Bitcoin ETFs: Even worse for crypto than central exchanges By Cointelegraph
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Recent weeks have seen a surge in interest from traditional finance for crypto-based exchange-traded funds (ETFs). After the Securities and Exchange Commission took issue with its initial filing, BlackRock (NYSE:) submitted a fresh application for a ETF on July 3. A week earlier, Fidelity led a crop of investment firms in lodging applications with the SEC for Bitcoin-based ETFs. Meanwhile, HSBC has become the first bank to offer Bitcoin (BTC) and Ether (ETH) ETFs to customers in Hong Kong.
In the context of Bitcoin, it is often the seemingly positive news that is harmful over the longer term; and vice versa, short-term negative news often serves to strengthen the ongoing case for Bitcoin. A good example of the latter is the 2017 “Blocksize War,” when the Bitcoin community split into the big block camp that launched the fork and the small block camp that implemented the Segregated Witness upgrade in Bitcoin.
Evade the fakes
Josef Tetek is a Bitcoin analyst for Trezor. A long-time Bitcoiner with a background in Austrian economics and political philosophy, he founded the Czech and Slovak Ludwig von Mises Institute in 2010. He’s the author of two books, Bitcoin: Separation of Money and State and Enemies of State, Friends of Liberty.
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© Reuters
Recent weeks have seen a surge in interest from traditional finance for crypto-based exchange-traded funds (ETFs). After the Securities and Exchange Commission took issue with its initial filing, BlackRock (NYSE:) submitted a fresh application for a ETF on July 3. A week earlier, Fidelity led a crop of investment firms in lodging applications with the SEC for Bitcoin-based ETFs. Meanwhile, HSBC has become the first bank to offer Bitcoin (BTC) and Ether (ETH) ETFs to customers in Hong Kong.
In the context of Bitcoin, it is often the seemingly positive news that is harmful over the longer term; and vice versa, short-term negative news often serves to strengthen the ongoing case for Bitcoin. A good example of the latter is the 2017 “Blocksize War,” when the Bitcoin community split into the big block camp that launched the fork and the small block camp that implemented the Segregated Witness upgrade in Bitcoin.
Evade the fakes
Josef Tetek is a Bitcoin analyst for Trezor. A long-time Bitcoiner with a background in Austrian economics and political philosophy, he founded the Czech and Slovak Ludwig von Mises Institute in 2010. He’s the author of two books, Bitcoin: Separation of Money and State and Enemies of State, Friends of Liberty.
Continue Reading on Coin Telegraph
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