Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Bitcoin ETFs: We May Be in For Unwelcome Surprise – Max Keiser

Published 2023-12-21, 05:44 a/m
© Reuters.  Bitcoin ETFs: We May Be in For Unwelcome Surprise – Max Keiser
BTC/USD
-
USDT/USD
-

U.Today - has issued a major warning about the possible outcome Bitcoin spot ETFs may ultimately have, as he believes that these new much-anticipated products will hardly be about actual Bitcoin.

Meanwhile, the American regulator the SEC is expected to approve Bitcoin spot ETFs as early as January.

“Unwelcome surprise” with Bitcoin ETFs: Max Keiser

Keiser tweeted that in his extensive experience in the finance sphere, he has never seen such focused and coordinated efforts of financial institutions working together with financial regulators and politicians, as he can see with the coming wave of Bitcoin spot exchange-traded funds.

Keiser warned that the cryptocurrency industry may be for an “unwelcome surprise” here.

He believes that “all these Bitcoin ETFs have agreed to cash-in, cash-out.” Keiser explained his negative standpoint, saying that by putting funds into Bitcoin ETFs, investors will track the Bitcoin price, but they will have no access to actual Bitcoin. The problem here is that Bitcoin ETF (TSX:EBIT) shares will have to be bought with cash only.

Keiser believes that these tools will eventually turn out to be nothing but “a fiat money version of Bitcoin.”

Per Keiser, preparation for the likely approval of Bitcoin spot ETFs is taking place (and so is a lot of hype around it); Washington is most likely looking to ban Bitcoin self-custody.

If his concerns are true, Keiser sums up, then it is all “due to the size of this highly coordinated bait-and-switch by Wall Street & Washington.”

He believes that the best way out of all this is moving to the “Bitcoin country El Salvador.”

$153 million in Bitcoin to head to El Salvador

Earlier this month, Keiser tweeted that 153 wealthy individuals have submitted their applications to receive a Salvadorian passport and move to that Bitcoin-loving country. Each of them, if approved for citizenship, will have to make a donation of $1 million worth of Bitcoin or USDT into the country’s economy. This implies that are likely to inflow into El Salvador’s budget soon.

These donations will help the country to become a global cryptocurrency and technology hub. Each applicant is allowed to bring along their spouses and children with them to El Salvador, spreading their citizenship to cover them as well.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.