- Arthur Hayes believes that Bitcoin ETFs from BlackRock, Fidelity, etc. would hurt decentralization.
- Hayes recently stated that ETFs from TradFi giants could hinder crypto mining companies.
- The crypto entrepreneur predicted that BTC will continue to hover around the USD 25,000 level in the third quarter of 2023.
- Hayes added that the US Federal Reserve’s policy would eventually lead to a crypto rally.
Arthur Hayes, the visionary entrepreneur behind crypto exchange BitMEX, believes the traditional finance industry’s growing interest in Bitcoin ETFs will ultimately hurt the wider crypto industry by fighting decentralization. The founder of BitMEX added that the US Federal Reserve will play a significant role in triggering the next crypto rally.
Arthur Hayes: Bitcoin will hover around $25,000 in the third quarter of 2023
In a crypto trader digest Published earlier today, Arthur Hayes warned readers that traditional finance giants including BlackRock, Vanguard, and Fidelity are not concerned about decentralization in the crypto space. According to the crypto entrepreneur, their attempt to offer an exchange-traded fund (ETF) that tracks the price of Bitcoin is an attempt to centralize assets on their balance sheets.
According to Hayes, should the Securities and Exchange Commission (SEC) review the various spot BTC ETF filings filed in recent months, banks and other financial regulators could limit in-kind restrictions on all crypto-financial products offered. He added that the US regulators’ crackdown on crypto was designed to discourage small operators from offering crypto products.
What I’m trying to say is that crypto itself has never been the problem – it’s who owns it that counts.”
Arthur Hayes
Arthur Hayes stated that once TradFi players start offering ETFs that track an index of publicly traded crypto mining companies, they will take control of large voting blocs of the companies’ shares. The asset management giants could then interfere in management decisions, which would affect the ethos of the broader crypto industry.
Hayes believes that in light of the current economic landscape in the United States, the Federal Reserve’s monetary policy will ultimately add money to the economy. He added that cash would need a “house in limited supply financial assets like crypto,” which could spark a crypto rally. As for Bitcoin, Hayes predicted that the flagship cryptocurrency would continue to hover around $25,000 in the third quarter of 2023.