Ethereum Creator Vitalik Buterin thinks the industry is too focused on cryptocurrency exchange-traded funds and should primarily focus on the mass market. According to the programmer, the priorities are ensuring the widespread cryptocurrencies, growth of practicality and everyday use, and not the institutionalization of the ETF. However, he said, need to make investing in digital assets more accessible and simple. About this Buterin wrote yesterday on Twitter.
The original tweet contains a share of criticism ETF as a tool for market manipulation:
“I think that too much focus on exchange traded funds that invest in bitcoin, ether, or what else, with insufficient attention to the facilitation of the purchase of crypto-currencies for people, for example, five or a hundred dollar card in the corner shop. The first is much better to “pump”, but the second effect significantly better on the real implementation.”
Statement Buterin, probably due to the repeated failure of the Commission on securities and stock exchanges of the USA (SEC) the brothers Winklevoss (Winklevoss) to open bitcoin ETF. On the Commission’s decision became known last Friday; as justification for refusal, the office cited the non-compliance of the Law on trading in securities on the prevention of fraud and manipulation. As a result, for 17 hours the market remained in the doldrums.
A programmer assertion is confirmed by statistics. Last year a survey conducted by Gallop showed that only 2% of Americans have purchased bitcoins. Another study, also Dating from 2017, found that about 80% of US residents are living “from paycheck to paycheck.” Most likely, writes the News BTC.com these respondents are not aware of the futures on bitcoin and cryptocurrency exchange-traded funds.
Not all in the industry share the position Baterina. CCO and General counsel Huobi UK Josh Goodbody (Goodbody Josh) stressed that capital inflows from the institutional investors is important for the industry, and ETFs are more than able to provide guarantees of security of investments.
In comments NewsBTC.com Goodbody said:
“The introduction of new asset classes and financial instruments in the cryptocurrency sector will give greater confidence to investors. Not everybody likes the idea to use private keys. We believe that if the Fund is open market with high credibility, it sets a positive trend in the industry.”
Earlier it became known that the SEC deferred action on five other applications, the company Direxion Investments for the opening of exchange-traded funds related to cryptocurrency. Also, the Commission is considering a similar statement from Cboe; ensuring the Fund is entrusted to the VanEck and SolidX. The final decision on this application will be made August 16, 2018.
comments powered by HyperComments