as the host for ‘The Truth About Money with Ric Edelman’, a public television show. He is also the #1 New York Times bestselling author. His books are printed in seven languages with almost one million copies sold.
His interest in crypto extends beyond giving opinions and making predictions. He is soon going to release his book ‘The Truth About Crypto’. In 2019, he called Bitcoin a genuine new asset discovered in the last 150 years.