Bitcoin advocate Max Keiser recently sounded a warning regarding the anticipated Bitcoin spot ETFs, expressing concerns about their actual impact on the Bitcoin market.
As per expectations, the American regulator SEC is set to greenlight Bitcoin spot ETFs, possibly by January.
In a tweet, Keiser highlighted the unprecedented collaboration between financial institutions, regulators, and politicians gearing up for Bitcoin spot exchange-traded funds. He cautioned the cryptocurrency industry, suggesting an impending “unwelcome surprise.”
Keiser criticized the focus on cash transactions associated with Bitcoin ETFs, indicating that these products only mimic Bitcoin’s price without granting investors access to actual Bitcoin. His apprehension stems from the mandatory cash-only purchase of Bitcoin ETF shares.
He fears that these instruments might devolve into a “fiat money version of Bitcoin.”
According to Keiser, as the Bitcoin spot ETF approval looms, there’s a concurrent buzz in Washington, likely indicating an intent to ban self-custody of Bitcoin.
He believes the optimal solution lies in relocating to “Bitcoin country El Salvador.”
Additionally, Keiser noted that 153 affluent individuals have applied for Salvadorian citizenship, intending to contribute $1 million worth of Bitcoin or USDT each to the country’s economy, amounting to a potential $153 million inflow. These donations aim to transform El Salvador into a global cryptocurrency and technology hub, allowing applicants to extend citizenship to their siblings and children.
