CEO, president and chairman of the Chicago Board Options Exchange (CBOE), Ed Tilly, in a recent statement on Friday, Jan. 18th 2019, called for a need to have Bitcoin (BTC) exchange-traded notes (ETNs) that will encourage Wall Street investors to join the crypto market space.
Tilly, who declared the Bitcoin growth in listed markets as hamstrung by the lack of a trading product, said that BTC, owing to the lack of a BTC note or a tied tracker, whose exchange enables trading for retail customers, did not see a substantial growth, eventually claiming both futures and exchange-traded notes, as an access point that will attract Wall Street investors.
According to Tilly, ETNs because of their lower barrier for entry, have the potential to attract the average investor which futures lack, enabling institutions to lay off the risk on the listed futures market. Adding further, he said that the only reason which prompted the regulators to not approve a Bitcoin exchange-traded product, such as the exchange-traded fund (ETF) applications, is the regulators’ loose grip on the market, as they cannot prevent investors from manipulation on a market they cannot control. Concluding, he said that the answer to this question will automatically fetch the market its first ETN.