Andreas Antonopoulos, a Bitcoin advocate with a large following, uploaded a video on Tuesday that outlined why an ETF on the cryptocurrency creates so much hype and, more importantly, why he doesn’t like the idea.
“I’m going to burst your bubble. I know a lot of people really want to see an ETF happen because ‘too the moon’ and ‘lambos’ and all that. I think it’s a terrible idea. I still think it’s going to happen… I’m actually against ETFs,” he said.
Antonopoulos was clear that he understood why many people are excited about the prospect, explaining that other commodities for which ETFs appeared suddenly found their prices skyrocketing.
However, he is concerned about the possible market manipulation that could happen as a result of this.
“Everybody’s so excited about ETFs because what we’ve seen in other markets is that when an ETF becomes available—as we saw in gold—the price really increases dramatically as suddenly that commodity becomes available to a lot more investors and these investors pile on. But the other side of it is that there’s always these claims that the commodities markets are heavily manipulated and opening up these exchange-traded instruments only increases the ability of institutional investors to manipulate—es...
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