The financial author detailed in his latest publication that he is optimistic the US SEC will finally give the green light to a Bitcoin ETF
In an interview on CNBC's Halftime Report, the founder of Edelman Financial Engines backed his projection that a third of American adults will be bitcoin holders by the end of the year. Edelman, author of several books in the personal finance space, penned in his latest book titled The Truth About Crypto his predictions for the crypto sector this year.
Edelman weighs in on bitcoin adoption and spot bitcoin ETF decision
Notable among his predictions is that the number of American adults that own bitcoin will grow from nearly a quarter to a third. Edelman noted that the bitcoin adoption rate is high, and many people are being drawn to digital assets.
"It won't be that much of a stretch to see us get to a third [ from 24%], and it's because Bitcoin is becoming more and more mainstream. People are hearing about it everywhere, and it isn't going anywhere […] We are seeing governments, corporations, foundations, pension funds all investing," the Ric Edelman Show host said.
Edelman added that the entry of more institutional clients into the bitcoin market would encourage other investors to consider taking the advice of their investment advisors who favour crypto investments.
On a Bitcoin ETF, Edelman backed other crypto proponents who are rooting for the Securities and Exchange Commission to approve a Bitcoin ETF. There has been little hope of a crypto-backed ETF being given the go-ahead in recent days. The US financial regulator is still reluctant to give the green light to Bitcoin ETFs from digital asset managers. Last week, the commission punted again on the spot Bitcoin ETF proposal from the NYDIG.
However, the Edelman Financial Engines founder believes that the top regulator will finally bow to the increasing pressure.
"The SEC is running out of excuses to say no. A lot of the concerns they have been resolved by the industry […] The SEC will yes because it will realise this [approving the ETF] is a step towards consumer protection," he stated.
Adam Curry: Bitcoin is a better crypto asset than Ethereum
Elsewhere, in a podcast session on The Joe Rogan Experience, techprenuer Adam Curry revealed his liking for Bitcoin and explained his preference for the crypto over Ethereum. Curry backed Bitcoin as the superior asset in investment in the session held on January 8th, citing its limited supply as a swinging factor.
"The difference between Bitcoin and Ethereum is that in Bitcoin, there will only be 21 million, it cannot be changed. It cannot be inflated, and you cannot say the same for Ethereum," he said.
He averred that he is pro-Bitcoin and doesn't care much about the majority of other crypto assets because they lack scarcity, which he considers, crucial.
"I'm just on the Bitcoin train because I believe my money is safer there. The money system is broken, it causes inflation, misery, it causes wars because it's linked to oil, so we have to protect all that."
Curry also added that the Bitcoin network doesn't have a chief executive or any hierarchical structure, making it more decentralised.