Arthur Hayes has a valid point.
Half a valid point I'd say. As of today you can also buy Bitcoin derivatives without buying the actual Bitcoin and only as an investment, which is what he is concerned about. And it hasn't been the end of the world. That ETF spots can delve further in that direction?
Agree with you but we are still saying the same thing and if you notice what I pointed out about the Bitcoin spot ETF you'll see that I also said that will greatly affect the CEX business while giving more power and profit to the institutional banks because investors will have more trust in the BlackRock spot ETF than CEX derivatives.
Maybe, but there will still be a lot of people transacting with the real Bitcoin.
Maybe since most investors only care about making a profit, not the legacy led by Satoshi. However, I'm strongly sure that people from the crypto community will prefer the real BTC over the spot ETF fungible token