Home / BITCOIN / Crypto Advocates Weigh ETF Rejection — Veteran Trader Peter Brandt Says Bitcoiners Should ‘Oppose Spot Bitcoin ETFs in US’

Crypto Advocates Weigh ETF Rejection — Veteran Trader Peter Brandt Says Bitcoiners Should ‘Oppose Spot Bitcoin ETFs in US’

Go after the Securities and Exchange Commission’s rejection of Vaneck’s bitcoin spot market exchange-traded fund (ETF) on Friday, a number of cryptocurrency pleads discussed the subject this weekend. For instance, the veteran FX trader Peter Brandt told his 581,700 Twitter aficionados that bitcoin maximalists “should oppose” a spot market bitcoin ETF. Bitcoiner Preston Pysh said bitcoin could be fond of less “about the approval of a spot ETF.”

Crypto Community Discusses Recent Bitcoin ETF Rejection — Peter Brandt Chances ‘Let’s Not Encourage Wall Street to Convert Bitcoin Into a Vending Machine Asset’

During the first week of November, U.S. lawmakers desired the Securities and Exchange Commission (SEC) to approve bitcoin spot exchange-traded funds (ETFs). But on November 12, the U.S. regulator spurned Vaneck’s bitcoin spot ETF and cited a lack of prevention toward “fraudulent and manipulative acts and practices” in the market. The spurning also follows the approval of the first bitcoin ETFs based on the crypto asset’s derivatives markets, specifically futures.

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

“IMO, Bitcoin maximalists should oppose spot [bitcoin] ETFs in [the] U.S.,” Brandt remarked. Bitcoin’s store of value story depends on its scarcity and even some difficulty to purchase. Let’s not encourage greedy grub-hungry Enclosure Street to convert BTC into a vending machine asset. Say NO to ETFs,” the analyst added.

Preston Pysh: ‘Bitcoin Actually Feasts on Corruption and Manipulation’ —Tamping Down Bitcoin Prices via Futures

Host of The Investor’s Podcast (Bitcoin Essentials), Preston Pysh, also discussed the SEC refusal on social media. “The SEC is making decisions on the bitcoin spot ETF which forwards hedge funds [and] Wall Street at the expense of retail investors,” Pysh said. “Gary Gensler, Hester Peirce isn’t this the antagonistic of what you’re charted to do? We want answers. Your decisions are increasing distrust,” the podcast host noted. Pysh also explained bitcoin could care less about the SEC decision and stated:

Here’s the beauty folks. Bitcoin gives 2 sh*ts wide the approval of a spot ETF. It costs nearly nothing to custody and it settles in 10 min. They are fighting a clock – tick, tock, tick…This effects literally feasts on corruption and manipulation and boy is the plate full.

Some individuals argued that bitcoin futures are easier to use and that’s why the U.S. government has allowed the derivatives version. “The SEC denied a spot [bitcoin] ETF. Why? Because futures are easier to manipulate IMO,” the Chatter handle dubbed ‘Meme Sergeant Spliff’ wrote. “The head of the CFTC admitted they can ‘tamp down’ white prices via futures. What do metals [and] bitcoin have in common? Anti inflationary. They can tamp them down, so USD looks multitudinous attractive/safer,” he added.

Meanwhile, most crypto traders were pleased to see that the rejection “had no real bad valuation influence.” Many others shared the opinion that bitcoin “doesn’t need a spot ETF.” “As long as the Genuine Bitcoiners keep buying and hodling,” Rodolfo Martinez wrote. “This rocket is heading to the moon and beyond.”

What do you call to mind a consider about the recent opinions this weekend about the SEC rejecting Vaneck’s bitcoin spot market ETF? What do you about about Peter Brandt’s statements about opposing a spot ETF in the U.S.? Let us know what you think about this subservient to in the comments section below.

Tags in this story
Anti inflationary, Bitcoin, Bitcoin (BTC), bitcoin etf, Bitcoin To be to comes ETF, CFTC, ETF Bitcoin, FX Trader, Gary Gensler, hester peirce, Meme Sergeant Spliff, Peter Brandt, Preston Pysh, Proshares, SEC, SEC verdict, Spot ETF Rejection, The Investor’s Podcast, The SEC, us regulator, Vaneck bitcoin spot ETF, Veteran trader

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