Every mention of Bitcoin ETF in the crypto community, most times brings with it a positive response due to the possibility of skyrocketing the token to a larger platform for investment, therefore leading to greater returns.
A crypto investor however is concerned about what will happen to Bitcoin if the Bitcoin ETF applications are approved by the SEC. The user “mariner 2525” on Reddit cried out saying: “Bitcoin ETF is the worst thing that could ever happen to crypto. They’ve been rigging gold and silver – they will totally rig Bitcoin price by diluting it with derivatives. After ETF- and a temporary spike in price – Bitcoin will be dead low all the time”
Bitcoin (BTC) Price Today – BTC / USD
Some investors opposed mariner’s view, explaining that Bitcoin has a growth possibility of 100%, if it backs the Bitcoin ETF. The beliefs of mariner has gone beyond the chat forum; long before Mariner disapproved Bitcoin ETFs, Andreas Antonopoulos (a crypto author and advocate), referred to it as a terrible idea because investors will less likely have control over their hardware tokens, addresses and keys.
Antonopoulos said that Bitcoin ETFs aims at turning Bitcoin into a tradable instrument which will be well-suited for the stock market. He said: “ETFs fundamentally violates the underlying principle of peer-to-peer money, where each user is not operating through a custodian but has direct control of their money because they have direct control of their keys.”
As the crypto scene is filled with mixed reactions, investors are patiently waiting for the outcome of the nine ETF applications currently reviewed by the U.S Securities and Exchange Commission (SEC).