Approving a Bitcoin-based spot exchange-traded fund will not benefit the latter and the people who use it. This opinion in a conversation with Blockworks expressed by former BitMEX CEO Arthur Hayes.
According to him, institutional interest in the asset threatens a situation “that ultimately we may not like.” He called investment giants like BlackRock “agents of the state”:
Hayes added that in such a system, customers would not be able to actually use the first cryptocurrency.
He acknowledged that mass adoption of the cryptocurrency would be beneficial for the price. However, Hayes questioned whether this would actually benefit the asset.
Previously, the ex-CEO of BitMEX predicted the growth of digital gold to $1 million by 2026. He justified his opinion by the limited issue of the asset, the prospect of approval of spot Bitcoin ETFs and geopolitical uncertainty.
Source: Cryptocurrency
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