RATE Group | For Wall Street, Bitcoin ETF Decision Could Answer ‘$1 Billion’ Question
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For Wall Street, Bitcoin ETF Decision Could Answer ‘$1 Billion’ Question

07 Aug For Wall Street, Bitcoin ETF Decision Could Answer ‘$1 Billion’ Question

Posted at 09:42h in Bitcoin News by

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“I wish I knew the answer to your $1 billion question. Seriously.”

That’s Gabor Gurbacs, director of digital asset strategy at New York-based investment management firm VanEck, the company has been making headlines of late for a proposed bitcoin exchange-traded fund (ETF). No lightweight in the arena, though, the VanEck proposal has been deemed by some to have the best shot of being approved by the U.S. Securities and Exchange Commission (SEC).

Indeed, all eyes are on the SEC in the wake of its comment period, with a possible yes or no – or further delay – expected by Friday. Even so, Gurbacs is cautious about what to expect from the SEC in coming months.

When asked what he suspected the outcome would be, he deferred.

He told CoinDesk:

“Unfortunately, I don’t know the answer. I do know that we have addressed market structure issues and this is a chance for regulators to bring bitcoin under existing frameworks and protect investors.”

Still, if the measure fails, it won’t be…

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