Centralized Bitcoin ETFs Undermine Crypto's Decentralized Nature
CryptoNewsTerminal Staff06 Aug, 2024
Centralized Bitcoin ETFs Undermine Crypto's Decentralized Nature
Euro Pacific Capital CEO Peter Schiff shared his concerns about Bitcoin exchange-traded funds (ETFs), stating that they go against Bitcoin's foundational principles of decentralization. Schiff emphasizes that holding Bitcoin through ETFs defeats its original intended purpose, which he believes was to allow for peer-to-peer transactions, resistance to confiscation by authorities, ease of use in making purchases, and cross-border transfers. He stresses that "not your keys, not your coins," reinforcing the importance of direct control and ownership of cryptocurrency without intermediaries.