VanEck advisor Gabor Gurbacs doesn’t count on the launch of Bitcoin (BTC) spot exchange-traded funds (ETFs) to affect Bitcoin value a lot.
In a publish to X, monetary guru Gabor Gurbacs famous that whereas the launch of a spot Bitcoin ETF is not going to vastly affect the value of BTC, it can considerably affect capital flows into the cryptocurrency sector.
Bitcoin ETFs are extensively anticipated to bring in trillions of {dollars} over the long run, however Gurbacs believes they won’t transfer the needle that a lot within the short-term.
“Bitcoin is forcing its personal capital markets techniques and merchandise effectively past the ETF, and that’s not priced in. The query will not be what BlackRock adopts, however what Bitcoin firm is the subsequent BlackRock.”
Gabor Gurbacs, VanEck advisor
Gurbacs additionally believes that the preliminary affect of the Bitcoin ETF is vastly overestimated – estimating that internet inflows might solely quantity to about $100 million of “principally recycled” cash from giant institutional traders.
That being stated, following the extensively anticipated approval of a spot Bitcoin ETF within the U.S., Bitcoin’s value trajectory might effectively observe within the footsteps of gold, however it can doubtless occur “a lot sooner” because of its restricted provide and scarcity-increasing occasions comparable to halvings.
The Securities and Alternate Fee (SEC) set the submitting deadline for up to date purposes for a spot Bitcoin ETF to Dec. 29, 2023. If corporations failed to fulfill that deadline, they are going to lose the chance to obtain SEC approval in early January.
Matrixport platform analysts predicted the doubtless launch of the product in January 2024. Consultants imagine that the SEC will enable buying and selling of spot Bitcoin ETFs within the US till January subsequent 12 months. Presumably, buying and selling will start in February or March.