Good morning, my friends. Greet each other with joy! 🥰 And here is the news for December 25:
🚀Bitcoin ETF for immediate delivery could 'completely destroy' Bitcoin: Arthur Hayes
Arthur Hayes, co-founder of BitMEX, has warned that a Bitcoin ETF for immediate delivery could "completely destroy" Bitcoin if too successful. He mentioned that Bitcoin assets would be "swept away" and stored in a "hidden repository." If overly successful, the volume of Bitcoin transactions could dry up, demotivating miners and potentially leading to the shutdown of Bitcoin mining machines. Without miners, the Bitcoin network could die, and Bitcoin might disappear.
Hayes imagines that in such a scenario, a new cryptocurrency network could emerge and replace Bitcoin. He believes that if Bitcoin becomes a financially controlled asset by governments, it will lose value due to lack of utility. He hopes for a financial system free from government control.
Hayes's warnings come at a time when all pending applications for Bitcoin ETFs are awaiting processing, expected to be reviewed by the SEC between January 5 and January 10, 2024. Companies such as BlackRock, Grayscale, Bitwise, WisdomTree, Invesco, Galaxy, Fidelity, Ark Invest, Valkyrie, Franklin, Hashdex, Global X ETFs, and Pando Asset are all awaiting the SEC's decision on their Bitcoin ETF applications.
