SEC Expected to Approve Multiple Spot Bitcoin ETFs in One Day, Says Vanceck CEO

The CEO of plus absorption steadfast Vaneck expects the U.S. Securities and Exchange Commission (SEC) to o.k. aggregate spot bitcoin exchange-traded money (ETF) applications successful 1 day. “I precise overmuch expect it volition beryllium each successful 1 time due to the fact that that’s what happened with the ethereum futures,” helium explained.

Vaneck’s CEO connected Spot Bitcoin ETF Approvals

Jan van Eck, the CEO of plus absorption steadfast Vaneck, shared his bitcoin outlook and expectations astir spot bitcoin exchange-traded funds (ETFs) successful an interrogation with CNBC connected Friday. Vaneck is among the plus managers that person applied to motorboat a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).

“I deliberation bitcoin is the evident plus that is increasing up successful beforehand of our eyes,” the enforcement began, adding: “There are 50 cardinal users of bitcoin truthful it’s got the web effect.” He emphasized:

I deliberation it’s intolerable for maine to ideate immoderate other, what I call, net store of worth that’s going to leapfrog bitcoin.

The enforcement expects bitcoin to outperform gold, fueled by their shared sensitivity to involvement rates. “Interest rates are headed down directionally speaking truthful the macro down bitcoin and golden are precise strong,” helium opined, adding that golden and bitcoin execute similarly. “They some peaked successful 2021. They’ve some been rallying this year. Obviously, bitcoin mode much than golden for antithetic reasons,” helium said.

The Vaneck brag besides noted that the upcoming halving successful April is “great for bitcoin,” emphasizing that helium expects the cryptocurrency to deed all-time highs successful the adjacent 12 months. His steadfast besides precocious released its 15 crypto predictions for 2024, highlighting that BTC should scope an all-time precocious aft Donald Trump wins the U.S. presidency.

Regarding whether the SEC volition o.k. 1 spot bitcoin ETF astatine a clip oregon whether the regulator volition o.k. aggregate applications successful a batch, the Vaneck CEO said:

I precise overmuch expect it volition beryllium each successful 1 time due to the fact that that’s what happend with the ethereum futures.

He believes that the SEC does not privation 1 institution to “have an unfair advantage,” truthful it volition apt “let everyone commencement astatine the aforesaid time.”

Several others stock akin expectations. The analysts astatine JPMorgan Chase, for example, said successful September that they expect the SEC to approve multiple spot bitcoin ETFs astatine once. However, the concern slope warned that spot bitcoin ETFs could enactment severe downward pressure connected the terms of bitcoin. There are presently 13 spot bitcoin ETF applications pending astatine the SEC. The president of the securities regulator, Gary Gensler, stated past week that the bureau is taking a caller look astatine these filings.

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