Steven McClurg, the Investment Director of Valkyrie Investments, has recently said that the failure of cryptocurrency exchange FTX has further delayed the launch of a Bitcoin-based spot ETF in the United States.
He has explained that the primary issues preventing its fruition are storage and market manipulation, which he claims would have been largely resolved had FTX not experienced such a collapse.
McClurg has also expressed his sentiment that the fears of market manipulation are unsubstantiated, citing the successful operation of such tools in Canada since February 2021. Additionally, he has mentioned that Valkyrie Investments had done their due diligence on Celsius, Voyager, BlockFi, and FTX, but had not chosen to work with them since they deemed them unsafe platforms.
He has concluded by noting that Valkyrie Investments realistically believes that a spot Bitcoin ETF may be approved in the next presidential election in 2024 or via legislative action.