Experts are dismissing the importance being given to Bitcoin ETFs and stating the potential facets that will actually help bitcoin in growing and acquiring value in the long term.
Bitcoin ETFs doesn’t hold much value to these experts
Bitcoin ETFs hold substantial value in the market evident from the fact that the prices first started dropping when Winklevoss brothers’ Bitcoin ETF was rejected by the SEC. However, the experts believe there is undue importance given to these Exchange-traded funds.
First came Ethereum founder Vitalik Buterin, who shared that adoption is the key to moving forward instead of Bitcoin ETFs. Then came Dan Morehead, the manager of the crypto hedge fund Pantera Capital who said investors are overreacting over Bitcoin ETF rejection.
Bitcoin doesn’t need BItcoin ETF to grow or to reach new heights. Back in December, the $20,000 was touched without any ETF. Now, Nick Szabo, a big name in the crypto industry is going with the same tune as he commented in part “Bitcoin can be even more securely stored than gold. You are losing Bitcoin’s main benefit by trusting somebody else to store it for you,” after Tweeting:
I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it’s worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don’t need new ones to take their place. https://t.co/s7OxZt9IrJ
— Nick Szabo⚡️ (@NickSzabo4) August 12, 2018
He further shared,
“Dumb money is a high time preference addiction. I care much more about Bitcoin’s utility as a globally seamless and censorship-resistant store of value and medium of wealth transfer — hopefully in future with more secure & friendlier wallets.”
What does Bitcoin & crypto market exactly need?
As for what exactly the market needs right now as asked by a Twitter user, Szabo replied with,
“Top of the list is better wallets: more flexible multisig and backup options (allow people to customize their own trust-minimized key management, including minimizing vulnerability to future self), better multi-generational key management, more and friendlier use of the second layer.”
Another addition to this growing list is CobraBitcoin, whose Twitter description mentions Co-owner of http://bitcoin.org & http://bitcointalk.org also shared same sentiments but with a different solution:
There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!
— Cøbra (@CobraBitcoin) August 13, 2018
National currencies are struggling all over the world and constantly touching new lows. It all first started with US-China trade war that affected the stocks and currencies. In the recent times, due to a number of country-specific reasons Rial, Pound, Euro, Chinese Yuan, and Japanese Yuan have taken a hit.
Now, Turkey’s Lira is plunging hard that had the investors turn to Bitcoin leading to a surge in their trading volume. So, it makes sense that as fiat currencies fall apart, Bitcoin and other cryptocurrencies become a potential investment option.
At the time of writing, BItcoin has been down by over 3 percent at $6,184 with a daily trading volume of $5.5 billion which is an increment from the day starting. Though Bitcoin is plunging right now, if we take a look at the price from January to now, it isn’t any different from other fiat currencies. It is no way investment advice but investing in Bitcoin makes all the sense right now.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.