BitMEX CEO: A Bitcoin ETF Is Great For Adoption, Triples-Down On $50k Prediction

[bbc.reporter]

It might be good for speculation and the price, but ETFs will not help in what the real bitcoiners want. Adoption.

Also, ETFs are only good for those few large specialized investors called authorized participants because they hold your bitcoins, while you hold a useless ETF.

I reckon the approval will pump bitcoin, but it will also dump bitcoin after a short time when the news of the approval is released.



BitMEX’s CEO sees that acceptance of such a fund will produce a capital influx from retail investors, as an ETF streamlines the process of onboarding fiat into this industry, stating:

“Retail traders do not want to have to worry about securing a Bitcoin wallet, where do they buy it from, using the different exchanges. So if all they have to do is to click on their E*Trade, Scottrade, Interactive Brokers, 401k (etc.), to buy an ETF that gives them exposure to Bitcoin, but not allow them to experience the risks of holding it, that is a very powerful way for them (retail investors) to get involved”
Closing off his time on the show, Hayes tripled-down on his $50,000 price prediction, expecting that a positive ETF verdict will push the price of Bitcoin to the stratosphere.

While some may be skeptical of his analysis and speculation, Hayes perpetually keeps his ear to the ground of this industry, so it is likely that his statements hold some credence.

Read in full https://ethereumworldnews.com/bitmex-ceo-bitcoin-etf-adoption-50k-prediction/

[BitcoinNewbie15]

I do appreciate hearing these bullish predictions, as I believe in them. However, I just can't take the predictions of people like this guy seriously. Not because of how/who he is, but because he is coming from a biased opinion. He has something to gain from Bitcoin hitting that price, as his business would grow exponentially with the price. His self-interest is too evident for me to take him seriously.

[adaseb]

It might be good for speculation and the price, but ETFs will not help in what the real bitcoiners want. Adoption.

Also, ETFs are only good for those few large specialized investors called authorized participants because they hold your bitcoins, while you hold a useless ETF.

I reckon the approval will pump bitcoin, but it will also dump bitcoin after a short time when the news of the approval is released.



BitMEX’s CEO sees that acceptance of such a fund will produce a capital influx from retail investors, as an ETF streamlines the process of onboarding fiat into this industry, stating:

“Retail traders do not want to have to worry about securing a Bitcoin wallet, where do they buy it from, using the different exchanges. So if all they have to do is to click on their E*Trade, Scottrade, Interactive Brokers, 401k (etc.), to buy an ETF that gives them exposure to Bitcoin, but not allow them to experience the risks of holding it, that is a very powerful way for them (retail investors) to get involved”
Closing off his time on the show, Hayes tripled-down on his $50,000 price prediction, expecting that a positive ETF verdict will push the price of Bitcoin to the stratosphere.

While some may be skeptical of his analysis and speculation, Hayes perpetually keeps his ear to the ground of this industry, so it is likely that his statements hold some credence.

Read in full https://ethereumworldnews.com/bitmex-ceo-bitcoin-etf-adoption-50k-prediction/

Except the CBOE ETF which is scheduled on Aug 10th is geared towards institutional investors, not retail.

Most retail investors probably got 4 figures in their trading accounts unless its a 401K.

I agree with your post that "if" approved it will have a huge rally and when it goes live the price will end up dumping again like it did with the futures.

I remember when the CME futures went live and some contracts traded at $20K. And look how far down we went from there.

[Pursuer]

Also, ETFs are only good for those few large specialized investors called authorized participants because they hold your bitcoins, while you hold a useless ETF.

exactly. and the money has already entered the market to buy bitcoin for these ETFs, it won't enter again after the approval.

I reckon the approval will pump bitcoin, but it will also dump bitcoin after a short time when the news of the approval is released.

I don't think so. the hype has already done what it could do. after the approval we may not see anything. and if there is a rise it would only be a trigger needed for the money to come back not a "pump" and that means it won't go back down because of it.

$50k will happen with or without ETF, and most probably in the same time frame with or without ETF!

[Wind_FURY]

Holding and trading Bitcoin has never been easier for "retail investors". This ETF idea is just another way to add a useless detivative, and for its creators and brokers to make profit in fiat.

