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VanEck's chief strategist says Bitcoin ETF is a multi-billion dollar investment

09 Nov, 2018
by Richard Allen
News
VanEck's chief strategist says Bitcoin ETF is a multi-billion dollar investment

Director of Digital Assets Strategy at VanEck, Gabor Gurbacs has made a bullish prediction during an interview with CNBC Crypto Trader. According to Gurbacs, if the SEC approves VanEck’s proposed Bitcoin ETF it could attract several billions of dollars worth of investment to the industry.

If the SEC approves the ETF, the likelihood of institutional dollars coming into the industry via securities skyrockets. The main reason for this is because ETFs will be better prepared to maximize investor protection while at the same time minimizing counterparty risks.

“Right now, 90 to 95% of the digital assets space is retail. So people invest via trading platforms that offer low securities and safeties. Investors are not used to it,” Gurbacs stated.

A total of nine ETF’s have so far been rejected by the SEC. However, VanEck met with the SEC late last month to discuss the likelihood of an approved ETF. VanEck’s proposal in August was rejected, but now the investment management firm says the reasons for its earlier rejection have been resolved.

Read more: VanEck meets with SEC, says the reasons for the rejection have now been 'resolved'

The next SEC decision is coming up on December 29. However, it’s possible that the deadline is pushed back to February 29, 2019, at which point a final decision will have been made. VanEck remains optimistic that their latest proposal will be approved, but we’ll have to wait and see what the SEC thinks.

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