Bitcoin ETFs are a terrible idea according to Andreas Antonopoulos, a Bitcoin activist. His opinion on Bitcoin ETF he offered in a monthly YouTube video series where he talked about the prospects of bitcoin and the surrounding issues of ETFs.
Bitcoin ETFs Are A Terrible Idea
As against the general opinion of most Bitcoin enthusiasts, Andreas Antonopoulos, a Bitcoin activist believes the ETF idea is merely overrated, though the inevitable event will offer good things to the cryptocurrency community.
Most cryptocurrency enthusiasts see the Bitcoin ETF as the launch pad for the surge in the price of the cryptocurrency and also the channel to the mainstream adoption by institutions and the influx of its fund into cryptocurrency. The impact of the ETF expectations made the value of Bitcoin drop by 3.5% after the postponement of the SEC’s decision to the 30th of September recently. However, the view of Andreas Antonopoulos is contradictory to the expectations of most enthusiasts.
In the video, he explained his perspective Bitcoin ETF as negating the essence of cryptocurrency, which will cage the decentralization features to centralized one, where the institution and some fund manager can determine price and also easily manipulate its value.
Andreas further stated that the ETF would hurt the community by creating a large group of bitcoin holders that gives investors access to shares of the fund without having to be a key holder of Bitcoin. Andrea said that “a Bitcoin ETF will do that, and it will do that on an even bigger scale. It will give institutional player access to Bitcoin, but it won’t give them a voice in the consensus and governance of Bitcoin. That will be held by a centralized fund manager.”
Though it is inevitable as the community is already needing towards it, Andrea revealed that “ETFs fundamentally violate the underlying principle of peer-to-peer money where each user isn’t operating through a custodian, but has direct control of their money, because they have direct control of their keys.”
Andreas Antonopoulos, the Bitcoin Activist
Andreas M. Antonopoulos is a best-selling author, speaker, educator, and one of the world’s leading bitcoin and open blockchain experts. He has authored four books which are the best selling, Mastering Bitcoin, The Internet of Money, unveiled the “Why” of Bitcoin, The Internet of Money Volume Two and Mastering Ethereum.