Cryptocurrency Expert Criticizes Bitcoin ETF (Exchange-Traded Funds)

Andreas Antonopoulos, host of Let’s Talk Bitcoin podcast and Bitcoin and open blockchain expert, spoke that exchange-traded funds (ETFs) “fundamentally undermine the underlying principle of peer-to-peer money.”

Addressing the cryptocurrency community during his monthly Q&A session back in July, the bitcoin expert, who makes a point to focuses key aspects of cryptocurrency that are recommended by the community, took a critical stance towards the ETF coming to Bitcoin.

He commented on the specifics of ownership concerning the digital asset:

“Your keys – your Bitcoin; not your keys – not your Bitcoin.”

This comment comes at the crossroads of US regulators potentially giving a Bitcoin ETF approval would have significant benefits for both Bitcoin’s mainstream accessibility and price.

The US Securities and Exchange Commission (SEC) has already rejected twice an ETF proposal by the Winklevoss twins, while at the same time continuing to postpone decisions on other applications.

Antonopoulos, is maintaining a stance of avoiding the ETF era stating:

“An ETF is a multibillion-dollar ‘not-your-keys-not-your-Bitcoin’ vehicle, so that’s why I’m against it and I wouldn’t buy any.”

The cryptocurrency expert also believes that an approval is approaching anyway, as their is huge consumer demand and a lack of technical knowledge. Antonopoulos has also voiced his hesitations about ETF operators’ holding sway over consensus concerning a possible future hard fork of the Bitcoin network.

Antonopoulos, considers that using an intermediary to get into Bitcoin, rather than holding one’s own private keys, would always make an investor “second tier”.