Andreas Antonopoulos Objects Bitcoin ETFs Stating ‘Not Your Keys, Not Your BTC’

According to Andreas Antonopoulos, exchange-traded funds (ETFs) would profoundly destabilize the principle of peer-to-peer money, thus embracing a critical position on the fiscal tool.

‘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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide