Bitcoin ETF .. do we really need it?

[ICOselector2018z]

The SEC decided to postpone a decision on the Bitcoin ETF for 45 days. The crypto community did not take this news well, with the market dipping almost 10% as a response. In this video I ask a very important question.. do we even need the Bitcoin ETF.

https://www.asiacryptotoday.com/bitcoin-etf-do-we-really-need-it/

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[BitMaxz]

The SEC decided to postpone a decision on the Bitcoin ETF for 45 days. The crypto community did not take this news well, with the market dipping almost 10% as a response. In this video I ask a very important question.. do we even need the Bitcoin ETF.

https://www.asiacryptotoday.com/bitcoin-etf-do-we-really-need-it/

I do not think there is an exact day when the SEC will decide on bitcoin ETF because there is some news telling that September 30 is the postponed date where the SEC is going to decide whether Bitcoin ETF will approve or not.

Anyway, I think we don't need bitcoin ETF because according to other enthusiasts that bitcoin ETF is made to play the price of bitcoin and I think they create it for pump and dump.

Here is a video that we do not need a bitcoin ETF https://www.youtube.com/watch?v=I6_ipj02bvM

[bungphe]

A bitcoin ETF is one that mimics the price of the most popular digital currency in the world. This allows investors to buy into the ETF without going through the complicated process of trading bitcoin itself. Moreover, because holders of the ETF won't be directly invested in bitcoin itself, they will not have to worry about the complex storage and security procedures required of cryptocurrency investors.
There is another crucial benefit to focusing on a bitcoin ETF rather than on bitcoin itself. Because the ETF is an investment vehicle, investors would be able to short sell shares of the ETF if they believe that the price of bitcoin will go down in the future. This is not something that can be done in the traditional cryptocurrency market

[joniboini]

If we're talking about the effect of Bitcoin ETF on Bitcoin prices, I think we 'need' Bitcoin ETF to create a positive sentiment, just like the previous CBOE Futures. Bitcoin ETF news is so central right now to create market sentiment, even dozens of positive news like blockchain adoption and others don't push Bitcoin price. It's pretty weird, it seems like whatever happens in the US decide the future of Bitcoin prices.

[NeuroticFish]

The SEC decided to postpone a decision on the Bitcoin ETF for 45 days. The crypto community did not take this news well, with the market dipping almost 10% as a response. In this video I ask a very important question.. do we even need the Bitcoin ETF.

https://www.asiacryptotoday.com/bitcoin-etf-do-we-really-need-it/

We don't need the ETF per se, we need the signal it brings. We need it for big money to flow back in, we need it for future development and some think that we may even need it for stability (although this last part is incorrect).
However, the ETF idea was rushed, hence the disaster. We need better regulation, we need to rule out the exchanges where you can "do tricks" (maybe decentralized exchanges would be the answer? I don't know.) When the market becomes more stable, when the market doesn't react this bad to a news that many of us were expecting, then the ETF will be approved. We need to clean the garbage first, then we can hope we'll shine.


Shortly, we "need" the money the ETF brings, but we need to clean the mess first, by ourselves.

[enhu]

What Bitcoin had achieved right now was on its own and without ETF. Certainly it can go on forever along with the altcoins without ETF. The government however is making their move to make some changes because of the illegal activities in relation to BTC now that it's known and they learned its unstoppable. No ETF approval or With ETF approval crypto is just going to be doing fine. But for the security in investing into crypto, there has to be regulations which includes the ETF approval.

[adaseb]

I think the Bitcoin ETF won't change much, just like the futures.

If the retail market really wants to buy bitcoins they can always use that GBTC or even just buy it with a futures broker as long as they have enough for the leverage.

Bitcoin has far more use cases than an ETF. These ETFs and Futures are all for "Buy the rumor, sell the news".

The Bitcoin futures is a perfect example because when the CME actually went live, it was the last time BTC saw $20K.

[richcorner100]

I think we really need it because if Bitcoin ETF approved the demand of the cryptocurrency will increase alot and the total market cap of crypto possible to going up more than $1 trilliun in just afew month. When Bitcoin ETF approved by SEC , many new big investor will put their money in to crypto.

[LeGaulois]

@ICOselector2018z

The dip started before the SEC postpones their decision, so the 10% is not related to this news.. And while you mention the 45 days it can also be a lot longer, up to February next year (if I am correct). I don't think we (the crypto community) need it as other users say, because it's not going to give us something. Other than to see an increase in the cash flow to bring fresh money injected into the market

[cryptokia]

I'm not familiar with all this specifics of that case but I'm seeing all that people which are so excited about EFT, so I think it will greatly improve their bitcoin price and if this will not happen I think everybody will lose their trust in Bitcoin.

