Bitcoin ETF

Bitcoin

Arthur

Spot

BitMEX founder Arthur Hayes has a new warning for the crypto community as spot Bitcoin ETF approval by the U.S. Securities and Exchange (SEC) is almost here. If TradFi asset managers, such as <a href="https://coingape.com/tag/blackrock" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a>, become too successful with spot Bitcoin ETF, they will completely destroy Bitcoin, said Arthur Hayes. Fundamentally losing the crypto movement to separate money and finance from the state.
<h2 id="tradfi-could-kill-bitcoin">TradFi Could Kill Bitcoin</h2>
Arthur Hayes in his new <a href="https://cryptohayes.medium.com/expression-f580605ebccd" target="_blank" rel="noopener noreferrer nofollow">blog</a> on December 23 red flags potential efforts by traditional finance firms to kill Bitcoin. He warns “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.”
<blockquote>
 “If you dug a hole and deposited gold and reams of paper and came back in 100 years, the gold and paper would still exist. Bitcoin is completely different. Bitcoin is the first monetary asset in human history that exists only if it moves.”
</blockquote>
Arthur Hayes asserts world’s largest TradFi asset manager Blackrock is in the asset accumulation game. They will store Bitcoin and issue a tradeable security, people will purchase Bitcoin ETF derivatives rather than buying and hodling Bitcoin in self-custodial wallets.
In the future, there will be no actual use for the Bitcoin blockchain and this will end up with miners turning off their machines. Miners only receive Bitcoin income if the network is used. With Bitcoin being stored in a vault, “Without the miners, the network dies, and Bitcoin vanishes.”
Also Read: <a href="https://coingape.com/blackrock-prepares-for-3-million-seed-funding-for-bitcoin-etf-next-week/" target="_blank" rel="noopener noreferrer nofollow">BlackRock Prepares for $3 Million Seed Funding for Bitcoin ETF Next Week</a>
<h2 id="2024-as-the-year-of-bitcoin">2024 As the Year of Bitcoin</h2>
Arthur Hayes predicts 2024 as the year of Bitcoin as spot Bitcoin ETF gets approved by the U.S. SEC, elections, and surge in global money printing.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://miro.medium.com/v2/resize:fit:963/0*0K3xD62KKcMIyTUn" alt="Bitcoin" width="753" height="261">
 <figcaption class="wp-caption-text">
 Source: Arthur Hayes
 </figcaption>
</figure>
The chart clearly shows Bitcoin (white) up 228% as compared to gold (yellow), the S&amp;P 500 (green), and the Nasdaq 100 (red) since 2020.
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> fell over 1% in the past 24 hours, with the price currently trading at $43,613. The 24-hour low and high are $43,351 and $44,367, respectively. Furthermore, the trading volume has decreased by 11% in the last 24 hours, indicating a decline in the interest of traders.
Analyst Ali Martinez revealed a more cautious approach in the crypto market despite the BTC price uptick. A decrease in the Estimated Leverage Ratio is a sign of reducing leverage risk by traders.
<img decoding="async" src="https://pbs.twimg.com/media/GB846BQWQAAWY2N?format=jpg&amp;name=4096x4096" alt="Image">
Also Read: <a href="https://coingape.com/shiba-inu-news-whale-moves-4-tln-shib-shytoshi-kusama-spotlights-leash-listing/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Whale Moves 4 Tln SHIB, Shytoshi Kusama Spotlights LEASH Listing</a>
The post <a href="https://coingape.com/tradfi-spot-bitcoin-etf-pursuit-will-kill-bitcoin-warns-crypto-billionaire-arthur-hayes/" rel="noopener noreferrer nofollow">Crypto Billionaire Arthur Hayes: TradFi’s Spot Bitcoin ETF Pursuit Will Kill Bitcoin</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Billionaire Arthur Hayes: TradFi’s Spot Bitcoin ETF Pursuit Will Kill Bitcoin

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