“I’m going to burst your bubble,” this is how Andreas M. Antonopoulos, a major Bitcoin enthusiast, explained Bitcoin ETF. He was of the opinion that his explanation would make several crypto enthusiasts interested in the Bitcoin ETF take their steps back as it is a “terrible idea”.
“I know a lot of people really want to see an ETF happen because “to the moon and lambos!” But I think it is a terrible idea. I still think it is going to happen, I just think it is a terrible idea. I’m actually against ETFs. I think a Bitcoin ETF is going to be damaging to the ecosystem,” he said.
Bitcoin ETF can manipulate prices
Pertaining to Bitcoin ETF’s capability of attracting substantial amount of exposure, its emergence has given rise to expectations. It has also seen a surge in prices and trading volumes once it has been approved.
ETFs can open the Bitcoin market to a group of institutional investors and can also provide a platform for large investors to manipulate the price of Bitcoin (BTC). Antonopoulos in his YouTube video series, ‘Bitcoin Q&A’, he said: “Everybody is so excited about ETFs. What we have seen in other markets is that when an ETF becomes available, the price really increases dramatically, as suddenly that commodity becomes available to a lot more investors and these investors pile on.
“But, the other side of it, is that there are always these claims that the commodities markets are heavily manipulated and opening up these ETFs only increase the ability of institutional investors to manipulate the prices of commodities.”
Image via Shutterstock
Join our Telegram group