The SEC should approve a bitcoin ETF soon because it could be a major driver of the U.S. economy for the next decade. That’s the opinion of Gabor Gurbacs, the director of digital asset strategy at investment management firm VanEck.
Gurbacs made the remarks to Fox Business host Liz Claman while discussing today’s explosive Senate Banking Committee hearing on Facebook’s Libra “cryptocurrency.”
Senator: Facebook Doesn’t Deserve Our Trust
During the hearing, Democratic Senator Sherrod Brown torched Facebook for its sordid data breach scandals, saying the social media monopoly has proven that it does not deserve the public’s trust with any data — let alone with people’s sensitive financial information.
“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.”
Gurbacs: Bitcoin ETF Could Bolster US Economy
Gabor Gurbacs says the negative opinions that lawmakers, President Donald Trump, and U.S. Treasury Secretary Steven Mnuchin have of cryptocurrencies are unwarranted and stem from a lack of understanding of crypto.
Contrary to their naysaying, Gurbacs believes that a bitcoin ETF could facilitate innovation that could buoy the U.S. economy for 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.”
VanEck: America Needs a 10-Year Plan to Rebuild Its Financial Infrastructure
Gurbacs says the United States should harness these innovative technologies to upgrade U.S. payments systems and its capital markets infrastructure.