Wall Street giants will only serve to “vacuum up” Bitcoin and store it in a “metaphorical vault”; if too successful, the number of Bitcoin transactions would dry up, says the BitMEX co-founder.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) could “completely destroy” Bitcoin if they are too successful, warns the former CEO of BitMEX.
Hayes, who co-founded cryptocurrency exchange BitMEX in 2014, explained in a Dec. 23 blog post that Bitcoin has value because “it moves.”
“The people will once again have a non-state-controlled monetary asset and financial system. Hopefully, the second time around, we will learn not to hand our private keys to [Wall Street firms].”
