{"id":14296,"date":"2021-11-14T14:54:06","date_gmt":"2021-11-14T14:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-advocates-weigh-etf-rejection-veteran-trader-peter-brandt-says-bitcoiners-should-oppose-spot-bitcoin-etfs-in-us\/"},"modified":"2021-11-14T14:54:06","modified_gmt":"2021-11-14T14:54:06","slug":"crypto-advocates-weigh-etf-rejection-veteran-trader-peter-brandt-says-bitcoiners-should-oppose-spot-bitcoin-etfs-in-us","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-advocates-weigh-etf-rejection-veteran-trader-peter-brandt-says-bitcoiners-should-oppose-spot-bitcoin-etfs-in-us\/","title":{"rendered":"Crypto Advocates Weigh ETF Rejection \u2014 Veteran Trader Peter Brandt Says Bitcoiners Should \u2018Oppose Spot Bitcoin ETFs in US\u2019"},"content":{"rendered":"

Following the Securities and Exchange Commission\u2019s rejection of Vaneck\u2019s bitcoin spot market exchange-traded fund (ETF) on Friday, a number of cryptocurrency advocates discussed the subject this weekend. For instance, the veteran FX trader Peter Brandt told his 581,700 Twitter followers that bitcoin maximalists \u201cshould oppose\u201d a spot market bitcoin ETF. Bitcoiner Preston Pysh said bitcoin could care less \u201cabout the approval of a spot ETF.\u201d<\/strong><\/p>\n

Crypto Community Discusses Recent Bitcoin ETF Rejection \u2014 Peter Brandt Says \u2018Let\u2019s Not Encourage Wall Street to Convert Bitcoin Into a Vending Machine Asset\u2019<\/h2>\n

During the first week of November, U.S. lawmakers urged<\/a> the Securities and Exchange Commission (SEC) to approve bitcoin spot exchange-traded funds (ETFs). But on November 12, the U.S. regulator rejected<\/a> Vaneck\u2019s bitcoin spot ETF and cited a lack of prevention toward \u201cfraudulent and manipulative acts and practices\u201d in the market. The rejection also follows the approval of the first bitcoin ETFs based on the crypto asset\u2019s derivatives markets, specifically futures.<\/p>\n

In fact, the Proshares Strategy ETF debut<\/a> captured close to $1 billion in volume and broke records for previously listed exchange-traded funds. Then SEC chairman Gary Gensler told the public<\/a> why the SEC approved a bitcoin futures version of an ETF. After the Vaneck bitcoin spot market ETF rejection, a number of digital currency proponents discussed the situation. The veteran FX and cryptocurrency trader, Peter Brandt<\/a>, tweeted on Saturday that bitcoin advocates should disapprove of a bitcoin spot market ETF.<\/p>\n

\u201cIMO, Bitcoin maximalists should oppose spot [bitcoin] ETFs in [the] U.S.,\u201d Brandt said<\/a>. Bitcoin\u2019s store of value story depends on its scarcity and even some difficulty to purchase. Let\u2019s not encourage greedy grub-hungry Wall Street to convert BTC<\/a> into a vending machine asset. Say NO to ETFs,\u201d the analyst added.<\/p>\n

Preston Pysh: \u2018Bitcoin Literally Feasts on Corruption and Manipulation\u2019 \u2014Tamping Down Bitcoin Prices via Futures<\/h2>\n

Host of The Investor\u2019s Podcast<\/a> (Bitcoin Fundamentals), Preston Pysh<\/a>, also discussed the SEC refusal on social media. \u201cThe SEC is making decisions on the bitcoin spot ETF which benefits hedge funds [and] Wall Street at the expense of retail investors,\u201d Pysh said<\/a>. \u201cGary Gensler, Hester Peirce isn\u2019t this the opposite of what you\u2019re charted to do? We want answers. Your decisions are increasing distrust,\u201d the podcast host noted. Pysh also said bitcoin could care less about the SEC decision and stated<\/a>:<\/p>\n

Here\u2019s the beauty folks. Bitcoin gives 2 sh*ts about the approval of a spot ETF. It costs nearly nothing to custody and it settles in 10 min. They are fighting a clock \u2013 tick, tock, tick\u2026This thing literally feasts on corruption and manipulation and boy is the plate full.<\/p>\n

Some individuals argued that bitcoin futures are easier to manipulate and that\u2019s why the U.S. government has allowed the derivatives version. \u201cThe SEC denied a spot [bitcoin] ETF. Why? Because futures are easier to manipulate IMO,\u201d the Twitter handle dubbed \u2018Meme Sergeant Spliff<\/a>\u2019 wrote<\/a>. \u201cThe head of the CFTC admitted they can \u2018tamp down\u2019 silver prices via futures. What do metals [and] bitcoin have in common? Anti inflationary. They can tamp them down, so USD looks more attractive\/safer,\u201d he added.<\/p>\n

Meanwhile, most crypto traders were pleased<\/a> to see that the rejection \u201chad no real bad price influence.\u201d Many others shared the opinion that bitcoin \u201cdoesn\u2019t need a spot ETF.\u201d \u201cAs long as the Real Bitcoiners keep buying and hodling,\u201d Rodolfo Martinez wrote<\/a>. \u201cThis rocket is heading to the moon and beyond.\u201d<\/p>\n

What do you think about the recent opinions this weekend about the SEC rejecting Vaneck\u2019s bitcoin spot market ETF? What do you think about Peter Brandt\u2019s statements about opposing a spot ETF in the U.S.? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, Anti inflationary, Bitcoin, Bitcoin (BTC), bitcoin etf, Bitcoin Futures ETF, CFTC, ETF Bitcoin, FX Trader, Gary Gensler, hester peirce, Meme Sergeant Spliff, Peter Brandt, Preston Pysh, Proshares, SEC, SEC decision, Spot ETF Rejection, The Investor\u2019s Podcast, The SEC, us regulator, Vaneck bitcoin spot ETF, Veteran trader<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the Securities and Exchange Commission\u2019s rejection of Vaneck\u2019s bitcoin spot market exchange-traded fund (ETF) on Friday, a number of cryptocurrency advocates discussed the subject this weekend. For instance, the veteran FX trader Peter Brandt told his 581,700 Twitter followers that bitcoin maximalists \u201cshould oppose\u201d a spot market bitcoin ETF. Bitcoiner Preston Pysh said bitcoin…<\/p>\n","protected":false},"author":0,"featured_media":14297,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14296"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14296"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14297"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}