The US stock market is in free fall today sending stock prices plunging.
Good news for bitcoin price right? Bitcoin is the safe haven to store your wealth while the economy tanks.
But it did not work out that way today as the bitcoin price also dropped.
As these Wall Street funds started investing in bitcoin the price was given a big boost. But today we see that they are willing to sell their bitcoins to shore up their portfolios. Bitcoin, being a commodity, should not be falling when the US economy tanks. It should thrive. In the long term it likely will but the immediate sell off when the stock market crashes shows that there is too much of a tie in with the Wall Street investors.
A Bitcoin ETF would only more closely expose bitcoin users to the US stock market which is not good for Bitcoin in the long term. Sure, it may pump the price up in the medium term but days like today show us that being too closely tied to the stock market and Wall Street investors is not a good thing. Leave the ETFs to the day traders. Let Bitcoin grow among the people.