[ololajulo]

I later got to know that more bitcoin trades are off counter i.e not through the online exchange; which has really affected the price and encourage manipulation. More can be done if the presented proposal this time around break through. They companies involves have the capacity to move the market and bring confidence in the market online and offline for retreated traders and new investors. The confidence of every traders is what is demanded from this proposal success.

[loveinberlin]

I think that it is obvious that we need btc and ether. to my mind, both of them are great coins we can invest in. BTC is the revolution in our world and it will change it to the better forever

[BitHodler]

I'm not familiar with all this specifics of that case but I'm seeing all that people which are so excited about EFT, so I think it will greatly improve their bitcoin price and if this will not happen I think everybody will lose their trust in Bitcoin.

The problem here is that increases and profit taking based on a specific event is a temporary practice.

Let's say the SEC approves an ETF. The price breaks $20,000 and all ETF speculators start selling their coins to take profits. You know what that means? Done is the ETF effect for them.

From that point they will focus on the next big thing to once again repeat the same speculative hype nonsense. People here don't care about the long term effects of these financial instruments.

If people lose trust in Bitcoin because of an ETF they don't belong here. I hope they'll leave and never come back because we don't need these parasites. We need more people interested in the technology itself.

[groko271]

The SEC decided to postpone a decision on the Bitcoin ETF for 45 days. The crypto community did not take this news well, with the market dipping almost 10% as a response. In this video I ask a very important question.. do we even need the Bitcoin ETF.

https://www.asiacryptotoday.com/bitcoin-etf-do-we-really-need-it/

to me the uncertainty is the bigger issue. While things/issues swing in the balance the price will follow. TBH, I wish the SEC would get their shit together.

[Xenrise]

We really need it for the bitcoin to rise again. If we wanna see it rise. Gold etf made the gold flew easily. And who knows if etf will be also published in bitcoin? This would be the wildest groth we'll ever seen.

[shulio]

It may create a wind to take prices to high 10000 dollars level, but I do not think it will be good for crypto currency environment to be accepted this year.

[mostkey]

If indeed the ETF will give a big influence or positive news then the answer is yes, the market needs a moment like this where good news will be digested by most people and start entering the market to be more trustworthy and profitable, here only needs good news and ETF statements Still a question mark for next month, not knowing whether the statement is rather negative, maybe people might be afraid of a market that has the potential to fall back.
Because all public fans and Bitcoin are waiting for the SEC's decision on ETFs, at the same time it is a determination of trust for new people in the crypto world because their thoughts are still rocking.

[enawati]

News of Bitcoin ETF just make impact with the price of crypto, so we really need it for better ecosystem in crypto community. If Bitcoin ETF approved that mean Bitcoin will become one of the asset class , and the market cap will go higher and following others asset class like gold or popular stocks.

[Netnox]

Yes. We need it badly and we need it right now. There are tens of millions of users out there, who don't want to invest in Bitcoin through unregulated exchanges. Bitcoin ETF gives them an opportunity to invest in Bitcoin through regulated exchanges and funds.

[Wind_FURY]

The SEC decided to postpone a decision on the Bitcoin ETF for 45 days. The crypto community did not take this news well, with the market dipping almost 10% as a response. In this video I ask a very important question.. do we even need the Bitcoin ETF.

https://www.asiacryptotoday.com/bitcoin-etf-do-we-really-need-it/

We don't need the ETF per se, we need the signal it brings. We need it for big money to flow back in, we need it for future development and some think that we may even need it for stability (although this last part is incorrect).

The future development of what? The market? I believe we are fine, and it would be better if Wall Street stayed away from Bitcoin forever.

However, the ETF idea was rushed, hence the disaster. We need better regulation, we need to rule out the exchanges where you can "do tricks" (maybe decentralized exchanges would be the answer? I don't know.) When the market becomes more stable, when the market doesn't react this bad to a news that many of us were expecting, then the ETF will be approved. We need to clean the garbage first, then we can hope we'll shine.

Shortly, we "need" the money the ETF brings, but we need to clean the mess first, by ourselves.

The "ETF" will not bring anything "of quality purpose" for the network. It would be better to set up more retail exchanges to make it easier for every person to buy and hold Bitcoin in my opinion. Adoption.