More and more cryptocurrency experts are sure that the potential approval of a spot Bitcoin ETF by U.S. regulators will trigger another bullish rally and introduce Bitcoin (BTC) to no-coiners. Crypto veteran Gabor Gurbacs shares his own "perspective" on global BTC adoption mechanisms.
Bitcoin ETF journey is great, but focus on developing markets, Gurbacs says
Generations of unbanked individuals and businesses in regions with emerging economies remain the main adoption vector for Bitcoin (BTC), the largest cryptocurrency. Tether and VanEck's advisor Gabor Gurbacs shared this observation today with his 56,000 Twitter followers.
Some big financial institutions in Developed Markets want to offer Bitcoin funds. That's great, but the most important adoption vector is individuals and businesses in Emerging Markets (many unbanked) who do need Bitcoin. Just some perspective that's worth remembering.— Gabor Gurbacs (@gaborgurbacs) July 12, 2023
This thesis is worth remembering today, when all eyes are on Bitcoin ETF approval processes. As covered by U.Today previously, a number of top-tier U.S. asset managers filed with SEC for spot Bitcoin-based exchange-traded funds.
BlackRock, the flagship heavyweight of this process, managed to send the second version of its documents to SEC registrars. The same moves were made by Valkyrie, WisdomTree, Fidelity and a couple of their competitors.
Once the spot Bitcoin ETF is approved, wealthy no-coiners will be able to benefit from BTC price swings with no need to store Bitcoin (BTC) physically.
Analysts indicates dozens of ways Bitcoin ETF launch can change game in crypto
In the previous bullish rally, OTC-traded products by Grayscale Investments used to fill the gap between conservative investors and digital currencies.
However, it all might change in the upcoming cycle. As covered by U.Today previously, analysts claimed that the Bitcoin ETF might bring a new generation of users to the crypto sphere.
Also, Ilan Solot, co-head of digital assets at Marex Solutions, opined that this event can rebuild trust in Bitcoin (BTC) as a mature investing asset.