BitMEX Founder Arthur Hayes Warns of Traditional Finance Takeover of Bitcoin and Crypto Industry
2023/08/27 11:50
According to BitMEX founder Arthur Hayes, traditional finance institutions are attempting to take over the crypto industry. Hayes believes that banks and asset managers are circling the industry in the bear market after many crypto firms have failed. He argues that these institutions are looking to become the gatekeepers of crypto by offering exchange-traded funds (ETFs) or similar products that give clients a crypto derivative in exchange for fiat cash. Hayes also warns that asset managers like BlackRock could attempt to control Bitcoin's consensus network and the mining industry, potentially affecting management decisions.
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