- 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?
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.