I already feel sorry for those future ETF investors. They will miss the point and believe that it will be the same thing as holding Bitcoin.

[dothebeats]

Holding and trading Bitcoin has never been easier for "retail investors". This ETF idea is just another way to add a useless detivative, and for its creators and brokers to make profit in fiat.

I already feel sorry for those future ETF investors. They will miss the point and believe that it will be the same thing as holding Bitcoin.

I'm pretty sure most of the potential investors to the ETF would already know the difference in holding real bitcoins compared to the ETF itself. However, I'm sharing the same sentiment; due to FOMO, these people might be swayed by their emotions and 'force' themselves to buy these ETF even though it doesn't have any direct connection to bitcoin and they're basically holding a 'promise' from the issuer. it might result to a pump due to hype but once the ETF is finalized and approved, interests would surely wane and weaken as well.

[1Referee]

I already feel sorry for those future ETF investors. They will miss the point and believe that it will be the same thing as holding Bitcoin.

They don't care about holding Bitcoin itself; they just want the long term exposure they pay for in cash and exit their position in cash.

Let's be honest, most people don't give a damn about Bitcoin's decentralization and currency aspect, they just want to ride its market and have an asset in their portfolio that isn't correlated with the legacy economy. Having a 1% portfolio allocation to Bitcoin is already a fantastic way to stabilize your portfolio and even book above moderate returns in case Bitcoin goes nuts, which it does from time to time. I expect hedge funds and other institutions to do the same in the forthcoming years.

[audaciousbeing]

I think its good that someone is bold enough to look into another direction away from the entire effort on ETF as the reason why price would increase to a new level and coming from a respected personality it sure sound like the right way to go. The way its going, the ETF approval would surely cause a surge but it won't be to an all time high and even if it manage to increase to the $10,000 region, its coming back down because ETF approval won't be enough basis to keep the price up and the same scenario that happen during the previous increase, is surely expected to happen again.

On him backtracking on the $50k prediction, there is no need for anybody to hold him to it because at the time of making the predictions, everybody already knows its just a wishful thinking of an enthusiast who believes that when some factors are held constant, some things should happen forgetting that when its come to crypto, all factors can never be held constant. Why would I call him a liar for something I never believed in. He made a statement based on factors available to him without forcing anyone to fall in that direction.

[bobo012]

Etf trading in underlaying asset is crucial and needed, unlike the futures where they are running a casino with worthless fiat, which they have indefinitely. ETF will spur the adoption, and we may as well see 50000 dollars per coin,  but i dont think it will happen overnight

[Stedsm]

Speculators speculate, but these bitmex guys are something I would surely trust upon, because after all their shadiness that I've come across (leverage manipulation, fake contracts, marginal stops reached, etc.), I do believe these guys know a lot better about the markets than us. We all just speculate out of nothing, but these people really know something sort of insiders, and even if ETF gets approved, these big companies' cutting-edge technology will increase the demand so well that playing with BTC with their (institutions') trillions of dollars will be like a matter of click. It's honorably true what Vitalik said that we need to have adoption in our minds, but we're into speculations and moving towards the wrong side by making this an only-tradable asset which can be used just for the purpose of making more money. Bitcoin was made to be used as money, not to make money.

[richardsNY]

ETF will spur the adoption, and we may as well see 50000 dollars per coin,  but i dont think it will happen overnight

An ETF will help reaching that price sooner, but even without it we will reach it at some point in the future anyway. I don't think it's a good idea to see the price develop itself in this fashion, especially so with how it might even affect adoption. People here however don't seem to care as long as the price keeps going up a lot, which is somewhat understandable but very short term thinking. At some point the price won't be able to go up similar to how it has gone up in the last years, and that's when Bitcoin's market will turn into an institution market similar to how stocks are institution markets. We are growing too fast....

[pitiflin]

It might be good for speculation and the price, but ETFs will not help in what the real bitcoiners want. Adoption.

Also, ETFs are only good for those few large specialized investors called authorized participants because they hold your bitcoins, while you hold a useless ETF.

