Andreas Antonopoulos: BTC ETFs Not a Good Idea
Andreas Antonopoulos is a world-renowned author, lecturer, and teacher in the crypto industry, A week ago, he shared a video to his many subscribers entitled, “Bitcoin Q&A: Why I’m Against ETFs”. The almost 10 minute video examines Antonopoulos’ opinion regarding why a BTC ETC may not be the good idea everyone expects it to be.
As the tech-expert thinks the ETF will nonetheless be approved, he said that he personally does not think it should be considered a great idea. He said that he knows many people hope to see it happen, but that he is anti-ETFs in general, and that the passing of a BTC ETF will be detrimental to the industry’s environment.
The SEC has been considering a submitted proposal for a BTC ETF after an application was made via Chicago’s BOE by VanEck and SolidX
The commission delayed their monumental decision until net month, but the community is hopeful and expectant for an eventual positive result, whether or not this decision will be it or not. If the ETF passes through approval processes, it can provide for a new surge of money into the crypto market, which is something that the current industry critically needs.
A month ago, BTC’s value rose at around $8400 USD following reports that the commission had begun to consider its ETF approval. Following the delay in their final decision, the crypto’s value declined to under $6500 as this article is being written.
On Wednesday, reports revealed that the commission denied about 9 ETFs, even after Bitcoin Shares ETF (backed by the Winklevoss twins), was rejected a month prior.
ETFs and Crypto
Despite the fact that many in the industry are persistent in their belief that ETFs are the way to push ahead in the market, Antonopoulos disagrees. He states that ETFs are in violation of certain foundation principles when regarding P2P currency, in which consumers do not utilize a “middle-man”, but rather controls their funds directly as they hold their own keys.
Antonopoulos’ views were supported by many in his audience, with some even saying that the market is working against the views the Satoshi originally intended for cryptocurrencies. Many believe that by demanding institutions for approval and relying on the power of the few who originally control the business and money market, we are depriving the community of their power and denying the philosophy of decentralization that Satoshi put in place.