Well-known bitcoin supporter Andreas Antonopoulos said that the bitcoin ETF will bring much more harm to the industry than good. Despite this, he still believes that ETF will appear.
“I will blow your bubble. I know that many people want to witness the approval of the ETF, because then “to the moon”, “lamby” and all that. I think this is a terrible idea. But I think it will happen. I am against ETFs”.
Antonopoulos fears that new investors who come into the industry via bitcoin ETF, market subjected to serious manipulation. Thus, the actions in the framework of the ETF will be able to harm all crypto currencies as a whole, he said.
“All delighted with the ETF because in other markets, as it was in the gold market, launching an ETF means a sharp growth rate, due to the sudden increase availability of the exchange of goods for a wide range of new investors who are beginning to come in. But on the other hand, always remain concerns that the commodities are aggressive manipulation, and the opening of these exchange-traded instruments enhances the ability of institutional investors to manipulate stock rates of the goods not only on the markets where they are traded, but also beyond, especially if we are talking about a major market-makers”.
He also expressed the view that Atlanta SEC application brothers Winklevosses was caused by just the same understanding of risks due to possible manipulations.
Mice are not the only potential problem that could cause the bitcoin ETF. A financial instrument will greatly increase the centralization of bitcoin that is contrary to his essence.
“For example, I can use bitcoin for voting. I can decide on which exchange to send bitcoin if I want to send it back for exchange. I also, for example, may elect to receive coins of a different fork, because I have the keys. If you ever get a new argument about the fork, which is extremely likely in the case of cryptocurrencies, the money which is now posted in bitcoin, can be a very powerful voice. The participants of the ETF deprived of all this. They can’t decide in favor of a fork to direct their funds in the course of the debate about bitcoin. We were able to assess the level of influence during fork August 1 last year. Large custodial exchanges had very strong voices in the ecosystem. They decided to support or not support fork on behalf of 10 million customers.”
We will remind that the Commission on securities and exchange Commission (SEC) has postponed for a month the consideration of applications to open bitcoin ETF from VanEck, and CBOE/SolidX. In this regard, the cryptocurrency market have plunged into another depression: everyone was waiting for the approval of the ETF and the subsequent explosive growth of quotations.