In a recent blog post, Hayes said that Bitcoin’s worth is due to the fact that “it moves.”
There will be a dramatic drop in network activity and miners’ motivation as per Hayes.
The ex-CEO and co-founder of BitMEX is warning that spot Bitcoin ETFs, should they become too popular, may “completely destroy” Bitcoin. In a recent blog post, Hayes said that Bitcoin’s worth is due to the fact that “it moves.”
Spot Bitcoin ETFs, on the other hand, are designed to “vacuum up assets” and “store them in a metaphorical vault,” as he put it.
Risks Highlighted
There will be a dramatic drop in network activity and miners’ motivation to validate transactions if Bitcoin ETF issuers and investors choose to purchase Bitcoin derivatives instead of hodling the cryptocurrency. When miners can’t afford to keep their equipment running, they shut them down. The network crashes and Bitcoin disappears because of this, as per Hayes.
A new digital monetary network would replace Bitc
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