Crypto enhancements like an ETF or similar propositions are of negligible value as far as the entire crypto market is concerned states the high ranked economist, Dr. Craig Wright. The cryptocurrencies are legitimate digitized cash systems that can be thought of the same way as we think of the ordinary dollar or any other currency across the globe. Dr. Craig explains that in case a person sets high values for a crypto ETF and considers it the utmost need of the crypto world, the person is much likely to be scammed or the scammer himself, awaiting easy prey. This is although a controversial statement for both crypto enthusiasts and fanatics alike but as Dr. Craig puts it, it seems to hold water to some extent. He tweeted:
ETF for BTC is a single asset porfolio with fees to manage something CoinBase would even do more effectively. If you think an ETF is of value to Bitcoin – you are either a scammer or scammed. Bitcoin is cash, use. Let BTC have an ETF, it will end BTC.
Dr. Craig Wright thinks that people should think of bitcoin and the other altcoins as mere ordinary money but only over a digital medium differing in the method of transactions, not the complete transaction protocols. The U.S. dollar, the international currency that people accept everywhere around the globe, has to be replaced for which the cryptos are the best contenders, but in order to pave way for bitcoin or any other altcoin, one must not regard additions and monetary propositions as the last resort to pull cryptos out of the bear market.
Cryptos, as per Dr. Craig, have a similar tendency as the ordinary currency that people are supposed to actually use it to ignite a crypto breakout revolution, not await a blast that people see in the proposals like an ETF which is more likely to be shut down.
Dr. Craig, talking to BlockPublisher, stated:
The market follows, it lags, it is wrong to say the market sets value. Value is created, and then the market reflects this. Markets move based on expected value. That is speculation. It is the belief that something will come. The market is not coming to save you.
Dr. Craig has always been the critic for the notion that bitcoin or any other altcoin can pave a way to eventually overthrow the current political systems or dethrone governments. Instead the coins that lay their basis over the concepts of living trends like socialism are highly mistaken of their abilities and motives and are most likely to fail.
The idea of a monetary or “crypto community” opposes everything that Bitcoin was created to deliver. That is a sound money. There is no socialism in Bitcoin and this is why those coins (EOS, ETH, BTC) that are trying to be social will fail.