VanEck Shares Bitcoin ETF Approval Benefits Regarding Billions Waiting to Enter Crypto Market
One of the most awaited happenings of 2018 in the crypto community is a decision on an ETF application. The SEC, of course, has its concerns. Thus far, the commission has declined 9 proposals, mainly due to the fact that ETFs can be subject to manipulation.
VackEck, who submitted his own ETF proposal to the SEC, modified his proposal in hopes that this one would be the one to be approved. Another individual who has also geared toward supporting a Bitcoin ETF is Gabor Gurbacs, VanEck’s Digital Asset Strategy Director. In an interview with CNBC Africa, Gabor stated that approval of an ETF would lead to higher investor confidence and the flow of billions of dollars into the crypto industry.
Gabor also stated that the SEC should take advantage of the opportunity to regulate the cryptocurrency industry. Approval of an ETF would also enhance authorities and industry players because they would be able to better understand how decentralized currencies can work in a regulated market. Gabor further discussed that the ETF would be able to protect investors, while also maintaining the purpose of digital currencies. He added that ETFs would be institutional-friendly.
Gabor compared a Bitcoin ETF to a GoldETF because both are risk-averse. And that if the ETF were to be approved, it would lead to over a billion dollars in investment.