Andreas Antonopoulos Objects Bitcoin ETFs Stating ‘Not Your Keys, Not Your BTC’
‘Not Your Keys-Not Your Bitcoin’
During a monthly question and answer session that took place in July on matters cryptocurency, Andreas, who makes use of the virtual conferences to discuss various issues regarding virtual assets suggested by viewers, he was very categorical on the fact that he did not like an ETF being used on Bitcoin.
His propositions indicate that the continued narrative that US regulators have been suggesting on granting a Bitcoin ETF the go ahead would most likely destabilize the system, and therefore would have to demonstrate its advantages for both the crypto’s price and reputation.
The United States Securities and Exchange Commission (SEC) overruled a proposal by Winklevoss twins to introduce an ETF. This was the second time their proposal was being rejected, with the commission adopting a very cautious stance, in which it has postponed the key decision on applications from other entities as well.
‘ETFs For Second-Tier Crypto Users’
According to Andreas, there is no need for a rush or motivation to usher in the era of ETF. Andreas believes that the ETF is a multi-billion dollar venture, and that is why he is not for it, and therefore would not purchase any.
Nevertheless, it is bound to happen anyway as a result of the huge market appetite as well as very diminutive technical information. Consequently, it is common knowledge that institutional investors may not currently hold the crypto directly. Andreas also voiced his concerns regarding the potential of ETF operators to have their way over consensus in case there is a hard fork on the crypto’s ecosystem in the future.
Andreas goes ahead to draw comparisons such that the occurrences of Bitcoin Cash fork which took place last year, in which major exchanges had to make decisions on whether to support the proposals or not on behalf of the huge number of consumers. He strongly asserts that a repeat of the same could happen, though ETFs could involve quite enormous sums of money.