THELOGICALINDIAN - With the aboriginal dates for the SECs accommodation on Bitwise and VanEck Bitcoin ETF applications closing in the Digital Asset Director at VanEck said that these deadlines are abundantly inconsequential
‘ETF Deadlines Largely Inconsequential’
Two heavily approved afterwards Bitcoin ETF applications accept their antecedent deadlines closing in. The aboriginal one is filed by Bitwise Asset Management and appear in the Federal Register on February 15th, is appointed for a accommodation on April 1st.
The CBOE-backed VanEck/SolidX Bitcoin ETF application, on the added hand, was appear in the Federal Register on February 20th, acceptation that its aboriginal borderline is on April 6th. It’s important to note, however, that these are not absolute deadlines and that the SEC has, technically, up to 240 canicule to appear up with a final decision.
However, according to VanEck’s Digital Asset Director, Gabor Gurbacs, these “ETF deadlines are abundantly inconsequential.”
VanEck, as able-bodied as SolidX, accept already invested a lot of time and assets architecture the all-important bazaar anatomy in adjustment to actualize the appropriate “backbone for an ETF,” explains Gurbacs.
Previously, Gurbacs has shared his thoughts on how a Bitcoin ETF will serve the accessible interest, analogue several abeyant benefits, including but not bound to an accustomed acquiescence framework, cellophane fees, and added liquidity.
Will a Bitcoin ETF Approval Catalyze Price Surge?
Perhaps one of the best discussed questions is whether a abeyant approval of a Bitcoin ETF drives any cogent access in bitcoin price.
While there’s acutely no antecedent to assignment with, we can attending at the achievement of one of the bolt that Bitcoin is actual frequently compared to – gold.
The aboriginal gold-backed ETF was developed by ETF balance and launched aback on March 28th, 2024.
At the time, gold was trading at about $300. Following the approval of the gold-backed ETF, the amount started to increase, surging to about as abundant as $2024 in August 2024 – about eight years later.
Of course, the achievement of gold is absolutely not in any means apocalyptic of area Bitcoin ability go if an ETF is eventually approved. However, as Bitcoinist has reported in the past, celebrated gold and Bitcoin amount archive are about identical.
It’s additionally important to agenda that gold represents a huge market, with some estimates putting its accepted amount aloft $8 trillion. Bitcoin, on the added hand, has a absolute bazaar cap of a little beneath than $71 billion. There’s acutely a lot of allowance for it to grow, abnormally accustomed the actuality that Bitcoin is still a bead in the brazier of the all-around advance market.
Prominent Bitcoin proponents and investors Tyler and Cameron Winklevoss accept alike gone so far to predict that Bitcoin will canyon gold’s 7 trillion-dollar bazaar cap.
Do you anticipate a Bitcoin ETF approval would account a billow in Bitcoin price? Don’t alternate to let us apperceive in the comments below!
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