From Nasdaq Inc.:

Bitcoin’s price surge in 2023 was largely driven by a resurgence in interest in spot bitcoin exchange-traded funds (ETFs). BlackRock’s unexpected filing with the SEC in June brought attention to the asset, which saw over 100% gains last year.

A bitcoin ETF could be approved as early as today, but there’s uncertainty around the SEC’s decision. While a ETF approval would signal maturity for crypto, there are concerns about market manipulation and the impact on the original vision for Bitcoin.

Bitcoin’s decentralized nature and lack of a single price could lead to potential market manipulation. This has raised concerns about potential exploitation by investors with inside information. Additionally, concerns about increased market surveillance and the impact on Bitcoin’s usability if 1 BTC equals $1 million have been raised.

The potential success of a bitcoin ETF raises questions about Bitcoin’s original vision and the impact of Wall Street’s growing influence. There are trade-offs to bringing Bitcoin mainstream, and it remains to be seen how this will affect the protocol, Core development, and bitcoin mining.



Read more: Bitcoin ETFs: The Bear Case