CoinList founder Andy Bromberg believes that spot Bitcoin exchange-traded funds (ETFs) are a sign that the cryptocurrency industry is moving away from its core promises of decentralization and true ownership. While some see ETFs as a way to bring in institutional money and further democratize Bitcoin, Bromberg argues that if crypto adoption primarily happens through centralized financial instruments like ETFs, then the industry has failed. He believes that the real solution lies in regulatory agencies providing legal clarity and the industry educating institutions on technology and products for self-custody. Other Bitcoin advocates, however, are concerned about the influence that massive asset managers like BlackRock could have over the Bitcoin network if they launch an ETF. Despite differing opinions, the approval of a spot Bitcoin ETF will provide insight into the true global demand for the investment asset.
