Spot Bitcoin ETFs could completely destroy Bitcoin Arthur Hayes Cointelegraph | Makemetechie.com Summary
- pic.twitter.com/rn7V5hEv2FInterestingly, Hayes imagined that should such a scenario unfold, a new cryptocurrency monetary network would take Bitcoin’s place and even expand upon Satoshi Nakamoto’s original vision of peer-to-peer electronic money.“The people will once again have a non-state-controlled monetary asset and financial system..
- Spot Bitcoin (BTC) exchange-traded funds (ETFs) could “completely destroy” Bitcoin if they are too successful, warns the former CEO of BitMEX.Hayes, who co-founded cryptocurrency exchange BitMEX in 2014, explained in a Dec. 23 blog post that Bitcoin has value because “it moves.”"Expression" is my last article of 2024..
- Wall Street giants will only serve to “vacuum up” Bitcoin and store it in a “metaphorical vault”; if too successful, the number of Bitcoin transactions would dry up, says the BitMEX co-founder..
- The price of bitcoin is unlikely to keep increasing enough to sustain miners alone..
- This has always been the case but the remedy was that transaction fees would provide miners the revenue..
- “Without the miners, the network dies, and Bitcoin vanishes.”New Arthur Hayes article dropped..