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Bitcoin has no "intrinsic value": US investors weigh
Since a Bitcoin Exchange Traded Fund (ETF) has been proposed in the US markets, experts have introduced it as the only thing that could bring the cryptocurrency market to "l & rsquo; Immature "at the" mature ". Others have also touted such a vehicle as the rocket that would bring BTC to the moon, so to speak.
However, members of the unencrypted audience are not over sold on the whole idea. According to the list of comments posted on the United States Securities and Exchange Commission's (SEC) web page, particularly regarding VanEck, SolidX and CBOE's rule change, most of them are skeptical about to the value provided by the cryptocurrency.
Hana Trading's Sam Ahn released a six-page, nine-point Bitcoin demolition and proposed ETF product, which would open the door to BTC's hub. While Ahn's remarks were written, a clear theme of mine action, Satoshi Nakamoto's cynicism and "BTC has no intrinsic value" was evident. The investor pointed out that not only Satoshi masterpiece hard to deal with, but the fact that cryptocurrency is not like gold, as in "a 64-digit string, with about 17 zeros" (hash) can not be equated with a physical element used in the electronics, jewelery and store value.
While many intransigent crypto-currency would judge Ahn's comments unfounded, it was just the tip of the iceberg. Another interviewee, Dina Pinto, said that she felt BTC did not deserve a "serious product" because it considered the nascent market surrounding the digital badet as "volatile and manipulated by the very small [that use it]. "Pinto adds that the main crypto has" no real use case ".
Another intervener, Sarah Malone, of unknown affiliation, echoed the aforementioned comments, explaining that it was not useful for BTC to become a negotiable financial product, let alone a means of exchange.
Finally, another player played the "blockchain not Bitcoin" card, stressing that crypto-currencies lack viability on a daily basis, while big books have immense value.
What all the aforementioned critics seem to forget is the value proposition of Bitcoin in countries hit by capital controls, hyperinflation, authoritarianism, and other weaknesses in society. This is of course because they see the BTC from the point of view of a US citizen, many of whom are not (currently) subject to irresponsible government and tax planners.
But ultimately, the opinions of American citizens is this is important in this case because the product will be accessible to some of these stakeholders.
The silver lining
Yet there was a glimmer of hope. A Sami Santos user posted an eight-point comment on March 12 outlining the benefits of Bitcoin and why a fund needs to track it. Santos was sticking to the normal scenario of the lawyer Bitcoin, explaining that it was fast, profitable, indisputable and private (not exactly, but it is a pseudonym).
The investor then explained that the blockchain could mitigate corruption and money laundering and that Bitcoin could constitute a "weapon" against financial inequalities and inflation, as well as strengthen the 39, technological innovation.
In this case, Santos was the only Bitcoin knight in the crusade for an ETF product, which would fully legitimize this badet. But will the SEC listen to him, or those who were a little sardonic?
Photo by Anna Popović on Unsplash
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