Arthur Hayes, the former CEO of BitMEX, has some wise words to share in the volatile world of cryptocurrencies. According to him, if spot Bitcoin exchange-traded funds (ETFs) become extremely popular, they may even destroy the crypto itself.
A prominent figure in the cryptocurrency space, Hayes expressed his worries in a blog post on December 23. He highlights the inherent worth of Bitcoin, which stems from its ever-changing character. But according to Hayes, the real danger is coming from spot ETFs that are meant to take in assets and store them in a vault.
Spot ETFs Could Wipe Out Bitcoin: Hayes
If these ETF issuers hoard all of the Bitcoin that is available, pushing investors away from traditional “HODLing” and onto BTC derivatives, then that is exactly how Hayes sees the end of the world. Transactional activity on the network declines in this grim future, and miners are no longer motivated to validate transactions.
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