SEC Expected to Approve Multiple Spot Bitcoin ETFs in One Day, Says Vanceck CEO

Vaneck’s CEO on Spot Bitcoin ETF Approvals

Jan van Eck, the CEO of asset management firm Vaneck, shared his bitcoin outlook and expectations around spot bitcoin exchange-traded funds (ETFs) in an interview with CNBC on Friday. Vaneck is among the asset managers that have applied to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).

“I think bitcoin is the obvious asset that is growing up in front of our eyes,” the executive began, adding: “There are 50 million users of bitcoin so it’s got the network effect.” He emphasized:

The executive expects bitcoin to outperform gold, fueled by their shared sensitivity to interest rates. “Interest rates are headed down directionally speaking so the macro behind bitcoin and gold are very strong,” he opined, adding that gold and bitcoin perform similarly. “They both peaked in 2021. They’ve both been rallying this year. Obviously, bitcoin way more than gold for different reasons,” he said.

The Vaneck boss also noted that the upcoming halving in April is “great for bitcoin,” emphasizing that he expects the cryptocurrency to hit all-time highs in the next 12 months. His firm also recently released its 15 crypto predictions for 2024, highlighting that BTC should reach an all-time high after Donald Trump wins the U.S. presidency.

Regarding whether the SEC will approve one spot bitcoin ETF at a time or whether the regulator will approve multiple applications in a batch, the Vaneck CEO said:

He believes that the SEC does not want one company to “have an unfair advantage,” so it will likely “let everyone start at the same time.”

Several others share similar expectations. The analysts at JPMorgan Chase, for example, said in September that they expect the SEC to approve multiple spot bitcoin ETFs at once. However, the investment bank warned that spot bitcoin ETFs could put severe downward pressure on the price of bitcoin. There are currently 13 spot bitcoin ETF applications pending at the SEC. The chairman of the securities regulator, Gary Gensler, stated last week that the agency is taking a new look at these filings.