The SEC does not want capital flowing from the dollar to cryptocurrencies. A spot ETF will attract large capital to the market, with which they will buy bitcoins, so the old manipulator will lose its influence in this market. Now, manipulating the price of Bitcoin will require a lot of money.
Interesting theory or stupidity?
Well, I wouldn't call it stupidity out of respect for good debate among forum members, but I don't agree with the theory. Someone who has a lot of bitcoins from the early years, if a lot of money comes in to buy Bitcoin for the ETF, what they are going to be is richer. Besides that in the early years it was much easier to get them, even mining with a laptop and cheaper.
If someone had, for example, 200,000 Bitcoins from the early years, Saylor with all the money he has spent, several billions of dollars, would still not have as many Bitcoins as him (Saylor has personally 17,732 and MSTR 152,800).
I don't know what the current holders of large amounts of early bitcoins will think, but if I were one, I would want a lot of money coming into the market.
Do you disagree with the fact that the SEC does not want capital flowing from the dollar to cryptocurrencies or with the second proposal?
You are describing an isolated case where the first users stored bitcoins for a long time. I also had bitcoins, which I bought for 300-400 dollars, but I sold them with a small profit, because then I did not believe that cryptocurrencies would be expensive.
