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Crypto Billionaire Arthur Hayes: TradFi’s Spot Bitcoin ETF Pursuit Will Kill Bitcoin

BitMEX co-founder Arthur Hayes predicts that TradFi such as BlackRock's success with spot Bitcoin ETF will kill Bitcoin.
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Crypto Billionaire Arthur Hayes: TradFi’s Spot Bitcoin ETF Pursuit Will Kill Bitcoin

BitMEX founder Arthur Hayes has a new warning for the crypto community as spot Bitcoin ETF approval by the U.S. Securities and Exchange (SEC) is almost here. If TradFi asset managers, such as BlackRock, become too successful with spot Bitcoin ETF, they will completely destroy Bitcoin, said Arthur Hayes. Fundamentally losing the crypto movement to separate money and finance from the state.

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TradFi Could Kill Bitcoin

Arthur Hayes in his new blog on December 23 red flags potential efforts by traditional finance firms to kill Bitcoin. He warns “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.”

“If you dug a hole and deposited gold and reams of paper and came back in 100 years, the gold and paper would still exist. Bitcoin is completely different. Bitcoin is the first monetary asset in human history that exists only if it moves.”

Arthur Hayes asserts world’s largest TradFi asset manager Blackrock is in the asset accumulation game. They will store Bitcoin and issue a tradeable security, people will purchase Bitcoin ETF derivatives rather than buying and hodling Bitcoin in self-custodial wallets.

In the future, there will be no actual use for the Bitcoin blockchain and this will end up with miners turning off their machines. Miners only receive Bitcoin income if the network is used. With Bitcoin being stored in a vault, “Without the miners, the network dies, and Bitcoin vanishes.”

Also Read: BlackRock Prepares for $3 Million Seed Funding for Bitcoin ETF Next Week

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2024 As the Year of Bitcoin

Arthur Hayes predicts 2024 as the year of Bitcoin as spot Bitcoin ETF gets approved by the U.S. SEC, elections, and surge in global money printing.

Source: Arthur Hayes

The chart clearly shows Bitcoin (white) up 228% as compared to gold (yellow), the S&P 500 (green), and the Nasdaq 100 (red) since 2020.

BTC price fell over 1% in the past 24 hours, with the price currently trading at $43,613. The 24-hour low and high are $43,351 and $44,367, respectively. Furthermore, the trading volume has decreased by 11% in the last 24 hours, indicating a decline in the interest of traders.

Analyst Ali Martinez revealed a more cautious approach in the crypto market despite the BTC price uptick. A decrease in the Estimated Leverage Ratio is a sign of reducing leverage risk by traders.

Also Read: Shiba Inu Whale Moves 4 Tln SHIB, Shytoshi Kusama Spotlights LEASH Listing

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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