Early Bitcoin investor Says No One Needs a Bitcoin ETF or Bakkt since BTC is Already Money

Bitcoin (BTC) and cryptocurrencies have been growing during the last years. In 2018, Bitcoin enthusiasts were waiting for institutional investors to enter the market and help Bitcoin reach new all-time highs. However, this did not happen and Bitcoin entered a year-long bear market, falling more than 82% since its all-time high.

Some of the bullish events that the market was waiting for 2019 were the launch of the platform for institutional investors Bakkt and the approval of the first Bitcoin ETF. Bakkt has been delayed already several times, and investors are waiting for a new launching date. Just a few days ago, the Cboe alongside VanEck announced that they are withdrawing the proposal they’ve made for a Bitcoin ETF.

These things were very bearish for Bitcoin and the crypto market. Users were expecting for these things to happen and help Bitcoin to grow and enter a new bull market.

Jason Smith, a crypto investor wrote on Twitter that the market does not need Bakkt or an ETF. He said that in 30 years, the daily issuance of Bitcoin will be just 7 coins per day. Now, there are 1800 new coins per day. That means that with a larger demand the price of the most popular digital asset would probably increase.

At the same time, he said that Bitcoin is already money suggesting that Wall Street investors are not needed for Bitcoin to grow.

He has also talked about Bitcoin Cash (BCH) and Bitcoin SV (BSV). He said that Bitcoin users want BTC and that many f them are not even interested in receiving any other forked coin from Bitcoin. Bitcoin Cash has forked from Bitcoin back in 2017 trying to scale the network with on-chain solutions such as larger blocks.

Jason Smith went on saying that Bitcoin is also going to help the poorest people. He mentioned that the virtual currency will allow individuals to save small amounts of BTC or satoshis and invest in the property market or other industries.

Because of these and other reasons, Jason Smith says that he supports Bitcoin until it will be the global reserve currency. Additionally, he mentioned that he hates all other altcoins and cryptocurrency scammers around there, that includes Initial Coin Offerings (ICOs) and pump and dump VCs.

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