The ever-changing cryptocurrency landscape brought a sense of optimism to the market with ‘Uptober’. However, this upward trend abruptly switched due to a subsequent correction. Nevertheless, there is increasing confidence in certain assets. During a recent CNBC interview, Jan Van Eck, the CEO of VanEck Associates, expressed his belief that Ethereum [ETH] could experience a more “aggressive” growth trajectory compared to Bitcoin [BTC] or even gold.
In the interview, Van Eck observed that the Federal Reserve’s more restrictive policies might not bode well for Bitcoin and gold. Drawing a comparison between Ethereum and a “high-tech stock,” he indicated that Ethereum represents an investment opportunity with significant growth potential. He added,
“I look at Ethereum as an aggressive growth investment.”
At press time, Ethereum was trading at $1,658.44, following a 4.25% daily drop. However, the asset saw a 4.24% rise over the weekend.
VanEck CEO Expects Approval of Spot Crypto ETFs by Early 2024
The Ether futures ETFs fell short of achieving the anticipated trading volume despite the excitement surrounding their launch. Nonetheless, their approval and introduction by the Securities and Exchange Commission [SEC] are seen as a stepping stone to more significant developments. The VanEck CEO remarked,
“It has to be positive that the SEC is allowing these ETFs to go forward even though they are not spot [ETFs].”
Apart from the introduction of nine Ether futures ETFs, the outcome of Ripple and Grayscale can possibly facilitate the expedited approval of spot ETFs. Contrary to common assumptions, Van Eck pointed out that the SEC has been easing its position on crypto. As a result, he holds a positive outlook that spot ETFs will receive consent sooner, rather than later. The CEO, whose company has submitted several applications, is placing his bets on a green signal for a spot ETF by early 2024.
Nonetheless, he notes that this remains purely speculative at this stage. The CEO of VanEck stated that the SEC currently lacks specific regulations pertaining to spot ETFs for Bitcoin or Ethereum. Consequently, it is too early to determine their destiny.