Loading...Gabor Gurbacs, the head of Digital Assets Strategy at VanEck, feels himself very optimistic regarding possible approval by SEC Bitcoin Exchange-traded funds (ETF). He don’t expect exactly that Bitcoin ETFs gets approval before turn of 2018 year but he stares at the December, 29, 2018 as the nearest day when SEC’s commissioners will be summoned to decide about requests about such financial instruments. The regulator may also postpone its consideration until February of coming year. As Gurbacs says, “So, on December 29th, the SEC may say that we need more time to make a decision on this ETF and legally, they can push it to the next deadline, February, at which point they need to make a final decision of yes or no.”
But Gurbacs has no straw of doubt that SEC will at long last approve Bitcoin ETFs since the founder of VanEck, John VanEck, has a respectful history behind himself: “In 1968, he builds the first gold equity fund and basically the past sixty years, we have built market structure and funds for harder to act asset investment instruments. So we’re doing the same for Bitcoin and you know, turns out it’s actually not an easy task to do.”
Gurbacks flashed the main core of peculiarity of their proposed Bitcoin ETF: this funds are backed by physical Bitcoins, moreover all these bought Bitcoins are going to be fully insured. Speaking about Bitcoin volatility he added that “the pricing of that that we use for Bitcoin comes from our indexing subsidiary, which is a regulated entity and provided and the first financial standard and regulated indices. We’re just trying to do the right things fitting into U.S. capital markets. I do believe that America wants a Bitcoin ETF and at this point the world wants a bitcoin ETF. We have quite a job to do here.” VanEck’s ETF keeps institutional investors in focus and because of it the typical investment product (share in ETF) is about 25 Bitcoins per basket. He believes that crypto market reaches $10 trillion in 20 years due to Bitcoin ETFs appearance: “Our gold ETFs are already in a few billion dollars range. There are gold ETFs in $10 billion range as well. I wouldn’t be surprised if a bitcoin ETF gets in a few billion dollars range.”
