Andreas knows everybody is excited about ETFs because he has seen in other markets, what happens when an ETF becomes available. When gold had gold ETFs the price rose dramatically since gold--which is hard to buy and store--is now a commodity available to more investors.
However, there is a disadvantage. He believes the commodities market is heavily manipulated and allowing Bitcoin or other crypto ETFs would raise the ability of institutional investors to manipulate the price.
Andreas still believes it's gonna happen even if it's a terrible idea. He just want to emphasize his stance against it because it is gonna damage the Bitcoin ecosystem. He adds that owning a share of a Bitcoin ETF does not educate the investor on how Bitcoin works. You don't get to download and configure a wallet, you don't learn to trade, you don't learn how to protect your funds, and worse of all you don't get to "vote" on consensus.
And whoever gets custodial ownership of a Bitcoin ETF will have a very powerful voice in the ecosystem. One person having too much power in an ecosystem beats the decentralization principles we have worked so hard for. They will have too much influence. For instance, in a Bitcoin debate they can influence which side of a fork the funds go to. Andreas just doesn't like the idea that this "fund manager" will speak in behalf of all the people that owns the funds.
What do you think of Bitcoin ETFs?
