A historic turning point for crypto investors is approaching with the anticipated approval of a spot Bitcoin ETF. No one wants to consider the 10% chance of rejection, as numerous developments have convinced everyone of an impending approval. The recent “we are not tourists” statement from a few hours ago has also boosted hopes.
The Race for Spot Bitcoin ETF
If the SEC gives its approval, we will witness multiple ETFs trading on three exchanges. However, the competition that Spot Bitcoin ETFs will enter will lead to interesting moves. Some issuers are keeping management fees to a minimum. Giants like BlackRock are more comfortable due to their brand confidence.
So, what will companies like VanEck do to stand out in this race? They will certainly try to win the hearts of investors and the crypto community. Allocating large advertising budgets or keeping ETF management fees at a minimum is also significant. But VanEck says they will support core developers with 5% of their earnings and strive for the growth of the Bitcoin network.
We Are Not Tourists
Asset management firm and potential BTC exchange-traded fund (ETF) issuer VanEck, if approved, will donate 5% of their profits to Bitcoin developers at Brink. VanEck’s application to list a spot Bitcoin ETF in the US is just one of a dozen applications currently in front of the US Securities and Exchange Commission.
In today’s post, VanEck wrote:
“We are not Bitcoin tourists. We are in this for the long haul. Brink’s relentless commitment to decentralization and innovation is a cornerstone of the Bitcoin ecosystem, and we are here to support it.”
With the ETF approval, the influx of billions of dollars from traditional finance into Bitcoin is expected. The way ETFs work could tighten the supply of BTC on exchanges, and this scarcity, combined with increasing demand, could lead to massive price surges.
Meanwhile, Turkey has yet to face the major regulatory developments for cryptocurrencies that were expected in January. Public opinion on this matter is still important. You can participate in the above poll to express your opinion on shaping new regulations in favor of crypto.
