So, the much anticipated (under speculators) Bitcoin ETFs have recently been approved by the SEC. Most speculators bought into the hype, expecting a massive increase in the Bitcoin price. 
Not all expectations come true. With Bitcoin / Bitcoin ETF too.The question you have to ask yourself is this :
1. Do you want large institutional financial organisations buying large amounts of bitcoins and then locking it up in centralized trading platforms?
"The large institutional financial organisations" doesn't care what I do. Why should I care what they do?1. Do you want large institutional financial organisations buying large amounts of bitcoins and then locking it up in centralized trading platforms?
2. Do you want Bitcoin to be a commodity or a currency? ETFs will destroy the goal of Bitcoin becoming a currency.
Bitcoin will be what the crypto market makes. My wishes don't matter here. I believe that bitcoin ETF has nothing to do with the bitcoin becoming a currency, because the bitcoin turned into an investment asset without ever having time to become a full-fledged currency.3. ETFs take direct investment capital into personal ownership of Bitcoin away and it pulls that capital into centralized trading platforms. (Those coins are owned by the trading platform, because they control the private keys)
The same thing happens on any crypto exchanger. Nothing fundamentally has changed.4. Fiat whales get control over bitcoins and can be used to manipulate the Bitcoin price. (They control the traditional Fiat investment options, so they will gradually increase their ownership of bitcoins to control that too)
And before this, they didn’t have control and couldn’t cause strong price fluctuations? Really? 
5. ETFs destroy pseudo anonymity, because it is highly regulated with strict KYC requirements implemented to identify every trader on their platform.
This was already available in ordinary crypto exchangers with KYC, which are the majority.6. Bitcoin's future success rely on actual coins being transfered on the Blockchain, because it generates miners fees to reward the miners. What happens when the Block reward falls away and not enough transaction happen, because bitcoins are locked up in ETFs.
Miners will receive rewards for mining as before (circa 1st century). I'm sure this should be enough for them (for the next hundred years). By that time, bitcoin ETF will become indifferent to everyone. I hope people are not too blinded by greed to see the dangers of Bitcoin ETFs and the centralization of the tokens in Fiat controlled trading platforms.
Let's discuss..
Do you still think Bitcoin ETFs are the Knight on the white horse?
I always thought Bitcoin ETF Let's discuss..
Do you still think Bitcoin ETFs are the Knight on the white horse?