Strategic advisor to major VanEck fund managing company (the issuer of spot Bitcoin ETF HODL) and Tether Gabor Gurbacs has taken to the X/Twitter social media platform to share that he believes the global situation on the market for Bitcoin has undergone drastic changes.
Gurbacs says he feels that now a “new era” and “new level of maturity” for the world’s flagship cryptocurrency have begun.
"Bitcoin's 'catastrophe' from these factors is over"
VanEck’s advisor has tweeted that he believes some of the major factors that were stressful for Bitcoin previously are no longer a “catastrophe” for BTC. Those are “various estate sales” and large cryptocurrency platforms going bankrupt, such as FTX and a few crypto lenders that sank loudly in 2022, causing massive Bitcoin plunges and bringing the whole cryptocurrency market down with it.
These factors will not have any further negative impacts on Bitcoin, Gurbacs believes, since now there are spot Bitcoin ETFs and corporations, and both are accumulating BTC on a large scale now after the ETFs received the long-anticipated approval from the Securities and Exchange Commission on Jan. 11.
In an earlier tweet, Gurbacs said that Bitcoin ETFs had scooped up “the FTX GBTC sale” quite promptly and without a large impact. These “estate sales” have stopped harming Bitcoin since BTC is simply going from “weak hands” to “strong hands.” Gabor Gurbacs stated that the SEC decision to finally allow spot Bitcoin ETFs was very beneficial as “it changes the game and tames downside volatility.”
Tim Draper awaits total "Bitcoinization"
Renowned investor Tim Draper, who is also known as a vocal Bitcoin supporter, has confirmed his prediction for the leading cryptocurrency to reach $250,000 by 2025.
He also expects a global “Bitcoinization” to happen in the future, when Bitcoin will become not only a store of value but a currency accepted everywhere by anyone. There will be a time, he believes, when clothes, food and accommodation will be paid for in Bitcoin and “people will not want dollars any more.”
Draper considers stablecoins as temporary bridges toward a global Bitcoin-powered economy. In this context, he likened Bitcoin to the early days of Microsoft, believing that BTC will eventually turn into a base for various financial apps.