A few weeks ago Bitcoin ETFs were approved and the market started to pump. Yes we are approaching the halving and historically the market always started going up before that event, but we have to admit the ETFs approval has given an extra push in the upward direction and it is not a minor one.
Among many of the crypto and particularly Bitcoin influencers, there is one who is probably the most reputed, as he started giving talks almost 10 years ago when Bitcoin was still in its infancy, he is Andreas Antonopoulos. He is clearly against Bitcoin ETFs and in one of his latest interviews he compared purchasing the Exchange Traded Funds as having a virtual reality cruising vacation instead of enjoying the real vacation on the boat if you directly purchase Bitcoin.
I agree with most of the opinions Andreas expresses and I completely agree with the ones he presents in this video explaining why he is against the ETFs. Big financial institutions will start manipulating the market and for a regular Joe, it is a way to enter into a speculative asset but not enjoy the ride at all. But although the funds will for sure manipulate the market for their benefit, I believe it is not so bad to have the ETFs approved.
First, Bitcoin has finally gotten out of the hands of any government or institution. If there was a small possibility of banning the king cryptocurrency, it has finally gone away, nothing can stop it now.
Second, the push will make the haters start thinking they may be wrong not to get exposure into crypto, especially now they can even do it in a "traditional" non so risky way using regular institutions.
Third, the whole industry will benefit as more and more innovations will keep appearing and new opportunities will arise.
Yes, bitcoin is by far the biggest coin in terms of cap, but if we consider innovation, use, and services, EVMs led by Ethereum are by far way bigger and yes, an ETH ETF will end up joining the party, but by now, tons of L2s are out there and many more will come. To me, BTC is the leading child of this new economic innovation but by now, we have a whole gang out there, offering anyone to join cheaply and easily.
ETFs will mark a milestone in the market and in the Crypto industry and that is good no matter who is pushing forward.
