Ethereum Insider Believes ETH ETF Approval Unlikely
Ethereum insider Steven Nerayoff has expressed doubt about the possibility of an Ethereum (ETH) exchange-traded fund (ETF) being approved. While many crypto enthusiasts are hopeful that ETH will be the next asset to gain ETF approval after Bitcoin, Nerayoff disagrees.
Ethereum Is Not Ready For ETFs
A Twitter poll conducted by the WhaleChart account asked users which cryptocurrency they would like to see get ETF approval next. Ethereum emerged as the frontrunner with 43.4% of the votes. However, Nerayoff believes that other assets on the list, such as Cardano and XRP, have a better chance of being approved for an ETF.
Nerayoff cites his ongoing allegations of fraud against Ethereum’s founders as a reason why an ETH ETF is unlikely to happen. He warns against “fraud machines” like Ethereum.
Bitcoin Is the Real Game-Changer
In contrast to his criticism of Ethereum, Nerayoff holds a more positive view of Bitcoin. He acknowledges that Bitcoin is a game-changer for humanity and revolutionizing technology. This comes after years ago when the SEC rejected a Bitcoin ETF but recently approved Spot BTC ETFs.
The anticipation for an ETH ETF remains high, with BlackRock, Valkyrie, and Fidelity already in the race for a Spot Ethereum ETF. Bloomberg analysts predict that an ETH ETF could be approved in mid-2024.
Hot Take: Unlikely Road Ahead for ETH ETF Approval
Ethereum insider Steven Nerayoff has cast doubt on the possibility of an Ethereum exchange-traded fund (ETF) gaining approval. Despite Ethereum leading in a recent Twitter poll for the next cryptocurrency to receive ETF approval, Nerayoff believes that assets like Cardano and XRP have a better chance. He cites fraud allegations against Ethereum’s founders as a reason for the unlikelihood of an ETH ETF. While expectations remain high, with several companies vying for an ETH ETF, it seems that the road ahead for approval may be challenging.
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