Well it sounds like fiat for crypto if you ask me. If there is no reserve of the actual bitcoin. If there is, then that's at least good. So my question is, if you have your own coin that you manage, can you say no to the ETF?
You can probably say no to the ETF, that would mean there are two parallel markets, the market like it has always been, and the new born one with the ETF. That is of course if we consider there is no additional "regulations" applied in the future by the most influent governments.