Topic: Bitcoin ETF, Is it really needed? - page 2. (Read 566 times)

For some reason, I just want bitcoin and crypto in general to stay like it is, the wild west kind of market. ETF and all kinds of institutional products are no for me. That's just my opinion.

I agree with the both of you. ETF is our key to making crypto more visible and at the same time more accessible. Its a way towards BTC world-wide adoption - speaking, of the future, of course!

Also Europe is already progressing towards ETF.  Flow Traders NV is already trading in ETN. ETF is unstoppable its only a matter of when.

Bitcoin ETF is needed not just for price speculation but to give legitimacy to the entire cryptocurrency sector. Now if you walk around the street and just talk to anybody about bitcoin, nobody would have any clue what you are talking about. Bitcoin ETF may not be necessary for the crypto market but it speeds up the adoption of crypto among the masses.

We really need it, if SEC approve Bitcoin ETF, there will be more people know about Bitcoin, and trust in it, more buyers, this will pumps Bitcoin price and then the whole crypto market. Though  Bitcoin ETF will make Bitcoin become an asset and not a currency, it's still good for us because Bitcoin can't become a currency unless it can enable micro payments and lightning transactions with minimum fees.

it's a catalyst. do we "need" it? no, would it ramp up the price? almost certainly.

there is a lot of fear we are going to leg down and test 3200-3700 out there right now. it seems unwarranted since 2018 is not 2014 or anywhere close to it fundamentally

an etf approval would likely stop that thought process dead in its tracks. personally i think the question on an etf is "when" not "if"

it certainly has some undesirable effect, pulling a large chunk of bitcoin out of circulation will basically mean there will be less bitcoin to be used as a means  of payment, destroying Satoshies original vision

This look to me very short term goal, as it will cause change of status from currency to an asset that is not at all desired.
It remind me a old story of The Goose That Laid the Golden Egg.

No, what we really need are Bitcoin legalization as currency/payment method and making sure everyone can buy/sell Bitcoin easier, even in small amount

You've already answered the question. I believe the text in the bold on the quote makes others really excited for the ETF since it will mean more profit to come and is the reason why ETF's have an appeal to the bitcoin community as a whole. Just the thought of speculating how much money institutional investors and other organization will put on it is very appealing, and the thought of price skyrocketing because of it is very enticing.

Bitcoin ETF is currently in news as SEC recently rejected Winklevoss twin Bitcoin ETF and   fate of 9 others ETF will be decided in next 2 month .

Whatever the SEC decide on it in future will be interesting to follow.  It will be worth nothing that Bitcoin ETF will be treating Bitcoin as an asset not as a currency. As per fundamental of ETF , Bitcoin ETF will simply means that Bitcoin will be locked as an asset and ETF will be traded in exchange.
 
Why Bitcoin ETF should not make appeal to the Bitcoin community.

1. Treating currency as an asset to trade in exchange.
2. For ETF, Bitcoin need to kept  secured, means ETF will remove that amount of Bitcoin to be available for active transaction.
3. Bitcoin can be easily purchased and sold so it is not that Bitcoin ETF is making bitcoin more available to masses.
4. ETF do not gurantee that it will solve the Bitcoin price volatility problem.
5. ETF might give rise to "HODL" mentality that is not good for Bitcoin. (I will explain it sometime later.)

ETF will help Institutional Investors or other organization to invest in Bitcoin but Bitcoin is meant for P2P transaction and Satoshi did not created it to be used as Investment product.


Edit: Adding below the views of  Andreas Antonopoulos

https://www.youtube.com/watch?v=KSv0J4bfBCc&feature=push-u&attr_tag=GUmiDnU0TxDaahFh%3A6&ab_channel=aantonop

The main points from his video

1.When you own Bitcoin you own keys. You are in control of your Bitcoin. By ETF , you will not have any keys so you are not in control of your Bitcoin.

2.ETF owner/Custodian  will be a single holder of the Bitcoin. ETF holding so large amount of Bitcoin can easily manipulate the market.

3.If any debate going to happen in bitcoin (like Bitcoin cash ) in future then ETF custodian will have the voice but not the actual share holders.

4.Bitcoin ETF is a terrible idea but it might happen in future.