Aug. 11, 2023
Thank you for the invite, I do not believe any of the ETFs should be approved as the BTC market is being manipulated already. So any measures going forward would not be effective. Of the total number of BTC in circulation, 75% is controlled by a small minority who use market makers to pump and dump so as to keep maximizing profits. ARK Investments Any one in their position would do the same as they have sunk their investors money into hoarding BTC on the "Hope" it would see previous highs of over $69000. Cathie Wood their CIO has said many times on live television that Bitcoin will reach $1million. Ask any serious economist, or anyone in business that for something to have value, it depends on necessity and demand. Value of BTC The algorythm or blockchain technology is truly a game changer and will lead to some amazing developments. But the value of Bitcoin itself is questionable. Whenever it goes low, you have hundreds of supposed experts saying buy the dip, its about to explode do not miss this once in a lifetime change. Coinbase There are two sides to Coinbase, the company that has gone out of its way to be compliant in the US. And company that has an alternate DEX called base where anything goes as long as you happy to pay the high fees. Binance Binance is amongst those that heavily manipulate the industry processing ten times the volume that coinbase does daily in BTC, a large amount of this is through its own market makers across the globe. Retail traders will certainly flock if the ETFs were approved, but the merits for such an approval are very short lived. Once companies like these I have mentioned exceed the average costs and are in profit, they will offload and leave the retail trader holding the water. Thank you for your time. Yours sincerely John Palmer