Renowned Bitcoin advocate Max Keiser has issued a stern caution regarding the forthcoming Bitcoin Spot ETFs, expressing concerns about their potential repercussions. Keiser believes these highly anticipated products might not truly represent actual Bitcoin.
While the SEC is expected to green light Bitcoin spot ETFs by January 10th, Keiser took to Twitter to underscore his apprehension. Drawing from his extensive finance experience, he highlights the unprecedented collaboration between financial institutions, regulators, and politicians creating up for these ETFs.
Keiser forewarned of an “unwelcomed surprise” in the cryptocurrency industry. He contends that despite tracking Bitcoins price, these ETFs won’t grant investors access to actual Bitcoin, Instead investors will purchase ETF shares solely with cash, converting these tools into essentially fiat-based versions of Bitcoin.
According to Keiser, the groundwork for Bitcoin spot ETF approval, accompanied by significant hype, might entail Washington’s intentions to prohibit Bitcoin self-custody.
Summing up his concerns, Keiser emphasized the scale of this coordinated effort by Wall Street and Washington, suggesting a bait-and-switch scenario. He highlighted the one-sided dialogue focusing solely on the positive aspects of these upcoming ETFs, Neglecting the potential downsides. He warned against blindly following the trend, cautioning individuals to conduct thorough research, take time, and formulate a plan rather than succumbing to potential pressure.
Keisers apprehension implies a looming possibility that these ETFs might not unfold as anticipated by the masses🚨
