Former BitMEX CEO and crypto market analyst Arthur Hayes talks about the success of the upcoming Spot Bitcoin ETF and its impact on the future of Bitcoin. Hayes said the popularity of these ETF derivatives could lead to control of all Bitcoin being concentrated in a few hands that do not move it, and a lack of activity on the blockchain could force miners to give up
Arthur Hayes Believes ETFs Could Cause Bitcoin’s Death
Former BitMEX CEO Arthur Hayes believes that the success of the upcoming Spot Bitcoin ETF could threaten the existence of the Bitcoin network. In his latest blog post, “The Statement,” Hayes presents a hypothetical situation where Bitcoin is held by a financial company like BlackRock.
Hayes predicts that if this happens, Bitcoin will be destroyed as a store of value, given that it is different from all assets ever traded in financial markets.
Hayes’ argument is as follows.
Bitcoin is the first monetary asset in human history to exist only when it moves. However, if there were no other Bitcoin transactions between the two entities, miners would not be able to afford the energy required to secure the network.
The result of this will be the shutdown of the entire Bitcoin network due to starvation of miners who will only receive fees from Bitcoin transactions after the subsidy ends around 2140.
Hayes added that this could happen if users begin to view Bitcoin as a financial asset rather than a store of value and prefer to buy derivatives rather than cryptocurrencies. But if Bitcoin suffers this fate, Hayes envisions similar assets emerging that allow people to trade in non-governmental financial systems.
“Umarım ikinci seferde özel anahtarlarımızı kel adamlara vermemeyi öğreniriz” diye bitirdi.