Bitcoin : Waiting for the ETF?
I understand perfectly why Nick Szabo isn’t enthusiastic about attracting institutional assets to the crypto:
Surprisingly (?), the market went down after the news about the Bakkt launch coming, and the same concerns the SEC decision everyone is expecting. While we waited for a positive decision, the market began to grow, now, when we know about its delay, it turns red. As if the cryptocurrency lost in value if it didn’t make friends with Wall Street.Even decide SEC in BTC’s favor, why is everyone so sure that it will have a good impact on the industry? Because everyone believes that last year’s history with futures will repeat, but we should also take into account the fact that the market has changed in this year.
The inflow of institutional capital means increased control. The CEO of ICE says, for example, that BTC needs, quote: “rules and trust”, end quote. And it is implied they can offer it. Sounds ironic, if you recall Bitcoin was developed not least in response to the traditional financial institutions’ loss of trust and in response to a violation of all conceivable rules. And the fact that they are now trying to control it, looks on the one hand, absolutely logical, and unpromising on the other.
Also, the level of enthusiasm in this regard indicates there are now too many people in the community who are interested in pure profit only, but not in the technical development of the industry.
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
FindCrypto scans the web for the latest Bitcoin news, so you can find all the latest and breaking news in one convenient location.Author: CryptoMeow
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