In a recent newsletter, Singapore-based crypto asset trading firm QCP Capital raised the question of whether the introduction of a Bitcoin exchange-traded fund (ETF) could lead to price manipulation by institutions, similar to what has happened in the gold market. The bitcoin spot ETF filing by BlackRock and many other institutional giants has created a lot of euphoria in the market, but the manipulation issue has not been addressed much.
According to QCP Capital, “Just like BTC, gold is seen as a competitor to the dollar, especially ever since Nixon removed the dollar from the gold standard in 1971. Having full control of gold allows institutions to defend the dollar, especially if they have various vested interests in protecting the greenback.”
Web3 Watch – 10 Jul 23
It’s out! In this edition, we cover:
1/ Bitcoin Spot ETFs vs Gold Spot ETFs.
As we wait for BTC spot ETFs, we examine the launch of Gold spot ETFs and their impact on the price of gold.
— QCP Capital (@QCPCapit
We współpracy z: https://bitcoinist.com/institutional-manipulation-bitcoin-etfs-like-gold/
