Famed Whistleblower Edward Snowden Warns Against Spot Bitcoin ETF
Edward Snowden, the famous whistleblower, has cautioned the crypto community about the potential risks associated with a spot-based Bitcoin (BTC) exchange-traded fund (ETF). Speaking at the Bitcoin Amsterdam 2023 event, Snowden expressed concerns about traditional finance gaining control over the leading cryptocurrency.
In his address, Snowden emphasized the importance of recognizing that Bitcoin is a powerful tool in shaping the future of payments and finance. He urged caution against getting too excited about ETFs or price movements, as this could lead to subordination and subjugation by traditional financial systems.
SEC Delays Decisions on Spot BTC ETF Applications
The U.S. Securities and Exchange Commission (SEC) recently postponed decisions on several spot BTC ETF applications, including BlackRock’s. The final deadline for reviewing one application, the ARK 21 Shares Bitcoin ETF, is set for January 10th.
Hot Take: Snowden’s Warning About Spot Bitcoin ETFs
Edward Snowden’s warning about spot-based Bitcoin ETFs highlights the potential risks of traditional finance gaining control over cryptocurrencies. While many in the crypto community are eagerly awaiting the approval of these ETFs, Snowden cautions against viewing them as a solution to price movements or as a means of mainstream adoption. He emphasizes the need to recognize Bitcoin’s role in shaping the future of finance and urges caution in letting traditional financial systems exert too much power over it.
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