VanEck assures that the introduction of a Bitcoin ETF will have no influence on the price of BTC.
According to VanEck advisor Gabor Gurbacs, the introduction of Bitcoin (BTC) spot exchange-traded funds (ETFs) is not expected to have a significant impact on the price of Bitcoin itself. However, Gurbacs believes that it will have a substantial effect on capital flows into the cryptocurrency sector.
While Bitcoin ETFs are anticipated to bring in trillions of dollars in the long run, Gurbacs argues that their short-term impact will be minimal. He estimates that the net inflow of funds will likely amount to around $100 million, mostly coming from large institutional investors who are essentially recycling their existing investments.
Nevertheless, if a spot Bitcoin ETF is approved in the United States as expected, Bitcoin’s price trajectory may follow a similar path to gold, but at a much faster pace due to its limited supply and events such as halvings that increase its scarcity.
The Securities and Exchange Commission (SEC) has set a deadline of December 29, 2023, for updated applications for spot Bitcoin ETFs. Companies that fail to meet this deadline will miss the opportunity to obtain SEC approval in early January.
Matrixport platform analysts predict that the product will likely be launched in January 2024, with trading of spot Bitcoin ETFs in the US expected to begin in February or March.
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