Speaking to CNBC, Ric Edelman, the founder of financial consultancy firm Edelman Financial Engines, said that the future of Bitcoin is bright.
Edelman has been a longtime advocate of Bitcoin and cryptocurrencies, describing Bitcoin in 2019 as the “first and true new class of assets” in the past 150 years.
According to Bitcoin supporter Edelman, although Bitcoin has a bad start to 2022, institutional firms such as large corporations, foundations and pension funds continue to invest in Bitcoin.
Edelman also pointed out that besides institutional investment, Bitcoin and cryptocurrencies continue to be adopted among retail investors.
“I think a third of Americans will buy Bitcoin by the end of 2022. Because Bitcoin is becoming more and more common and people see Bitcoin everywhere.”
Expressing his opinions on the spot Bitcoin ETF, Edelman said that he believes a spot Bitcoin ETF will be approved by 2023.
“Many of the SEC’s concerns about the Bitcoin ETF have been resolved thanks to the innovation and rapid innovation brought by the crypto industry. In this context, I am confident that the SEC will approve the spot ETF because the SEC has no reason to say no.”
Edelman finally said that Bitcoin will become even more popular in the next few years and will be widely found in investors’ portfolios.
*Not investment advice.