Matt Luongo, CEO of Thesis Fund, wrote a blog post warning that ETFs are threatening the core principles of Bitcoin.
Luongo says ETFs will turn Bitcoin into a financial asset rather than a cryptocurrency. This can lead to a loss of user privacy and control.
He also said that ETFs could lead to the centralization of power in Bitcoin as financial institutions become large holders.
Impact on Bitcoin
If ETFs are popular It could harm Bitcoin in the long run.
ETFs may turn Bitcoin into a financial asset rather than a cryptocurrency. This can lead to a loss of user privacy and control.
Additionally, ETFs could lead to the centralization of power in Bitcoin as financial institutions become large holders.
Things to do
The Bitcoin community needs to consider its practices regarding ETFs.
If the community wants to protect Bitcoin's core principles, it should consider opposing ETFs.
The Bitcoin community might consider other ways to make Bitcoin more accessible to retail investors without causing Bitcoin to lose its uniqueness.
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