Are Bitcoin ETFs taming Bitcoin?

[goldkingcoiner]

Well, this was a line provided by Edward Snowden. Yeah, the famous whistle blower Edward. He believes that the more applications are being filed, there are risks involved. Although the money being poured into the asset will help it's price to go higher, but these institutions could get more power and influence over the regular person when it comes to decisions and actions taken as regards Bitcoin.
 Edward also noted that as ETF applications are getting popular especially as big firms are the ones lobbying for a spot, there's the tendency of it "taming Bitcoin".
 Is this true or he's just talking out of a hunch?

https://cryptopotato.com/edward-snowden-believes-bitcoin-etfs-are-taming-btc-bitcoin-amsterdam-live/

No, ETFs are ETFs and Bitcoin is Bitcoin. The ETF hype is all speculation value and if it goes through as planned and hoped, then as soon as an ETF is not only filed but approved, we will see a larger spike in price. At least that is what I think will happen. Don't take my words for financial advice. But the price aside, Bitcoin intrinsically does not require ETFs. How could it possibly tame Bitcoin? All it does is tame the already tamed. ETF Investors, in other words are the ones making a Bitcoin investment. Or at least a piece of paper says they are.  

[franky1]

take a look at greyscale which filed a ETF YEARS ago
they are owned by a company called DCG which also paid a LARGE multimillion sum to "blockstream" which is a bitcoin core founder team of devs.
then look at the changes to bitcoin directly done by the blockstream devs and how those same blockstream devs now control things like LN (the subnetwork promoted as being the sole solution to bitcoin usage) and how blockstream also control alot of the LN nodes and a large amount of bitcoin nodes and bitcoin DNS seed service nodes

https://dcg.co/portfolio

its also worth noting many of the bitcoin drama events of 2015+
such as the gavin andresen/jgarzic alternate route for bitcoin (bloq) and the NYA agreement push which pretended to be an option but was just a bait and switch to just change bitcoin into the path blockstream(via DCG demands) wanted

when you notice the NYA agreement was headed up by DCG and bloq is part of the DCG portfolio alongside blockstream you start to see all options are actually just one option which is the business idea's of DCG, which will benefit the grayscale ETF


as for users buying ETF shares. this introduces new industry of investors that only order investments through the old fashioned stocks/shares market. which will only put money into ETF shares not the bitcoin spot markets.. when share allotment(baskets) fill the ETF custodians then would buy lumps of bitcoin privately on OTC(darkpool) markets not the public spot markets.

the only time that there will be a significant spot market push is when one ETF gets granted permission to operate. because all other proposed filings will see the opportunity to clone the accepted filing word for word for speedy acceptance. and so they would all then rush to buy many baskets(allotments) of bitcoin on the OTC markets at the same time which will indirectly cause some pressure on the supply of spot markets which rush to move coin to dark pool markets to fill the otc demands

[Isuru_]

They have the potential to tame Bitcoin by making it more accessible to institutional investors and reducing volatility. However, it's important to note that Bitcoin ETFs are still relatively new, and their long-term impact on the Bitcoin market is unknown.

Overall, Bitcoin ETFs have the potential to be a positive development for the Bitcoin market, but investors should be aware of the risks involved before investing.

Also I think BlackRock bitcoin Etf will accept buy sec - reason to this they only had one rejection in past

[adaseb]

There are both pros and cons for this.

One of the pros is that there will be more liquidity for bitcoin which is what it needs right now. Go and look on a M5 chart right now and look at all those spikes you are seeing, also look at all the BARTS on the hourly charts. This is happening because the liquidity is very poor for bitcoin at the moment. With an ETF being approved there will be more market making and more liquidity.

The cons as you mentioned is that is will end up being more centralized to the top 1% which is not what we wanted. Basically happen pretty much in ETH right now how they went the POS route. So i agree with him on those points.