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Home»BITCOIN NEWS»Arthur Hayes reveals what causes pioneering cryptocurrencies to fail.
BITCOIN NEWS

Arthur Hayes reveals what causes pioneering cryptocurrencies to fail.

By Crypto FlexsDecember 24, 20233 Mins Read
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Arthur Hayes reveals what causes pioneering cryptocurrencies to fail.
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Former CEO and co-founder of cryptocurrency exchange BitMEX Arthur Hayesshared his thoughts on what could lead to Bitcoin’s downfall. His latest comment Echo the reservation details What information cryptocurrency founders have about a potential launch Bitcoin ETF Spot.

TradFi Could Lead to Bitcoin’s Downfall

His past articles During the year, Hayes said TradFi asset managers would “completely destroy Bitcoin” if: ETFs they manage It was a huge success. He made this claim, citing Bitcoin’s uniqueness. Hayes noted that the best crypto tokens are different from “every other means of currency humanity has ever used.”

Due to Bitcoin’s uniqueness, Hayes believes it was not created to be in the hands of these asset managers. Therefore, they may end up destroying the crypto tokens. Especially in a world where the world’s largest asset managers end up holding all the assets. Bitcoin in circulation. If that happens, these companies will end up hoarding these crypto tokens, which, in Hayes’ opinion, shouldn’t be the case.

The BitMEX co-founder noted that Bitcoin “only exists when it moves” and will “die” if it is not used. His position stems from the fact that he sees Bitcoin not just as an asset, but as an asset that should be actively traded. store of value. He also highlighted the fact that if this happens, the Bitcoin network will also die.

Miners are known as: Earn trading fees On the network utilized. However, if these tokens are no longer traded and are all stored away, these miners will have no choice but to cease operations. Without these miners, Hayes argued, “the network dies and Bitcoin disappears.”

BTC maintains $43,000 level | Source: BTCUSD on Tradingview.com

Hayes’ Reservations for A Spot Bitcoin ETF

Arthur Hayes’ latest comments come ahead of potential approval. Spot Bitcoin ​​ETF application pending. Former BitMEX CEO You have previously announced your reservation. Information about the fund and its issuer. He then noted that these TradFi institutions are not bullish on Bitcoin and are simply making this move to become “cryptocurrency gatekeepers.”

Hayes also discussed how these companies’ interest in Bitcoin runs counter to Satoshi’s vision for a decentralized system. But unlike Hayes, some are looking on the bright side and seeing how institutional interest in the top cryptocurrency could help drive mainstream adoption.

Bloomberg analyst Eric Balchunas I’ve touched it once This explains the importance of these spot Bitcoin ETFs, especially considering that many people may choose to hold Bitcoin instead. In his opinion, these ETFs are important because of the convenience they provide to investors. Meanwhile, other people are going crazy about it. capital If these ETFs are approved, they could see inflows.

Featured image from Forkast News, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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