David Bailey, CEO of Bitcoin magazine, issued a series of tweets in response to the upcoming launch of Bitcoin spot ETFs, in which he strongly called on all investors holding Bitcoin, “Don’t sell Bitcoin to Wall Street behemoths, let them buy it for you.” There is a high price to pay to obtain these Bitcoins.”
(Preliminary news: If I were a spot ETF issuer, I would donate 1% of my income to BTC developers! Morgan Creek founder: guaranteed to be number one in market share)
(Background supplement: “BTC will collapse” after spot ETF is approved! Bitcoin villain Peter Schiff: Institutions will not buy it at all)
Yesterday (7), all 11 spot ETF applicants including BlackRock and Fidelity submitted the final revised 19b-4 documents before Friday. This situation also shows that the cryptocurrency market will usher in the Bitcoin spot ETF. At this historic moment, assuming that the Bitcoin spot ETF is approved, the market expects that institutional funds will enter the market to purchase Bitcoin, further pushing up the price.
Bitcoin Magazine CEO: Don’t sell your Bitcoins!
Currently, spot ETFs that are undergoing SEC approval are explicitly required to adopt the “cash purchase/redemption model”. Under this model, authorized participants (APs) will use cash to create or redeem shares of Bitcoin spot ETFs. This This means that authorized participants will provide cash to ETF funds, and fund managers in major institutions will use this cash to purchase Bitcoin.
As the critical moment approaches, Bitcoin magazine CEO David Bailey tweeted today (7th) calling on all investors holding Bitcoin, “Don’t sell Bitcoin to Wall Street behemoths, let them fight to obtain these Bitcoins.” The coin paid a high price.”
Do not sell your Bitcoin to Wall Street, make them pay out the nose for it
— David Bailey🇵🇷 redeemGBTC.com (@DavidFBailey) January 6, 2024
David Bailey later tweeted again, “If you want to make money, you should buy Bitcoin!” The series of tweets also showed that long-term Bitcoin holders firmly believe in the true value of Bitcoin.
Bitcoin holders have weathered unintentional hard forks, countless investment scams, the collapse of the MtGox exchange, three bans in China, the closure of the Silk Road Market, a civil war over block sizes, four Up to 80% price drops, Bitcoin lending market collapse, FTX Ponzi scheme, and more.
After all of this, do you really think we’re going to sell our Bitcoin just because an exchange launches a spot ETF?
📍Related reports📍
Bitcoin spot ETF is coming? The Block: SEC has solved key issues such as redemption model and authorized participants
Analysis》Will Bitcoin jump or crash?Looking back at historical Bitcoin ETF post-approval trends
BlackRock, Fidelity… 9 issuers announced “underwriter AP”, SEC approved the final step of Bitcoin spot ETF
2024-01-07 03:33:40
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