Bitcoin developer Jimmy Song said in an interview yesterday that the Bitcoin ETF does not need to exist. In addition, the cryptocurrency entrepreneur also said that he does not care about the stereotypes of the mainstream media on Bitcoin, that they are not important.
Song: Bitcoin ETF is not a major change
Although the approval of the Bitcoin ETF may be a good thing, Song believes that this is not as important as some people have said.
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Song said that the Bitcoin ETF is just a more convenient tool. But if someone really wants to buy bitcoin, they can buy it without the need for an ETF.
According to Babbitt’s report yesterday , US Securities and Exchange Commission (SEC) Chairman Jay Clayton said that we are getting closer to the Bitcoin ETF, but the SEC is still hesitant because of concerns about price manipulation.
“How do we know that we can host and hold these crypto assets? This is a key issue. There is a more difficult problem to solve – given that most transactions happen on non-compliant exchanges – 'How do we ensure that prices are not Being manipulated on a large scale?'"
Song: Bitcoin holders give market value
Song said that regardless of whether the Bitcoin ETF can be approved, it does not matter to him because he believes that cryptocurrency ETF investors are likely to be short-term holders. They cannot give the market lasting value.
"They will choose to sell bitcoin prices after doubling or halving them in six months. They can't bring value to Bitcoin."
Song said that only those who hold Bitcoin for a long time and believe in Bitcoin can bring value to them. He calls these people "the ultimate holder."
Song: Everyone will notice Bitcoin
When asked if the mainstream media reported that Bitcoin was a tool for terrorist financing and drug trafficking that would affect his mood, his answer was no.
"I don't mind if they do this. These people will definitely be the last to enter."
The negative public image of Bitcoin did not affect him, because he believed that eventually everyone would find its advantages. Song believes that those who doubt will eventually change their minds.
"If you don't understand it, you will eventually understand it, because Bitcoin is the hardest currency in the world."
Song said Bitcoin is decentralized, so no marketing organization will stop mainstream media from posting negative comments.
“Bitcoin is different in the eyes of different people, but the reality is determined by the market.”