Since 2017, the SEC has rejected at least three proposals to establish a bitcoin ETF (two of which are from Winklevoss twins) from different organizations for specific reasons each time. This did not stop the new proposals. Just last month, two Bitcoin ETF proposals were postponed, CBOE, VanEck and SolidX.
This has given rise to different views on the extent and impact of a Bitcoin ETF fund if it is approved. While some experts say that ETFs are not something that is too much of a necessity for Bitcoin, others believe that this will be the catalyst for further price movement and new cash flow into the cryptocurrency market.
Here are some experts on the impact of ETF on Bitcoin.
An interesting idea
Netcoins founder Michael Vogel sees the ETF bitcoin as "an interesting idea" although he does not think it is important for Bitcoin's long-term development.
According to Vogel, many see the ETF's approval as a stepping stone to legalizing bitcoins for Wall Street and the traditional financial world because it will ultimately place bitcoin (as a trading instrument) at home. regular transactions. However, he believes that it will also represent a significant step forward in the degree of openness that lawmakers show with cryptocurrency, especially as many of the proposals to open the Bitcoin ETF have been denied earlier.
"A large ETF could have a significant impact on bitcoin pricing, not just because of the volume of transactions but simply because of the volume of bitcoins it will remove from the high liquidity trading market (because the BTC will need to permanently held by the ETF). "
Completely unnecessary
ETF bitcoin may attract more attention from Wall Street and retail investors, but some experts say it is not necessary for the long-term success of this type of asset.
Another expert has expressed her view that she is the founder of Trezor and business strategy consultant for cryptocurrency companies, Alena Vranova.
In Vranova's view, the ETF is absolutely unnecessary for the development of bitcoin. However, she notes that it will pave the way for a significant number of new investors believing that bitcoin is on the way to legalization.
Vranova pointed out that in the short run, bitcoin would benefit and prices would probably skyrocket, even if she advised the Holders to secure their cryptocurrency.
She said: "Those who have faith, make sure your bitcoin is safe from hackers, because the price of it can skyrocket. I recommend giving up any monitoring service, setting up a number of verified wallets (TREZOR or Ledger), setting up an unsigned multi-signature wallet (such as CASA), and reading the book. Pamela Morgan's inheritance of encryption properties. "
In conclusion, most experts believe that Bitcoin ETF may or may not be needed for the development of Bitcoin, but in the short term it can make Bitcoin prices rise sharply if approved.
So, what's your opinion?
Thanks for reading!
