Gabor Gurbacs, the strategy advisor at VanEck and founder of PointsVille, posted on social media platform X emphasising the efforts put in for years by the applicants, issuers, regulators, market makers, and more in bringing these products to life.
Gurbacs highlights the number of years it took for Bitcoin ETFs to come to reality. The joint effort of applicants, issuers, and firms have all, in his view, exponentially increased Bitcoin accessibility by 10-50 times within a single year, onboarding traditional capital markets.
Given the expectation that large amounts of capital and M&A activity would flow, Gurbacs highlights the certainty surrounding Bitcoin. Financial companies are keen to cash in on the Bitcoin market, allocating significant capital into hiring teams and products with high potential. Such approval opens the door to fierce competition between digital asset entities that seek to compete with giants of traditional finance.
Gurbacs predicts competition for market share among successful digital asset entities. According to him, “The right teams with the right resources and focus will win.” Ownership of cutting-edge technologies and strategic team acquisitions will play a pivotal role, in shaping global market power dynamics.
While Bitcoin experienced a remarkable surge last week, its price has seen a 13% decline since then. Traders are selling Bitcoins to capitalize on gains and invest in spot Bitcoin ETFs. Additionally, on-chain data reveals a notable increase in selling activity by Bitcoin miners, offloading 10,600 BTC in the last 24 hours, valued at approximately $455.8 million.
The approval of Bitcoin ETFs marks a historic moment, propelling Bitcoin into mainstream financial markets. Gurbacs’ insights are reflective of the optimism surrounding institutional participation, and the emergence of powerful players in the evolving cryptocurrency landscape.
Bitcoin continues to trade within a tight range, hovering above the $105,363.38 mark while struggling…
Dubai just gave Ripple’s new stablecoin a big win. The city’s financial regulator, the Dubai…
While the crypto market today has been ranging sideways, Ethereum has made decent moves both…
The Solana Foundation has signed a Memorandum of Understanding (MOU) with Dubai’s Virtual Assets Regulatory…
Ripple’s stablecoin, RLUSD, has received approval from the Dubai Financial Services Authority (DFSA) for use…
An account dedicated to posting news and updates about Pi Network recently ran a poll…