Bitcoin ETF ‘Might Cause More Problems than it’s Worth’ said Cryptography Scientist
In a series of tweets August 12, a known scientist in the field of cryptography Nick Szabo expressed his opinion regarding the issue of Bitcoin ETF approval.
While some market observers believe delays in getting a bitcoin ETF approved could drive weaker traders from the crypto market. Nick Szabo believes Bitcoin ETF might cause more problems for the market than its worth.
“I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it’s worth,” he wrote.
I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it’s worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don’t need new ones to take their place. https://t.co/s7OxZt9IrJ
— Nick Szabo⚡️ (@NickSzabo4) August 12, 2018
Szabo’s words come amid an increasingly sage climate regarding the real benefit of an ETF to Bitcoin’s march to mainstream acceptance.
The SEC has been wary of bringing crypto to the masses with an ETF despite speculation one would be endorsed as early as this month. It postponed a decision last week on a proposal that would allow the fund from VanEck Associates Corp. and SolidX Partners Inc. to list on Cboe.
The SEC earlier also rejected an ETF proposal by Tyler and Cameron Winklevoss, who run the Gemini Trust Co. cryptocurrency exchange.
“The SEC is likely to delay until February of 2019 and the chances of a Bitcoin ETF approval in 2018 have always been low.
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