Many people didn’t know that they could own a fraction of a Bitcoin but ETF will solve this problem

VanEck’s advisor explained how the Bitcoin spot ETF products will play an important role to attract more people in the Bitcoin market.

Currently a dozen Bitcoin spot ETF applications are in queue on the table of the United States Securities and Exchange Commission (SEC) to get approval. ETF experts believe that the SEC body will surely approve such products within the next 4 days & these financial products will start trading this Thursday. 

On 6 Jan 2024, Gabor Gurbacs, an advisor at VanEck, took to X (formerly Twitter) to share how the mentality of many people works around Bitcoin (BTC). 

According to Gabor, a huge fraction of the world population thinks that they can’t purchase a fraction of Bitcoin & this is the reason why they don’t invest in Bitcoin.

Gabor explained that the majority of the Bitcoin spot ETF applicants will issue their Bitcoin investment product with a double-digit NAV, often $25. So, hypothetically the Bitcoin ETFs would launch at $44 per share, removing 3 zeros. 

Furthermore, Gabor said that it will change the mentality of people and they will consider it more affordable to invest money. 

A Crypto X (Twitter) user shared his response opinion on the VanEck advisor’s point of view and said that he is right because we can see how the trade price of the meme coins surge rapidly, it happens usually when a person can purchase a huge number of tokens for a fraction of a dollar. 

Bitcoin spot ETF application rejection chances 

On 7 Jan 2024, Bloomberg analyst Eric Balchunas said that the chances of the rejection of Bitcoin spot ETF applications became 5%, which was earlier 10%.

According to Balchunas, these applications may face rejection if the SEC body ignores the court ruling or the Biden administration that interferes in this matter officially.

In short, the Bloomberg expert believes that the SEC body will approve these applications by next week surely 

Read also: Bitcoin will crash 40% in March because of two major factors