TL;DR
Full Story
Most individuals are stoked on the Bitcoin ETFs, trigger they’re pushing the value of the crypto market up.
(ICYMI: we simply noticed one other all time excessive in BTC worth over the weekend).
However others are ringing the alarm bell…
Right here’s the essential gist of their argument:
By making it simple/authorized for large gamers within the conventional monetary (TradFi) world to put money into Bitcoin by way of Alternate Traded Funds (ETFs) — we’re inviting centralization danger into Bitcoin and some other crypto that has an ETF constructed round it.
The thought being:
Positive, Bitcoin is a $1.3T asset — however the administration corporations which are operating these ETFs have tens of trillions of {dollars} to play with.
And the concern is, over time, with a small proportion of their complete funds, these corporations might personal a good portion of the Bitcoin provide — sufficient to simply manipulate the value, and focus a foolish quantity of wealth in a single place.
Right here’s our take (which we kinda stole from Satoshi):
Satoshi as soon as celebrated misplaced Bitcoin, in that…
The extra is misplaced → there much less there’s → the extra scarce BTC turns into → the extra priceless the BTC all of us have in our private wallets turns into.
Whereas the issues surrounding TradFi gamers hoarding BTC are completely legitimate — it does include its upsides…
These asset managers are likely to have a ‘purchase and maintain’ technique, which suggests extra Bitcoin is being taken off the market, for longer.
(Making it scarcer/extra priceless).