Sticky this shit,people need to understand this. I mean, ETF takes the whole "fun" part in bitcoin, I enjoy everytime I install/use a wallet, send and receive coins, check for confirmations in block explorers.

I reckon the approval will pump bitcoin, but it will also dump bitcoin after a short time when the news of the approval is released.

ETF can cause a big bull run, make no mistake. But it won't get accepted, mostly not. Do you honestly expect that a Centralized organization would approve something decentralized? Don't forget that US is afraid of bitcoin. ETF has already been rejected twice at least, so take a hint.

[pooya87]

Holding and trading Bitcoin has never been easier for "retail investors". This ETF idea is just another way to add a useless detivative, and for its creators and brokers to make profit in fiat.

I already feel sorry for those future ETF investors. They will miss the point and believe that it will be the same thing as holding Bitcoin.

I'm pretty sure most of the potential investors to the ETF would already know the difference in holding real bitcoins compared to the ETF itself. However, I'm sharing the same sentiment; due to FOMO, these people might be swayed by their emotions and 'force' themselves to buy these ETF even though it doesn't have any direct connection to bitcoin and they're basically holding a 'promise' from the issuer. it might result to a pump due to hype but once the ETF is finalized and approved, interests would surely wane and weaken as well.

the only thing good about ETF in my opinion is the fact that it can act as another way of approving bitcoin so we may see a lot less FUD about bitcoin in the future (in case it is approved). so dicks won't go on TV saying bitcoin is "fraud". and even if they do nobody will pay any attention. of course they will change their FUD approach but i believe the effects of it will be much less.

[Wind_FURY]

I already feel sorry for those future ETF investors. They will miss the point and believe that it will be the same thing as holding Bitcoin.

They don't care about holding Bitcoin itself; they just want the long term exposure they pay for in cash and exit their position in cash.

They will completely miss the point. I feel sorry for them. A well made educational content to make people deeply understand Bitcoin but easy enough to mentally grasp is needed.

I believe the newbies did not take the time to study the "philosophy".

Let's be honest, most people don't give a damn about Bitcoin's decentralization and currency aspect, they just want to ride its market and have an asset in their portfolio that isn't correlated with the legacy economy. Having a 1% portfolio allocation to Bitcoin is already a fantastic way to stabilize your portfolio and even book above moderate returns in case Bitcoin goes nuts, which it does from time to time. I expect hedge funds and other institutions to do the same in the forthcoming years.

Anything the retail investors make, it will be neutralized by inflation.

[wuvdoll]

It will kind of help the adoption of bitcoin. I mean we are talking about huge billions of dollars going into bitcoin as an investment to people who have never invested in bitcoin. That is alone is adoption but not in the way we trust. However if we are going into a route that big huge funds go into bitcoin and put their investors (basically customers) money into bitcoin than we will be fine however ETF is basically a "bet" on if bitcoin price will go up or not, so people are not actually buying bitcoin which means we need to make sure they also go out and buy it as well, but it creates a public awareness so I am fine with it.

Approval of ETF may take more time but I am sure bitcoin will fly beyond $50k as expected in coming months (for that $20k within this year will be the first confirmation). ETF approval may fasten this process but without that too bitcoin will reach $100k levels on its own strength and community.

[bitcoindian]

It might be good for speculation and the price, but ETFs will not help in what the real bitcoiners want. Adoption.

Also, ETFs are only good for those few large specialized investors called authorized participants because they hold your bitcoins, while you hold a useless ETF.

Sticky this shit,people need to understand this. I mean, ETF takes the whole "fun" part in bitcoin, I enjoy everytime I install/use a wallet, send and receive coins, check for confirmations in block explorers.

I reckon the approval will pump bitcoin, but it will also dump bitcoin after a short time when the news of the approval is released.

ETF can cause a big bull run, make no mistake. But it won't get accepted, mostly not. Do you honestly expect that a Centralized organization would approve something decentralized? Don't forget that US is afraid of bitcoin. ETF has already been rejected twice at least, so take a hint.

Why most of the companies are looking for investment in ETF but US government is kept on rejecting the ETF proposal because the dominance Bitcoin usage is kept increasing and this makes US government afraid about the Bitcoin ETF?