SEC approved spot EFTs for Bitcoin

Bitcoin has failed on the promise to be a global decentralised digital currency 

On January 10th, the US Securities and Exchange Commission (SEC) granted approval for spot exchange-traded funds (ETFs) for Bitcoin. Supporters view this formal approval as confirmation of Bitcoin's safety and cite the recent rally as evidence of its unstoppable success. However, dissenting voices disagree with these assertions, reiterating their stance that the fair value of Bitcoin remains zero. They express concerns about the potential societal repercussions of another boom-bust cycle in Bitcoin, highlighting significant collateral damage, including environmental harm and wealth redistribution favoring the less informed. Unfortunately, these warned-about risks have become realities. Presently, Bitcoin transactions remain cumbersome, slow, and costly, with minimal usage for payments outside of the darknet. Regulatory efforts to combat criminal exploitation of the Bitcoin network have not yielded significant success.

Even initiatives such as El Salvador's government-sponsored adoption of Bitcoin as legal tender, coupled with citizen incentives, have failed to establish it as a viable payment method. Moreover, Bitcoin continues to lack suitability as an investment vehicle, as it generates no cash flow, dividends, or productive use. Retail investors, driven by fear of missing out, risk financial losses due to their lack of financial literacy. Additionally, Bitcoin mining through proof-of-work mechanisms continues to contribute to environmental pollution on a scale comparable to that of entire nations. Despite widespread awareness of these issues and numerous scandals tarnishing the crypto scene's reputation, Bitcoin has experienced a substantial resurgence since late December 2022, with its price skyrocketing.