The CEO of Bitcoin magazine, David Bailey, has released a series of tweets urging all Bitcoin investors not to sell their Bitcoin to Wall Street giants and to make them pay a high price to obtain these Bitcoins, in response to the upcoming launch of the Bitcoin spot ETF.
Yesterday, all 11 spot ETF applicants, including BlackRock and Fidelity, submitted their final revised 19b-4 documents before Friday. This indicates that the cryptocurrency market is about to witness a historic moment with the approval of the Bitcoin spot ETF. Assuming the approval of the Bitcoin spot ETF, it is expected that institutional funds will enter the market to buy Bitcoin, further driving up the price.
Bitcoin magazine CEO: Don’t sell Bitcoin!
Currently, spot ETFs undergoing SEC approval are explicitly required to adopt a “cash creation/redemption model”. Under this model, authorized participants (APs) create or redeem shares of the Bitcoin spot ETF using cash. This means that authorized participants provide cash to the ETF fund, and fund managers from major institutions use this cash to purchase Bitcoin.
As the crucial moment approaches, CEO David Bailey of Bitcoin magazine tweeted today, urging all Bitcoin investors not to sell their Bitcoin to Wall Street giants and to make them pay a high price to obtain these Bitcoins.
David Bailey subsequently tweeted again, stating, “If you want to make money, you should buy Bitcoin!” These tweets, along with a series of others, demonstrate the strong belief of long-term Bitcoin holders in the true value of Bitcoin.