• As per a Bitcoin historian, ETFs are in contrast to BTC’s ideology.
• Amid centralization concerns, ETFs continued to record high volumes.

Despite widespread acclaim, are exchange-traded funds (ETFs) genuinely advantageous for Bitcoin’s [BTC] future? This question looms large in the cryptocurrency community.

In a thought-provoking conversation hosted by Swan Bitcoin, Pete Rizzo, a Bitcoin historian, shed light on this debate. He remarked, 

“It is very interesting to see that there is such community support for the ETFs given that they essentially, in many ways, kind of contradict a lot of the things that we have preached as Bitcoin maximalists.” 

Rizzo also emphasized that the push for self-custody and direct participation in the Bitcoin network starkly contrasts the passive, intermediary-reliant nature of ETF investments.

Is Wall Street attention bad for Bitcoin?

Delving deeper into the institutional involvement in Bitcoin, Rizzo expressed apprehensions about the potential for regulatory capture.

Given their extensive holdings, the historian showed concerns about the unclear motivations behind institutional forays into cryptocurrency.  He commented,

“I still remain pretty skeptical of what’s going on on Wall Street and with the institutions. I mean, obviously, it’s great that they’re dipping their foot in, but I don’t think we should confuse that with them sort of agreeing completely with our ideology.”

Based on the current demand, he hypothesized that BlackRock’s venture into Bitcoin ETFs could be just the beginning of a series of similar financial products to capitalize on the burgeoning interest in cryptocurrency.

ETFs: A gateway to Bitcoin adoption

Amid the skepticism, the interview touched upon the compelling argument to be made for their positive impact on BTC’s adoption and

Go to Source to See Full Article
Author: Kamina Gilani

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details