VanEck Advisor: The long-term impact of Bitcoin ETF has been greatly underestimated

Gabor Gurbacs, an advisor at VanEck, has stated on social media that the long-term impact of Bitcoin ETFs is greatly underestimated. Institutions are serious about Bitcoin. The stigma has been removed and channels have opened up. On November 18, 2004, SPDR (State Street) Gold ETF (GLD) was launched. In the subsequent eight years, the price of gold doubled from $400 to $1800 and its market value increased from $2 trillion to $10 trillion, adding approximately $8 trillion. Today, the market value of Bitcoin is around $800 billion which is a quarter of gold's market value in 2004. In my view, Bitcoin's price trajectory may follow the blueprint of gold in 2004 and subsequent years. It's worth noting that enthusiasm for some institutional bitcoin products and inflows of between $20 billion to $30 billion could significantly boost bitcoin prices due to: 1) relatively low circulation volume (strong hands/long-term holders); 2) systematic scarcity through halving plans.