VanEck Advisors: The long-term impact of Bitcoin ETFs is greatly underestimated

VanEck advisor Gabor Gurbacs stated on social media that the impact of a Bitcoin ETF has been greatly underestimated in the long term. Institutions are taking Bitcoin seriously, the stigma has been eliminated, and the channels are open.

On November 18, 2004, the SPDR (State Street) Gold ETF (GLD) was introduced. Over the following 8 years, the price of gold doubled, rising from $400 to $1800, and the market value increased from $2 trillion to $10 trillion, adding approximately $8 trillion. Today, the market value of Bitcoin is approximately $800 billion, which is 1/4 of the value of gold in 2004.

In my opinion, the price trajectory of Bitcoin may follow the blueprint of gold in 2004 and the following years. It is worth noting that the enthusiasm for Bitcoin products from some institutions and the inflow of $20-30 billion in funds may greatly increase the price of Bitcoin, because: 1) the circulation of Bitcoin is relatively low (strong hands/long-term holders); 2) there is systematic scarcity through the halving plan.