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Bitcoin-ETF Can Bring More Problems Than Good: Expert

21:45 14/08/2018

A notorious cryptographer and smart contracts pioneer, Nick Szabo, expressed doubts about the sensational bitcoin-ETF. The expert published several posts on Twitter, in which he criticized the crypto fund, considering its creation a risky idea. 

 

As Szabo said, he "does not lobby" the project of the exchange traded bitcoin-fund, and also opposes any solutions, in which money is controlled by Wall Street traders. He believes that ETF can bring more problems than good.

 

Szabo also added that the first cryptocurrency itself is a safer investment than gold. "By trusting third parties to store your assets, you lose the main advantage of bitcoin," — the cryptographer believes.

 

The sentiments about ETF remain ambiguous, due to the discussion in the crypto community, concerning the real benefits of such a fund.

 

Previously, crypto experts strived for approval from the Securities and Exchange Commission (SEC), which is currently considering 9 applications for creating the bitcoin-ETF. Now some authoritative figures have changed their opinion, meaning the fund will not become a panacea for the first cryptocurrency.

 

Bill Ulivieri, the head of Cenacle Capital, a firm specializing in assets management, said that he lost respect for the crypto community because of the excitement around the ETF. According to him, possessing physical bitcoin stocks is associated with a number of problems, such as creating a backoffice, ensuring timely delivery and so on.

 

Referring back, the head of investment firm Pantera Capital also criticized bitcoin-ETF. As Dan Morehead believes, the regulators will not approve the creation of such a fund in the near future.

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