Can Spot Bitcoin ETFs Wipe Out Bitcoin? Shocking Revelation from BitMEX Co-Founder!

  • Hayes issues a new warning to the crypto community regarding the imminent approval of the spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
  • Arthur Hayes points out the fundamental risk of losing the crypto movement, money, and finance from the state if successful.
  • There will be no real use for the Bitcoin blockchain in the future, leading to miners shutting down their machines.

BitMEX co-founder Arthur Hayes has stated that spot Bitcoin ETFs would pose a significant danger if successful.

Do Spot Bitcoin ETFs Pose a Risk to Bitcoin?

Bitcoin-BTC

BitMEX co-founder Arthur Hayes issues a new warning to the crypto community regarding the imminent approval of the spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). He stated that if Traditional Finance (TradFi) asset managers like BlackRock are highly successful with spot Bitcoin ETFs, they will completely destroy Bitcoin.

Arthur Hayes points out the fundamental risk of losing the crypto movement, money, and finance from the state. In a new blog post on December 23, he draws attention to potential efforts by traditional financial firms to kill Bitcoin. He warns, “If ETFs managed by TradFi asset managers are very successful, they will completely destroy Bitcoin.”

“If you dig a hole, put gold and stacks of paper in it, and come back 100 years later, the gold and paper would still be there. Bitcoin is entirely different. Bitcoin is the first monetary asset in human history that only exists if it moves.”

Arthur Hayes claims that the world’s largest TradFi asset manager, BlackRock, is playing an asset accumulation game. They will issue a tradable security that stores and trades Bitcoin, and people will buy Bitcoin ETF derivatives instead of buying and holding Bitcoin in their own wallets.

There will be no real use for the Bitcoin blockchain in the future, leading to miners shutting down their machines. Miners only receive Bitcoin income when the network is being used. If Bitcoin is stored in a vault, “Without miners, the network dies, and Bitcoin disappears.”

2024 Will Be the Year of Bitcoin

Arthur Hayes predicts that with the approval of the SEC, the future of spot Bitcoin ETFs, and the increase in global money printing, 2024 will be the year of Bitcoin. The BTC price has fallen by over 1% in the last 24 hours and is currently trading at $43,613. The 24-hour low and high values are $43,351 and $44,367, respectively. Additionally, the trading volume has decreased by 11% in the last 24 hours, indicating a decline in trader interest.

Analyst Ali Martinez reveals a more cautious approach in the crypto market despite the increase in BTC price. The decrease in Estimated Leverage Ratio is a sign that traders are reducing leverage risk.

BREAKING NEWS

ETH Whale With 100% Win Rate Cuts ETH Long by 9,000 Coins and SOL Long by 9,000 — Unrealized Loss $19.63M

COINOTAG News, citing Hyperinsight data on November 5, highlights...

Bitcoin Short by James Wynn at $116k with 40x Leverage Reaches $50k Unrealized Gain, Liquidation Price at $111,350

COINOTAG News, reporting on November 4, cites Hyperinsight data...

META (MetaDAO) Breaks Above $7, Surges 61.54% in 24 Hours on Solana Ecosystem

COINOTAG News, citing GMGN market data on November 4,...

Jupiter proposal passed to burn 130 million JUP tokens in Litterbox, accounting for ~4% of circulating supply.

Jupiter proposal passed to burn 130 million JUP tokens...

NASDAQ-Listed Forward Industries Files SEC Resale Prospectus for PIPE Shares as SOL Treasury Company Approves $1 Billion Stock Buyback

Forward Industries, a NASDAQ-listed SOL treasury company, announced that...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img