Cryptocurrency Investor and CNBC ‘Fast Money’ Trader Brian Kelly Sparked Controversy
Cryptocurrency investor and CNBC’s “Fast Money” trader Brian Kelly has sparked controversy on Crypto.
Kelly made the prediction during a post-market talk show on CNBC Fast money on May 22, a day before the SEC is set to make a decision on at least one proposed Ethereum (ETH) spot ETF.
O stranger @CNBC He says $ Civilian is the next ETF.
Hmm, where have I heard that before? pic.twitter.com/aYAedMhcM0
— ◢ J ◎ E McCann (@joemccanna) May 22, 2024
“Trading now is who’s next,” asked Kelly, who is also founder and CEO of digital asset fund BKCM.
“You have to look at Solana as probably the next guy. Bitcoin, Ethereum and Solana are probably the big three in this cycle.
Some industry observers disagree with Kelly’s predictions.
Nate Geraci, President of The ETF Shop, believes the Solana Spot ETF will not exist until the Solana Futures ETF is listed on the Chicago Mercantile Exchange or Congress establishes a legitimate regulatory framework for cryptocurrencies.
So far, only Bitcoin (BTC) and Ethereum (ETH) futures have been approved in the United States.
Bloomberg ETF analyst James Seyphart agrees with Geraci, pointing out that such a development would happen “within a few years” after having a market regulated by the Commodity Futures Trading Commission.
Seyphart believes the Solana spot ETF will see greater demand than any digital asset outside of Bitcoin and Ether.
However, Seyphart also pointed out that Gary Gensler and the SEC had flagged Solana as a stock in previous lawsuits against Coinbase and Kraken, which could complicate matters for potential future suitors.
Cinneamhain Ventures partner Adam Cochran had a contrarian view, as he believes Litecoin (LTC) or Dogecoin (DOGE) will be the next coin to be included in a spot ETF.
“A lot less demand, but cleaner paths,” Cochran said. Both Litecoin and Dogecoin are powered by a proof-of-work consensus mechanism like Bitcoin.
about: CEO Franklin Templeton Says All ETFs and Mutual Funds Will Be on Blockchain
A few ETF issuers have expressed the possibility of filing a Solana spot ETF.
However, trillion-dollar asset manager Franklin Templeton recently praised Solana and one of its founders, Anatoly Yakovenko, sparking speculation about whether the company would consider filing a Solana ETF in the future.
Matt Hogan, chief investment officer at Bitwise, predicted that Solana would be “the crypto asset of 2024” and recently explored real-world use cases on the network that organizations could benefit from.
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