Crypto Legend Nick Szabo Says Bitcoin ETF Lobbying For Wall Street Money Could be Problematic
Nick Szabo Says Bitcoin ETF’s Might Cause More Problems Than What It Is Worth
During the last months, one of the most important topics debated was related to the Bitcoin exchange traded fund (ETF) presented by VanEck and SolidX. Most of the experts were commenting very positively about it and how it could help institutional investors enter the market.
In the end the U.S. Securities and Exchange Commission delayed on August the 7th, the decision to approve this Bitcoin ETF. The markets dropped since then, and investors are now clueless about how the market will be able to recover this year.
I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it's worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don't need new ones to take their place. https://t.co/s7OxZt9IrJ
— Nick Szabo 🔑 (@NickSzabo4) August 12, 2018
In order to explain this, Nick Szabo says that the cryptocurrency world is not Wall Street’s friend. And in some way, he is right. The virtual currency community grew trying to build a different economic system that Wall Street represents.
Some other crypto figures suggested that a Bitcoin ETF would not be a magic solution for Bitcoin’s challenges and for it to start a bull run.
Some days ago, the New York Stock Exchange (NYSE) owner, the Intercontinental Exchange (ICE), announced that it would open a new digital asset platform before the end of the year. About this, Brian Kelly said that he Bakkt platform would increase the chances of an ETF being approved.
Before the end of the year, there will be more than 8 ETFs with a final decision on whether they will be allowed or not.
Bitcoin (BTC) is really searching for something that would trigger a bull market, but until now, there is nothing able to help it.