Trade-traded funds (ETFs) “essentially undermine the underlying precept of peer-to-peer cash,” Andreas Antonopoulos claimed, adopting a crucial stance on the monetary instrument.
‘Not Your Keys – Not Your Bitcoin’
As a part of his month-to-month Q&A session with the cryptocurrency group in July, Antonopoulos, who makes use of the web periods to deal with varied key points of cryptocurrency as instructed by viewers, made clear he was not in favor of an ETF coming to Bitcoin.
“Your keys – your Bitcoin; not your keys – not your Bitcoin,” he summarized about privateness and management compromises ETFs would imply for buyers.
The feedback, printed August 14, come as the broader cryptocurrency business and past each proceed a story that US regulators giving a Bitcoin ETF the inexperienced mild would have demonstrable advantages for each Bitcoin’s repute and worth.
Having rejected an ETF proposal by the Winklevoss twins for a second time final month, the US Securities and Trade Fee (SEC) is on the similar time adopting a extremely prudent stance, repeatedly suspending selections on different purposes.
ETFs For ‘Second-Tier’ Bitcoin Customers
For Antonopoulos, nevertheless, there may be neither a rush nor an impetus to usher within the ‘ETF period.’
“An ETF is a multibillion-dollar ‘not-your-keys-not-your-Bitcoin’ automobile, in order that’s why I’m towards it and I wouldn’t purchase any,” he stated.
However it’s going to occur anyway… as a result of there’s huge market urge for food and little or no technical information, so institutional buyers merely can’t in the meanwhile maintain Bitcoin instantly.