SNOWDEN ALERT: BITCOIN ETF THREAT or ADVANCE?
Edward Snowden warns about the risks of the Bitcoin ETF.
Bitcoin is seen as a main tool in global financial evolution.
The SEC postpones decisions on several Bitcoin ETFs.
Edward Snowden, the famous whistleblower, has raised the alarm about the risks associated with the creation of an exchange-traded fund (ETF) based on Bitcoin (BTC). During his recent talk at the Bitcoin Amsterdam 2023 event, this former collaborator of the US National Security Agency (NSA) and former employee of the Central Intelligence Agency (CIA), pointed out the possible consequences of the traditional financial system control the leading cryptocurrency.
The Transformative Power of Bitcoin
Snowden emphasized Bitcoin's position as an influential tool on the global financial stage. He expressed: “We must be aware, in these moments of volatility, that we are immersed in a much broader game and that Bitcoin is one of our main instruments in this game. The structures we are impacting, such as payment and finance systems, will shape the future of the world. “Challenges still await us to achieve real impact.”
Reflecting on the growing interest in the price of Bitcoin due to the anticipation of ETFs, Snowden warned of its possible impact. He clarified: “The current enthusiasm around value is focused on the expectation of ETFs. However, we should not wish for this to be the only cause of price fluctuations. This can be interpreted as a form of subjugation and an attempt to tame the true spirit of cryptocurrencies.”
SEC Decisions on the Horizon
It is relevant to mention that the United States Securities and Exchange Commission (SEC) recently postponed decisions on several Bitcoin ETFs, including the one proposed by BlackRock. However, the final review for one application in particular, that of the ARK 21 Shares Bitcoin ETF, is scheduled for January 10.
