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Arthur Hayes: Spot Bitcoin ETF may make BTC a financial asset rather than a circulating currency

Former CEO of BitMEX, Arthur Hayes, stated that the approval of a Bitcoin ETF for spot trading could make Bitcoin a financial asset rather than a circulating currency. This is because institutional custody of Bitcoin could transform it from a financial tool of freedom to an institutionalized asset, deviating from its original promise. Hayes stated that if large institutions (such as BlackRock) hoard Bitcoin in ETF tools, the essence of Bitcoin - as a decentralized, usable currency - will be lost. He explained, "You can't actually use Bitcoin. It's a financial asset. It's not really Bitcoin itself."

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