Will The Bitcoin ETF Ever Come Out? One Public Comment to SEC: BTC Doesn’t Have “Intrinsic Value”
Many cryptoanalysts and investors are basically convinced that the Bitcoin exchange-traded fund (ETF) will come out “soon”. When is it, though? This is what not a lot of people know. The fact is that, if the public is to be taken into account, the ETF might not actually be a reality.
The Next Web’s Hard Fork has recently reported that a lot of people do not see the intrinsic value of Bitcoin. In February, the U. S. Securities and Exchange Commission (SEC) has opened a consultation process for people to go there and provide their comments about whether the Bitcoin ETF should be a thing or not.
So far, seven letters of comment have been posted by the SEC. Unfortunately, most people are against the Bitcoin ETF. All but one, a Brazilian investor called Sami dos Santos, are against the idea.
Sam Ahn, from Hana Trading USA Inc., was the main investor against the idea. He highlighted the issue with the “intrinsic value” in his report, which had six pages (all of the other ones basically had one page).
He called the equation that Satoshi Nakamoto created to protect the assets not that complicated and affirmed that there is no tangible intrinsic value in Bitcoin, which is the main issue against it.
All of the five other respondents were also not very enthusiastic about the new ETF. All of them cited the “no intrinsic value” as an issue. Some of them have claimed that the SEC should “wait and see” and that only then they might recognize the ETF in case Bitcoin proves its value and to be resistant to price manipulation, which is also a big concern for the SEC.
The Sole Bitcoin Defender
When all investors are teaming up against Bitcoin, we have to be glad that people like Sami dos Santos exist. He affirmed that Bitcoin was fast, low-cost and that it was resistant to manipulation, being the sole defender of the coin. He also praised how innovative it was and the non-inflationary system which was created by Satoshi Nakamoto.
However, one point that was really very important was how Bitcoin simply cannot be confiscated. He cited the Collor plan, which happened in Brazil in 1991, during a crisis of hyperinflation. The president of the country, Fernando Collor de Mello, locked the money people had on their savings account away from them for months.
This is seen, until today, as one of the darkest policies ever enacted in Brazil (it was meant to freeze prices but it backfired and the inflation only got worse) and a lot of people lost everything at the time. Bitcoin can be a very important asset at times like this.