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Leading figure in the cryptocurrency market, Arthur Hayes, has warned about potential threats to Bitcoin, highlighting issues with spot Bitcoin exchange-traded funds (ETF). Hayes shared his concern that if Bitcoin ETFs were successful, it could lead to the complete elimination of Bitcoin.
In a blog post published on December 23rd, Hayes claimed that Bitcoin’s value stems from its potential for movement. However, he pointed out that the purpose of spot Bitcoin ETFs is to “vacuum up” assets and to “store them in a metaphorical vault”.
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If those issuing Bitcoin ETFs hold all the Bitcoin and investors turn to Bitcoin derivatives, he argues the number of transactions on the network will decrease and miners may lose motivation, leading to a potential death of the network.
Hayes stated that “if ETFs managed by traditional finance asset managers are very successful, they will completely destroy Bitcoin.” In that case, he proposed that a new cryptocurrency network might take Bitcoin’s place and expand the financial system.
Decisions related to approving anticipated spot Bitcoin ETF applications could trigger significant changes in the world of cryptocurrency. While major organizations wait for the SEC’s decision, investors are called to be cautious about future scenarios.