VanEck Thinks Bitcoin ETF Could Bolster US Economy

The latest cryptocurrency news again explore the topic of Bitcoin exchange traded funds (ETFs). Gabor Gurbacs, the director of digital asset strategy at VanEck thinks that a Bitcoin ETF could help the economy in the United States in the next decade.

He made the remarks in an interview with Fox Business, in which he spoke to the host Liz Claman, right in the midst of the Senate Banking Committee hearing on Facebook’s Libra cryptocurrency.

During the hearing, the Democratic Senator Sherrod Brown torched Facebook for its data breach signals which are in the altcoin news lately, stating that the social media monopoly has proven that it does not deserve the public’s trust with any data – much less with the users’ sensitive information. However, VanEck thinks that a Bitcoin ETF could be helpful to the economy.

“Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over. Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Senator Sherrod Brown stated.

In response to this, Gurbacs of VanEck thinks that these opinions are quite negative, unwarranted and stem from a lack of understanding of crypto. As he stated, a Bitcoin ETF could facilitate innovation that could buoy the US economy in the next 10 years:

“We are waiting finally for regulators to approve a bitcoin ETF, which would bring digital assets under the regulated American capital market. This could be, for the next decade, the driver of our economy.”

Gurbacs said that the United States should harness the innovative technologies to upgrade US payments systems as well as its capital markets infrastructure. He argues that doing this would make America a world leader in the digital economy.

“I think America realized that it needs a 10-year plan to make markets great again, and basically, a 10-year plan to rebuild the payments and financial infrastructure system that we’re lagging behind on. This may be a driver to innovate and rebuild America’s payments systems and capital markets,” Gurbacs noted, for which he was featured on many best cryptocurrency news sites.

The head of digital asset strategy at VanEck thinks that while President Trump and Secretary Mnuchin have negative views on Bitcoin, they must be challenged to think about it from a different perspective.

“Bitcoin — specifically bitcoin, not other digital assets — can rebuild the [U.S.] payments system. We can satisfy all the regulatory needs and government needs to rebuild the [capital] markets,” Gurbacs concluded.