Bitcoin evangelist Max Keiser 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 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 $153 million in Bitcoin/Tether 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.