Arthur Hayes against ETF approval?
His analysis is thought-provoking:
◾️Hayes warns that asset managers such as BlackRock are effectively “agents of the state” when acting in accordance with government instructions. This could undermine decentralization, the essence of cryptocurrencies.
It raises an important question: if BlackRock's ETF gets too large, it could result in Bitcoin becoming just "a bunch of immovable Bitcoin" with no real impact on the market.
◾️Hayes encourages people to think about the long term. The emergence of ETFs may drive up prices, but what are the ultimate consequences when one institution controls the majority of the cryptocurrency market?
