The CEO of asset management firm Vaneck expects the U.S. Securities and Exchange Commission (SEC) to approve applications for multiple spot Bitcoin exchange-traded funds (ETFs) within a day. “We expect the whole thing to be done in one day because that’s what happened with Ethereum futures as well,” he explained.
Vaneck’s Spot Bitcoin ETF Approved by CEO
Jan van Eck, CEO of asset management firm Vaneck, shared his Bitcoin outlook and expectations for a Bitcoin spot exchange-traded fund (ETF) in an interview with CNBC on Friday. Vaneck is one of the asset managers who has applied to the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF.
“I think Bitcoin is a solid asset that is growing before our eyes,” he said, adding, “There is a network effect as there are 50 million Bitcoin users.” He emphasized:
I think it is impossible to imagine any other Internet store of value that would surpass Bitcoin.
He expects Bitcoin to outperform gold because it shares the same sensitivity to interest rates. “The macroeconomics of Bitcoin and gold are very strong because interest rates are declining directionally,” he said, adding that the performance of gold and Bitcoin is similar. “Both peaked in 2021. Both have rallied this year. Obviously, Bitcoin is much more valuable than gold for a number of reasons,” he said.
Vanek’s boss also noted that the upcoming April halving is “a good thing for Bitcoin,” emphasizing that he expects the cryptocurrency to hit all-time highs in the next 12 months. His company also recently published 15 cryptocurrency predictions for 2024, highlighting that BTC will hit all-time highs after Donald Trump is elected US president.
Regarding whether the SEC will approve one spot Bitcoin ETF at a time or whether the regulator will approve multiple applications in batches, CEO Vaneck said:
I expect this will all be over in one day. Because that’s what happened with Ethereum futures as well.
He believes the SEC will likely force “everybody to start at the same time” because it doesn’t want one company to have an “unfair advantage.”
Several others share similar expectations. For example, analysts at JPMorgan Chase said in September that they expect the SEC to approve several spot Bitcoin ETFs simultaneously. However, the investment bank warned that spot Bitcoin ETFs could put significant downward pressure on the Bitcoin price. There are currently 13 spot Bitcoin ETF applications pending with the SEC. Securities regulator Chairman Gary Gensler said last week that the agency was taking a fresh look at those filings.
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Source: Bitcoin.com