VanEck: “the launch of bitcoin ETF will give the US economy a boost for the next 10 years”

Cryptocurrencies

Gabor Gurbach believes that the US Securities and Exchange Commission (SEC) is obliged to approve a request to launch a Bitcoin ETF if it wants to support the American economy.

Gurbach holds the position of digital asset strategy director at VanEck. In a conversation with Fox Business on Tuesday, he stated:

“We have been waiting for approval from regulators for a long time in order to bring cryptoactive assets to the regulated US capital market. This step can be an impetus for the development of the American economy in the next ten years. ”

Gurbach believes that America needs to use innovative technologies to improve its own payment systems and infrastructure of capital markets.

“The United States already understands that in order to return its former greatness to its markets, a 10-year plan is needed. We are lagging behind in the field of payments and this omission needs to be filled. Running Bitcoin ETFs can be a driver for updating payment systems and capital markets, ”adds VanEck’s digital assets strategy director.

He also commented on recent negative statements by US senators, the President and the Minister of Finance regarding cryptocurrencies. Gurbach believes that these people are most likely not competent enough in this matter.

“Bitcoin and only bitcoin can improve the US payment system. No other cryptocurrencies are capable of this, only Bitcoin. We have the opportunity to meet all the needs of regulators and the government in order to reshape capital markets, Gurbach said, adding that we should not confuse the concepts. – Bitcoin is not Libra. Stablecoins are not Libra either. You should not put one size fits all. ”

Manager VanEck said that he understands the reason for the criticism of Libra by the authorities. “Who needs a currency, the issuer of which periodically experiences problems of privacy, and which has the secrecy of a Swiss bank? But it should be understood that Bitcoin is significantly different from the cryptocurrency initiative of Facebook. Bitcoin or some kind of steblecoin based on it could well help Congress. ”

Recall that in late May, the SEC once again postponed the decision on the VanEck and SolidX application to create Bitcoin ETFs. The next decision will be announced on August 19th.