Ethereum
Jack Mallers: Ethereum ETFs are good for banks because “Wall Street likes volatility”
Jack MallersCEO and founder of Chicago-based Bitcoin payment provider Strikein an interview with Bloomberg on Wednesday, said the potential approval of Ethereum spot ETFs is a decision driven by the interests of the financial sector in the broad sense.
What happened: “Not a fan,” Mallers said Bloomberg was asked for his opinion on the likely approval. But there’s a “hilarious story” behind this sudden change in expectations, Mallers continued.
According to him, the president of the SEC Gary Gensler He was proverbially told “Hey, buddy, you’re not in charge anymore” and so he was forced to change his position. Ethereum ETH/USD and the ETF spot decision.
“Banks and Wall Street are making money” from ETFs, Mallers said, and therefore want to financialize more cryptocurrencies to generate income.
Unlike bonds, “which perform terribly,” cryptocurrency ETFs are “a much better deal.” This, Mallers claimed, led to Gary Gensler having his hand forced by Wall Street interests, although he believes Ethereum is a security.
When asked about Ethereum’s potential, Mallers said he saw the whole process as “a distraction” for Wall Street to generate revenue.
Crypto “has life” and Wall Street, according to Mallers, “loves volatility.” However, this process distracts from his opinion that “Bitcoin is the only currency in crypto.”
Mallers considers Ethereum “a technology,” but says “the market treats it as a currency and a commodity.”
Contrary to Bitcoin BTC/USD, which may be the “global reserve asset”, Ethereum is competing more with other tech companies like Nvidia.
But Mallers considers this weakness of Ethereum, saying that this value proposition “gets confusing” because there is no clear leadership, strong cash flows and many changes in Ethereum’s roadmap, leading to “intentional confusion”.
As a “Bitcoiner,” this frustrates Mallers because he is trying to “fix money, fix the world.”
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Why is this important: Criticism comes as potential approval of Ethereum spot ETFs to be decided by Thursday at the latest.
Anticipation has spurred cryptocurrency markets to surge, with Bitcoin tip to soon reach a record level and Based on Ethereum even coins benefiting from the increased interest in the network.
And after: The influence of Ethereum as an institutional asset class should be explored in depth in the next The future of digital assets event on November 19.
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