In a video message Andreas turns Antonopoulos on the Bitcoin Community. In it, he describes his thoughts on the topic of Bitcoin ETFs, which are desired by a part of the crypto-investors as a promise. With his criticism of the Format of the ETFs in the ranks of prominent ETF-critic joins the ranks of Antonopoulos.
In his video message, attorney and Maximalist Andreas a Bitcoin-Antonopoulos on current issues from the ongoing discussion about the Bitcoin ETF. After a short and neutral explanation of the functioning of ETFs, he goes closer to it, which would mean an ETF for Bitcoin specifically. His prognosis is not, however, rosy.
A lot of excitement – but what an ETF brings to us?
Antonopoulos looks in the excitement of the Bitcoin ETF of all, the hope of investors that the price shoots up. He compares these developments with the rise in the price of Gold, after the raw material to investors was available. Just this example he makes, but also the risk of price manipulation. An ETF, market participants, helping with market power to determine the price of the asset outside of the ETFs.
For this reason, the Embassy against a Bitcoin ETF is positioned Antonopoulos in the video and calls it a “terrible idea”. Although he believes that it will happen at some point, this impact, however a negative impact on the Bitcoin Ecosystem.
As an important point for his rejection of a Bitcoin ETFs, he announced that investors in a Bitcoin ETF will receive the same opportunities as holders of real Bitcoin. Is a Bitcoin-holder in possession of his Private key, associated with rights and obligations, to select, for example, the right to switch between Exchanges or to influence in the case of a Fork decisions. An ETF would provide access to these rights is Central to, and on behalf of all ETF investors decide. This contradicts the basic idea of a Peer-to-Peer currency.
A lot of discussion in the Community
In the past month, the proposal from the Winklevoss twins, Cameron and Tyler had been rejected Winklevoss, to call an ETF for Bitcoin, once again, by the Securities and Exchanges Commission (SEC). It was already the third Time that the brothers of the regulatory authority received a rejection.
Then, a discussion about the sense and nonsense of the stock market was raging in the crypto-Community-traded Fund for Bitcoins. One of the voices that answered in the course of which to speak, was Ethereum founder Vitalik Buterin. If it were up to him, to currencies, the adaptation of Bitcoin and other Crypto again. A Bitcoin ETF, however, manifest only in the use of crypto-currencies as an Investment Asset.