The analyst noted that spot Bitcoin (BTC) exchange-traded funds (ETFs) contradict Satoshi Nakamoto’s original vision.
hardware wallet on Trezor Josef Tetek, a Bitcoin analyst, made remarkable statements regarding spot Bitcoin ETF applications. Spot Bitcoin ETFs By their very nature, users cannot transfer their Bitcoins through third parties. Tetek stated that this situation will push thekeep your own Bitcoin” to philosophy opposite He wrote that he fell.
This situation alsounbacked BitcoinsStating that such a structuring will create “real bitcoins” its value can drop defended.
Josef Tetek Whether the market really needs Bitcoin ETFs He questioned with the following statements:
In principle, spot Bitcoin ETFs draw people away from self-custody and potentially introduce a systemic risk since ETFs would be safer than exchanges. While a spot Bitcoin ETF would make exposure to Bitcoin price movements more accessible to both individuals and institutions, purchasing Bitcoin through traditional means would provide the same exposure. Do we really need ETFs for this? The result could be the creation of millions of unbacked Bitcoins, which would disrupt real markets and reduce the value of real Bitcoin. All this while giving greater power to the giants of centralized, traditional finance. The exact opposite of Satoshi’s original vision.
Market analysts say the U.S. Securities and Exchange Commission (SEC) In January 2024 It expects the spot Bitcoin ETF applications to be approved en masse.