Bitcoin expert, Andreas Antonopoulos, posted a video earlier discussing why he’s against Bitcoin ETFs. Andreas does believe that eventually Bitcoin ETFs will be allowed to trade on the stock market and does not see that as a good idea.
According to Andreas, Bitcoin ETFs will come with huge price increase but even larger price manipulation. Large institutions and market makers will be able to manipulate prices not just in the ETF market, but worldwide as well.
Bitcoin ETFs will also shift the responsibilities and rights that a keyholder of Bitcoin would normally have to the hands of large institutions considering they would be the custodial holders of the actual BTC people are trading. In turn, large custodial exchanges have a stronger say on what happens in the Bitcoin ecosystem and can decide on key issues.
Andreas is certain the approval of Bitcoin ETFs is inevitable and says with that will come price manipulation, decision manipulation when it comes to issues like scaling, and a largely, skewed voice when it comes to decisions about forks. His final stance is that ETFs fundamentally violate the underlying principle of peer-to-peer money where each user is not operating for a custodian but has direct control of their money because they have their private keys. Your keys, your Bitcoin.