Interesting article, with many valid points, although I do not agree with some of the arguments raised.
Basically, it's like a prospectus for any unit trust, with generic warnings about the risks and dangers of investing in it. The author seemed resigned to the notion that the entire COIN ETF idea itself was a joke and destined to fail, no two ways about it.
Me, on the other hand, I am not that pessimistic; although I am not entirely sure that the price and market of BTC will be as rosy as people think it will be after the ETF approval, I still think that the ETF will have its own part to play in the grand scheme of things.
You raised a valid point there, but personally, I do not equate BTC to the US dollar or any other fiat currency in existence, but rather as a hybrid of sorts......something between gold and US dollar, for example.
It serves as both a medium of transaction, and also a store of value.
I am thinking further in the sense that opening up such influx of cashflow into the ETF will definitely raise awareness of cryptocurrencies to the general population, therefore potentially greatly increasing the adoption of BTC both as an investment vehicle and also in transactions.
Sort of like there are people buying gold ETFs but also at the same time many people are also buying and trading physical gold.
Sure, BTC has got its massive problems to solve, like its block size limit which is choking the system and causing the long transaction confirmation times, but I also believe that we are approaching the threshold, the final tipping point where BTC has to evolve in order to survive; and I have no doubt that it will......too much is at stake with too many big players involved that failure is no longer an option, I do not think they will allow BTC to fail.
Maybe I'm just being naïve.
With this UASF thing, I'm starting to think core is getting desperate, and with the eventual hard/soft fork, institutional investors in the ETF might not like the growing conflict and price volatility that comes with it.
The first month after ETH/ETC fork wasn't pretty at all, FUD was everywhere and there was that risk of parity, which is dangerous.