VanEck adviser says Bitcoin spot ETF won’t likely have much impact on Bitcoin price but there is a catch
Gabor Gurbacs shared his prediction on the most possible outcomes from the Bitcoin spot ETF products approval for the long term.
Bitcoin spot ETFs are centralised financial assets which allow people to invest in Bitcoin on behalf of that ETF issuer. Currently, a dozen of such ETF applications are in the queue on the table of the United States Securities and Exchange Commission (SEC) to get approval. As per reports, the SEC body will give its decision on these applications within the next week.
On 1 Jan 2024, VanEck adviser Gabor Gurbacs took to X (formerly Twitter) to share his opinion on all of these Bitcoin spot ETF applications’ role in the economy of the crypto sector.
Gabor said that people are overestimating the potential ability of these ETF products in this initial phase because these products are not going to attract more than $100 million in this market.
According to VanEck’s advisor, all these applications will play an important role in injecting trillions of dollars into the crypto sector but in the long term.
Furthermore, Gabor noted that people are trying to create more & more hype around Bitcoin spot ETF products which is not an actual picture for the short term.
ETF experts believe that multiple Bitcoin spot ETF applications will get approval before 10 Jan 2024 and that will allow all the stock market investors to get an opportunity to invest in Bitcoin directly on behalf of ETF issuers.
According to some experts close to the ETF products business, all the ETF issuers are required to hold a huge amount of Bitcoin to provide a better level of customer experience and this competition among the fund managers will increase the Bitcoin buy pressure.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $42,440 & this trade price is 1.93% down over the last 7 days of trade price.
According to experts’ opinions, the trade price of Bitcoin may surge up to 30% this month because the Bitcoin blockchain is heading toward a halving event & obviously people will invest in Bitcoin in huge amount, in order to grab opportunity to profit around halving event.
Read also: Ethereum (ETH) price could explode in Jan 2024 If It holds this support
