Fund manager Vaneck about their bitcoin ETF application: “We are the closest that we can be”
Vaneck and Solidx have an application for a bitcoin ETF which, according to many, has a chance to be approved. After meetings with the U.S. Securities and Exchange Commission, Gabor Gurbacs, director of digital assets at Vaneck, now says that they are the closest that they can be to get it approved.
A bitcoin ETF is a so-called exchange-traded fund with exposure to bitcoin. For quite some time, there has been much attention regarding these bitcoin ETFs. Many believe that a bitcoin ETF could lead to a price increase for bitcoin, simply because the ETF would allow more people to expose themselves to the price of bitcoin.
However, several applications for bitcoin ETFs have previously been rejected by the U.S. Securities and Exchange Commission (SEC).
“It is very clear to me that America wants a bitcoin ETF”
However, Gabor Gurbacs, director of digital assets at fund manager Vaneck, says that their proposal for bitcoin ETF from Vaneck and the crypto startup Solidx is as close at it can be to be approved. This after Vaneck have had meetings with the U.S. financial authorities.
He says that the demand for a bitcoin ETF is high in the U.S. and that Vaneck and Solidx are ready to fill this demand. The decision on their bitcoin ETF will be decided by SEC before February next year.
“It is very clear to me that America wants a bitcoin ETF and we are here to build it”, says Gabor Gurbacs in an interview with Fox Business.
Meets every requirement
Vaneck and Solidx’s bitcoin ETF meet all the requirements that the U.S. financial authorities have set up in order to approve an exchange-traded fund for commodities, says Gabor Gurbac in the interview. He also mentions several reasons why Vaneck and Solidx’s bitcoin ETF should be approved.
The Bitcoin ETF is backed by 25 bitcoin per share in the exchange-traded fund. This means that you can invest a minimum of $158,000, with the current bitcoin price. The relatively high price means that the fund is intended for large investors and not small investors who only speculate on the price. The fact that small investors could lose all their money was previously an argument that the SEC had against other bitcoin ETF proposals.
“Bitcoin is digital gold”
Vaneck and Solidx’s bitcoin ETF is insured. This means that a theft or hacker attack on their bitcoin would not directly affect the ETF.
The price of the bitcoin ETF is based on price information from a regulated company that offers price data, which reduces the possibilities for manipulation of the price of bitcoin. This is something that the SEC has previously expressed concern for.
“I say bitcoin is digital gold and we should not dismiss a potential opportunity for the next financial system”, said Gabor Gurbacs in the interview with Fox Business.
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