With the approval of a spot Bitcoin ETF imminent, the question is when. Investment company CEOs are confident a landmark decision will be made on Wednesday. On Tuesday, VanEck CEO Jan van Eck suggested that his company’s Bitcoin ETF could begin trading on Thursday, lending credence to speculation that the U.S. Securities and Exchange Commission will begin approving various ETFs on Wednesday.
“We have precedent… that happened with the Ethereum futures ETF,” van Eck said during a panel hosted by CNBC’s Bob Pisani. “(Ethereum futures) were all approved to launch on the same day, and the SEC doesn’t want to give an advantage to any particular ETF issuer in terms of high-level policy, so this is a fair way to handle it.
More than 10 spot Bitcoin ETFs are awaiting final approval from the SEC to begin trading. Although different investment funds may compete with each other, Van Eck said ETF approval would be good for everyone.
“But I don’t think this is going to be a winner-takes-all market. I think market share will be dispersed,” van Eck said. “It’s okay because there will be a lot of winners. It’s really good.”
Bitcoin and gold are poised to rise, Van Eck said, noting that although near-term market positioning is ahead of the upcoming approval, investors may be overlooking other favorable scenarios for Bitcoin, including the upcoming halving and a pause in interest rate hikes by the Federal Reserve. I said there is. Store of value.
Van Eck predicted the imminent launch of a spot Bitcoin ETF, reiterating the company’s commitment to donating a portion of the ETF’s proceeds to core Bitcoin developers.
“There are many developers who have worked for free to build the Bitcoin network and continue to add and change to that network, and we want to pay tribute to those developers,” he said. “So we are donating a portion of the profits we earn from this ETF.”
Van Eck is confident in Bitcoin’s investment potential and likens the digital asset to gold, saying now is the time for investors to think about where to invest in the best cryptocurrency.
“Some investors are not interested in investing in store value, but then my point is that Bitcoin complements gold,” van Eck told CNBC. “Over the past few decades, there have been other complementary alternatives to gold, silver, platinum and palladium. So this is just a compliment. So let’s start there and think about where to put it in our portfolio.”
Edited by Ryan Ozawa.
