Bitcoin developer Jimmy Song says the world does not need a bitcoin ETF. Moreover, the crypto entrepreneur says he doesn't care about the mainstream media's negative stereotypes of bitcoin, saying they're irrelevant.
Song made the remarks during a Sept. 10 interview with BlockTV. When asked about the recent media hype surrounding the SEC's potential approval of a bitcoin ETF, Song says it really doesn't matter.
While a bitcoin ETF might be nice to have, Song says it won't be the "game-changer" that some claim it will be.
Song called the bitcoin ETF "more of a convenience play." He noted that if someone really wants to get bitcoin, they will. And they don't need an ETF to do it.
As CCN reported, SEC Chairman Jay Clayton said the agency is inching closer to approving a bitcoin ETF. However, Clayton said the SEC is hesitating because it has lingering concerns over price manipulation.
"How do we know that we can custody and have a hold of these crypto assets?" Clayton said. "That's a key question. An even harder question — given that they trade on largely unregulated exchanges is — 'How can we be sure that those prices aren't subject to significant manipulation?"
Jimmy Song says whether a bitcoin ETF gets approved or not does not matter to him. He says this is because crypto ETF investors are probably short-term holders. And he's not interested in them because they don't give the market lasting value.
"They're going to sell within six months when it doubles or halves," Song said. "Those are not the people that give [bitcoin] value."
Song says the people who store bitcoin and really believe in it are the ones who give it value. Song calls this group "the holders of last resort."
This comment echoes a similar sentiment expressed in a CCN op-ed, which opined that the bitcoin investors who hyperventilate over its daily price fluctuations are annoying gnats.
"I'm fine with them doing that because those are the people that will be the absolutely last ones to get in," he laughed.
Song says bitcoin's negative public image doesn't bother him because he believes "everyone will eventually" discover its virtues. So he doesn't care if skeptics miss the boat early. Why? Because Song is confident they'll eventually become converts.
"If you don't get it, then you are going to get it eventually because bitcoin is the hardest money in existence. Everyone will find out about it eventually. Whether you find out about it now or later — that's entirely up to you."
Song says bitcoin is decentralized, so there's no central marketing group around to shoot down the negative narratives promoted by the mainstream media. And that's OK, he says.
"[Bitcoin is] different things to different people," Song said. "The reality is kind of determined by the market."
Last modified (UTC): September 10, 2019 7:51 PM