OmiseGO Holiday Special AMA
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SEC Could Approve Bitcoin ETF 18 Month Away – Says Crescent Crypto’s CEO
Ali Hassan, co-founder, and CEO of Crescent Crypto Asset Management was interviewed by Bloomberg Markets. Upon being asked about Bitcoin ETF, Hassan was very candid in mentioning that there is a possibility of SEC approving the Bitcoin-only ETF in the next 18 months.
Investor Protection a key hurdle for SEC clearance
According to Hasaan, the SEC is really concerned about retail investors protection as they would be exposed to a volatile and unregulated market of cryptocurrencies. According to him, that’s why a mutlicoin product makes much more sense at this time than an individual coin product as it takes away a lot of volatility from the underlying assets. To quote him,
“The SEC wants to see investor protection, “The SEC wants to see investor protection Omisego Icon
On being asked about the BTC prices his answer was “[It’s going] to the moon. We’re expecting it to go much higher”
SEC Top Official Working on Bitcoin ETF & Determining the Security Nature of Coins
Crescent crypto asset management doing things right
According to Hassan, passive investment in cryptocurrencies seems to be the best strategy for investors and that’s what its investors in US like. He feels it’s a really good way to get exposure without manager bias and it comes out to be a lot cheaper and tax effective. Giving an example, Hassan mentioned that passive investment does reduce the asset volatility by “holding 20 coins with slightly different levels of correlation and using a 90-day trailing average market cap.”
He says just because of this approach his fund hasn’t seen a single redemption yet and he sees a continuous demand for mutlicoin products, irrespective of their falling prices
Crescent was created by three former Goldman Sachs executives in late 2017. The three co-founders, Christopher Matta, Michael Kazley and Ali Hassan, who are also the chief executives of the firm, were all under 30 and wanted to leave their banking career behind to create a crypto index fund. They ended up creating the Crescent 20 Private Index Fund, which maps the 20 largest cap and most liquid cryptocurrencies in the market. All coins that do not meet “stringent institutional thresholds” are excluded from the index. The fund only approaches wealthy US investors, whose annual salaries are above $200,000.
Omisego Icon ,000+ cryptocurrencies existing in the market today. It includes
, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar Lumens, Tron, Neo, and Dash. Other currencies held by the fund are Monero, NEM, VeChain, Ethereum Classic, Qtum, OmiseGo, Icon, Lisk, Zcash, and Ontology. These 20 currencies hold over 90 percent of the total market cap of cryptocurrencies. Of these, Bitcoin holds the largest weight in the fund (44.7 percent), followed by Ethereum (19.3 percent), Ripple (8.7 percent) and Bitcoin Cash (6.1 percent).
Looking at the security aspect the fund stores all its coin in cold storage thus eliminating the exchange risk associated.
SEC Could Approve Bitcoin ETF 18 Month Away - Says Crescent Crypto’s CEO
Ali Hassan, co-founder, and CEO of Crescent Crypto Asset Management was interviewed by Bloomberg Markets. Upon being asked about Bitcoin ETF, Hassan was very candid in mentioning that there is a possibility of SEC approving the Bitcoin-only ETF in the next 18 months.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Omisego Icon
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies.
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Stellar [XLM] Records 1,000,000 Accounts on the Ledger Inching Closer to Ripple [XRP]
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