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12/07/2023

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XRP, Ether, Solana, Cardano, Shiba Inu Brace For Trillion-Dollar Storm As Spot Bitcoin ETF Finally Draws Near

In a detailed post shared with X, formerly Twitter, Gabor Gurbacs, the prominent investment strategist and Director of Digital Asset Strategy at VanEck, detailed the potential that a spot Bitcoin ETF can have...

XRP, Ether, Solana, Cardano, Shiba Inu Brace For Trillion-Dollar Storm As Spot Bitcoin ETF Finally Draws Near

XRP, Ether, Solana, Cardano, Shiba Inu Brace For Trillion-Dollar Storm As Spot Bitcoin ETF Finally Draws Near

In a detailed post shared with X, formerly Twitter, Gabor Gurbacs, the prominent investment strategist and Director of Digital Asset Strategy at VanEck, detailed the potential that a spot Bitcoin ETF can have on the Bitcoin, XRP, Ethereum, Solana, Cardano, Shiba Inu markets.

Using gold, a globally recognized precious metal and long-standing Bitcoin rival, as an example, Gurbacs explained that the SPDR (State Street) Gold ETF (GLD) was introduced to the market on the 18th of November 2004.

After its integration, the ETF gained massive popularity and adoption from investors and market players alike. Suggesting that the ETF was a catalyst for gold’s market price value, he observed a significant increase in its market valuation.

For context, the market recorded a massive upsurge in the price value of gold as it quadrupled over 8 years. Gold, initially valued at $400, skyrockets to $1,800, while its market cap rose from $2 trillion to $10 trillion.

Asserting that Bitcoin could imitate gold’s trajectory following the approval of the highly anticipated spot Bitcoin ETF, the investment strategist wrote

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“Bitcoin’s market cap is ~$750 Billion today, less than 1/3rd of what gold was in 2004. In my view, upon the approval of a U.S. spot Bitcoin ETF, Bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after just much faster.

Laying down some other remarkable points, Gurbacs stated that only a few tens of billions of dollars will come from adopting a Bitcoin Exchange Traded Product (ETP). However, he clarifies that this influx of cash will not come at once.

He also added that a relatively low Bitcoin float (strong hands/long-term holders) and systematic scarcity via halving schedules would significantly boost the market.

Gurbacs is also convinced that Bitcoin’s current position in investment portfolios will both be “legitimized and destigmatized,” which will, in turn, lead to further adoption outside the ETF market.

Conclusively, he made yet another noteworthy comment on nation-states and sovereign wealth funds, explaining that they will begin to hold their Bitcoins directly while they attempt to secure optionality for mining and their Bitcoin-based capital markets.

Presently, a total of 13 firms have filed for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission. The price of Bitcoin has also continued to trade in an upward trajectory. Market participants are convinced that the bullish rally will intensify with the approval of a Bitcoin Spot ETF.

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ORIGINAL SOURCE

https://zycrypto.com/xrp-ether-solana-ca...

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