2019-1-5 21:25 |
Tyrone V. Ross Jr. Says Bitcoin ETF Would Help Wall Street Make More Money
In a recent interview with Naomi Brockwell, Tyrone V. Ross Jr. Talked about Bitcoin (BTC) and the possible approval of a Bitcoin exchange-traded fund (ETF) in February 2019. According to him, Bitcoin itself is more important than a Bitcoin ETF.
Tyrone Ross is a Managing Partner of NobelBridge, a company that provides investment management and strategic wealth planning. During the interview with Naomi Brockwell, he said that he would not let his clients be close to a Bitcoin ETF if approved. The U.S. Securities and Exchange Commission (SEC) will have to take a decision on whether it approves or not the Bitcoin ETF proposal made by VanEck and SolidX.
He explained that he is a true believer in the original ethos of crypto in which everyone holds their assets individually. He went on saying that people purchased stocks of companies such as Johnson & Johnson or General Mills and hold them rather than sell them. This is why Ross would advise his clients to take the same decision with Bitcoin.
Although he agrees with the fact that it is easier for investors to rely on the responsibility of holding the asset and managing it, this situation does not represent Bitcoin’s real ethos of holding and managing your private keys.
"We don't need an ETF" says Wall Street financial advisor @TR401. We talk about why he believes holding actual bitcoin is more important than an ETF, and other unconventional perspectives he has that you don't commonly find on Wall Street. https://t.co/pEQDujCqI7 pic.twitter.com/8tR21j0mlM
— Naomi Brockwell (@naomibrockwell) January 2, 2019
On the matter, he commented:
“In an asset that is supposed to be decentralized and about being peer-to-peer and personally banked that lets us own the actual asset I think the issue for the financial services is that they don’t want people to teach people to do that.”
Furthermore, he said that this technology can be hard to understand for common people and that this makes it difficult for people to understand how this market works and invest in it in a safe way. He added that a Bitcoin ETF is something that people would not be able to understand, and indeed Wall Street could make more money with it, ‘it’s a joke.’
He has also compared Coinbase and an ETF. Both are managed by centralized institutions, but using Coinbase seems to be the best alternative for investors.
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