Bitcoin evangelist Max Keiser recently issued a strong warning about the possible outcome of Bitcoin exchange-traded funds (ETFs) ultimately stating that these long-awaited new products will not be tied to actual Bitcoin.
At the same time, it is expected that the U.S. regulatory agency (SEC) will approve Bitcoin ETFs in early January.
Keiser took to Twitter to express his concerns, stating that in his extensive experience in the financial industry, he has never seen such concentrated and coordinated efforts by financial institutions working alongside financial regulators and politicians, as seen with the upcoming wave of Bitcoin ETFs.
Keiser cautioned that the cryptocurrency industry might be in for an “unwelcome surprise” here.
He believes that “all Bitcoin ETFs have been approved for deposit and withdrawal in cash.” Keiser clarified his negative viewpoint, stating that by investing in Bitcoin ETFs, investors will track the price of Bitcoin, but they will not be able to access actual Bitcoin. The problem here is that Bitcoin ETF shares must be purchased in cash only.
Keiser believes these instruments will ultimately be nothing more than a “cash version of Bitcoin.”
According to Keiser, preparations are being made for the potential approval of immediate Bitcoin ETFs (hence the buzz surrounding them); Washington is likely to look into banning self-custody of Bitcoin if his concerns are proven to be correct.
If his concerns are valid, as Keiser summarises, it all “boils down to the size of this highly-coordinated push by Wall Street and Washington.”
He believes the best way to escape all of this is to migrate to the “Bitcoin country of El Salvador.”
$153 Million Worth of Bitcoin Heading to El Salvador
Earlier this month, Keiser tweeted that 153 wealthy individuals have applied for Salvadoran passports and are moving to the Bitcoin-friendly country.
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If approved for citizenship, each individual will be required to donate $1 million worth of Bitcoin or USDT to the country’s economy. This will contribute to El Salvador becoming a global hub for cryptocurrencies and technology. Each applicant is allowed to bring their spouse and children with them to El Salvador and have their citizenship extended to cover them as well.
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