Nick Szabo: Bitcoin ETF Can Bring More …
Nick Szabo: Bitcoin ETFs May Do More Harm Than Good
Well-known cryptographer Nick Szabo said he was “not in favor” of launching an exchange-traded fund (ETF) pegged to bitcoin, thus joining skeptics who expect the new instrument to have no long-term positive impact on cryptocurrency..
In a series of tweets posted over the weekend, Szabo assessed the risks that investors could take if regulators make a positive decision on Bitcoin ETFs..
“I, for one, am not advocating ETFs or Wall Street money in general. This can lead to more problems than good, ”he wrote. “The recent recession, orchestrated by stupid money, will exclude most of the arrogant ignoramuses from this space. And we don’t need new ones “.
Szabo made his comment against the backdrop of an ongoing discussion of market prospects in the event of a new cryptocurrency derivative emerging. Some speculate that Bitcoin ETFs will not be the lifesaving maneuver others have high hopes for..
“I hope hodlers understand that Wall Street is not Bitcoin’s friend,” said former Morgan Stanley executive Caitlin Long, while Szabo referred to Cenacle Capital’s managing director Bill Ulivieri “losing respect for the Bitcoin community” from for ETF support.
“Everyone wants ETFs, but without negative consequences,” Ulivieri said. “It feels like they need a physical bitcoin share certificate.”.
The announcement of the owner of the New York Stock Exchange, the Intercontinental Exchange (ICE), planning to open a platform for trading digital assets in the fall, was a new argument in this discussion..
For example, investment manager Brian Kelly believes that the launch of the ICE platform “will significantly increase the chances” of the approval of the Bitcoin ETF, while other commentators argue that along with this event, the ETF will lose its relevance altogether..
In the meantime, nine bitcoin ETFs remain on the agenda of the US Securities and Exchange Commission (SEC); one of the applications – sent by the Winklevoss brothers – was rejected.
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