Gabor Gurbacs, a strategic advisor to large VanEck fund managing business (the issuer of spot Bitcoin ETF HODL) and Tether, has turned to the X/Twitter social media platform to voice his belief that there have been significant changes in the global Bitcoin market position.
A “new era” and “new level of maturity,” according to Gurbacs, have arrived for the leading cryptocurrency in the world.
“Bitcoin’s ‘catastrophe’ from these factors is over”
According to a tweet from VanEck’s adviser, several of the key issues that previously caused stress for Bitcoin are no longer a “catastrophe” for the cryptocurrency. These include “various estate sales” and significant cryptocurrency platforms filing for bankruptcy, including FTX and a few cryptocurrency lenders that dramatically imploded in 2022, sending Bitcoin down to all-time lows and collapsing the cryptocurrency industry as a whole.
Gurbacs thinks that these factors won’t have any more detrimental effects on Bitcoin because there are now spot Bitcoin ETFs and corporations, and both are actively accumulating BTC following the ETFs’ much-needed approval from the Securities and Exchange Commission on January 11.
https://x.com/gaborgurbacs/status/1752354773599211976?s=20
Gurbacs said in a previous tweet that Bitcoin ETFs had quickly and minimally impactedly snatched up “the FTX GBTC sale.” Bitcoin is no longer being harmed by these “estate sales,” since it is only moving from “weak hands” to “strong hands.” The SEC’s move to finally permit spot Bitcoin ETFs, according to Gabor Gurbacs, is highly advantageous as “it changes the game and tames downside volatility.”
Tim Draper awaits total “Bitcoinization”
Prominent investor and vocal advocate of Bitcoin, Tim Draper, has validated his forecast that the top cryptocurrency will hit $250,000 by 2025.
In the future, he anticipates a worldwide “Bitcoinization” of Bitcoin, when it will cease to be only a store of value and instead be a universally recognised form of money. He predicts a day when “people will not want dollars any more” and that purchases of food, clothing, and lodging would be made using Bitcoin.
According to Draper, stablecoins are only stopgap measures leading to a world economy driven by Bitcoin. He compared Bitcoin to Microsoft’s early years in this regard and thinks it will eventually serve as the foundation for a number of financial applications.
