Encryption advocates weigh ETF rejections — veteran trader Peter Brandt says Bitcoiners should “oppose US spot Bitcoin ETFs” – Bitcoin News
After the US Securities and Exchange Commission rejected Vaneck’s Bitcoin Spot Market Exchange Traded Fund (ETF) on Friday, some cryptocurrency advocates discussed the topic this weekend. For example, Peter Brandt, a veteran foreign exchange trader, told his 581,700 Twitter followers that Bitcoin extremists “should oppose” the spot market Bitcoin ETF. Bitcoiner Preston Pysh stated that Bitcoin may not care much about “spot ETF approval.”
The crypto community discusses the recent Bitcoin ETF rejection-Peter Brandt said “We don’t encourage Wall Street to convert Bitcoin into vending machine assets”
In the first week of November, U.S. legislators urge The U.S. Securities and Exchange Commission (SEC) approved the Bitcoin Spot Exchange Traded Fund (ETF).But on November 12, U.S. regulators Refused Vaneck’s Bitcoin spot ETF also pointed out the lack of prevention of “fraud and manipulation behaviors and practices” in the market. The rejection also occurred after the first batch of Bitcoin ETFs based on the crypto asset derivatives market (especially futures) were approved.
In fact, Proshares Strategy ETF Debut It captured nearly $1 billion in trading volume and broke the record of previously listed exchange-traded funds. Gary Gensler, then chairman of the SEC Tell the public Why the SEC approved the Bitcoin futures version of the ETF. After the Vaneck Bitcoin spot market ETF was rejected, a number of digital currency supporters discussed the situation. Senior foreign exchange and cryptocurrency traders, Peter Brandt, Said on Twitter on Saturday that Bitcoin advocates should disapprove of Bitcoin spot market ETFs.
“IMO, Bitcoin extremists should oppose spot [bitcoin] ETF in [the] America,” Brandt SaidThe story of Bitcoin’s value store depends on its scarcity and even the difficulty of purchase.Let’s not encourage the greedy Wall Street conversion Bitcoin Become a vending machine asset. Say no to ETFs,” the analyst added.
Preston Pysh: “Bitcoin is actually a feast of corruption and manipulation”-Depressing Bitcoin prices through futures
host Investor’s Podcast (Bitcoin Fundamentals), Preston Pisch, Also discussed the SEC’s refusal on social media. “The U.S. Securities and Exchange Commission is making a decision on a Bitcoin spot ETF that will benefit hedge funds. [and] Wall Street is at the expense of retail investors,” Pysh Said“Gary Gensler, Hester Peirce, isn’t this the opposite of what you plan to do? We want answers. Your decisions are increasingly distrustful,” the podcast host pointed out. Pysh also stated that Bitcoin may not care much about the SEC’s decision, and statement:
The beauties are all coming. Bitcoin grants 2 sh * ts for the approval of the spot ETF. The storage cost is almost zero, and it can be solved in 10 minutes. They were fighting with the clock-ticking, ticking, ticking… This thing really feasted on corruption and manipulation, and the boy was already full of plates.
Some people believe that Bitcoin futures are easier to manipulate, which is why the U.S. government allows derivative versions. “The U.S. Securities and Exchange Commission denied a place [bitcoin] ETF. Why? Because futures are easier to manipulate IMO, “The Twitter handle is called’Sergeant Miam Spriff‘ wrote“The head of the CFTC admits that they can use futures to’press down’ the price of silver. What is the role of metals? [and] What do Bitcoins have in common? Anti-inflation. They can suppress them, so the dollar looks more attractive/safe,” he added.
At the same time, most cryptocurrency traders Happy Seeing rejection “has no real adverse price impact”. Many others believe that Bitcoin “does not need a spot ETF.” “As long as real Bitcoiners continue to buy and hold,” Rodolfo Martinez wrote“This rocket is heading to the moon and beyond.”
What do you think of this weekend’s recent comments on the US Securities and Exchange Commission’s rejection of Vaneck’s Bitcoin spot market ETF? What do you think of Peter Brandt’s statement against spot ETFs in the United States? Please tell us your thoughts on this topic in the comments section below.
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