A digital asset strategist for New York-based veteran investment management firm VanEck is pretty irate that there is still no exchange traded fund for Bitcoin.
In response to a tweet by Matt Odell, who was saying how Coinbase is risking its “regulatory moat” by addition of several altcoins over the past weeks, Gabor Gurbacs (image above), the top executive who is pushing for VanEck’s ETF offering went off the handle, tweeting:
Coinbase shitcoins OK for millions of retail investors. Bitcoin ETF for institutional investors too crazy. What f*ing parallel universe is this? 🤦♂️🤯
— Gabor Gurbacs [Jan/3, 🔑] (@gaborgurbacs) December 7, 2018
He categorically used the word “shitcoins” in regards to the several tokens that Coinbase has added to its platform in recent months, including the Basic Attention Token, Ethereum Classic, and Zcash. In a past era he might have been widely lauded for his Bitcoin maximalism, but in present times Bitcoin dominance is far from a settled fact.
ETF Depends On Actors in the Crypto Economy
According to recent statements by the head of the SEC, the biggest thing holding back the approval of a Bitcoin ETF is the lack of adequate investor protections, in their view, in crypto markets. He also alleged that there is a higher risk of market manipulation in crypto markets, and a recent investigation into Tether and Bitfinex parallells this idea.
Gurbacs followed up his tweet by going more on the offensive against regulators than the coins that Coinbase has been offering.
I am close to going off…the f*ckery must end. The current treatment of well-designed Bitcoin vehicle proposals is beyond unreasonable. The gray area activity that most of us fight against are caused by the discrimination against regulated products. Self-purge is the only way.
— Gabor Gurbacs [Jan/3, 🔑] (@gaborgurbacs) December 7, 2018
CCN reported earlier this week that VanEck’s Bitcoin ETF proposal has been delayed until February. The firm has erstwhile expressed “cautious optimism” in regards to its prospects.
For its part, the SEC has said it could be “years” before an actual ETF is approved.
Featured image from Nasdaq.
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