Following the Securities and Exchange Commission’s rejection of Vaneck’s bitcoin spot market exchange-traded fund (ETF) on Friday, a number of cryptocurrency advocates discussed the subject this weekend. For example, veteran FX trader Peter Brandt told his 581,700 Twitter followers that bitcoin maximalists “should oppose” a spot market bitcoin ETF. Bitcoiner Preston Pysh said bitcoin does not care about “approval of a spot ETF.”
Crypto Community Discusses Recent Bitcoin ETF Rejection — Peter Brandt Says ‘Let’s Not Encourage Wall Street to Convert Bitcoin Into a Vending Machine Asset’
During the first week of November, U.S. lawmakers urged the Securities and Exchange Commission (SEC) to approve bitcoin spot exchange-traded funds (ETFs). But on November 12, the US regulator rejected Vaneck’s bitcoin spot ETF and cited a lack of prevention of “fraudulent acts and practices and manipulation” in the market. The rejection also follows the approval of the first bitcoin ETFs based on the crypto asset’s derivatives markets, specifically futures.
In fact, the first Proshares Strategy ETF captured almost $ 1 billion in volume and broke records for previously listed exchange traded funds. Then SEC chairman Gary Gensler told the public why the SEC approved a bitcoin futures version of an ETF. After the ETF’s rejection from Vaneck’s bitcoin spot market, a number of digital currency supporters have discussed the situation. The veteran FX and cryptocurrency trader, Peter Brandt, tweeted on Saturday that bitcoin advocates should disapprove of a bitcoin spot market ETF.
“IMO, Bitcoin maximalists should oppose the spot [bitcoin] ETF in [the] United States ”, Brandt noted. The history of Bitcoin’s store of value depends on its scarcity and even some difficulty in buying. Let’s not encourage greedy grub-hungry Wall Street to convert BTC into a vending machine asset. Say NO to ETFs,” the analyst added.
Preston Pysh: “Bitcoin literally feasts on corruption and manipulation” – Lowering Bitcoin prices via futures contracts
Host of the Investor Podcast (Bitcoin Fundamentals), Preston Pysh, also discussed the SEC’s denial on social media. “The SEC is making decisions on the bitcoin spot ETF which benefits hedge funds [and] Wall Street at the expense of retail investors,” Pysh said. “Gary Gensler, Hester Peirce isn’t this the opposite of what you’re charted to do? We want answers. Your decisions increase mistrust, ”noted the podcast host. Pysh also said bitcoin didn’t care about the SEC decision and declared:
Here’s the beauty folks. Bitcoin gives 2 sh*ts about the approval of a spot ETF. It costs nearly nothing to custody and it settles in 10 min. They are fighting against a clock – tick, tock, tick… This thing literally feasts on corruption and manipulation and the boy is the plate full.
Some individuals argued that bitcoin futures are easier to manipulate and that’s why the U.S. government has allowed the derivatives version. “The SEC refused a place [bitcoin] AND F. Why? Because futures contracts are easier to manipulate, IMO, ‘Twitter’s nickname nicknamed’Meme Sergeant Spliff‘ wrote. “The CFTC chief admitted that they can ‘pack’ the prices of silver through futures contracts. What do metals do [and] Does bitcoin have in common? Anti inflationary. They can pack them down, so the USD looks more attractive / safer, ”he added.
Meanwhile, most crypto traders were pleased to see that the rejection “had no real bad price influence.” Many others have shared the view that bitcoin “doesn’t need a spot ETF”. “As long as real Bitcoiners keep buying and prowling”, Rodolfo Martinez wrote. “This rocket is heading for the moon and beyond.”
