Edward Snowden, the famous whistleblower, raised the alarm about the risks associated with the creation of an exchange-traded fund (ETF) based on Bitcoin (BTC). During his recent speech at the Bitcoin Amsterdam 2023 event, this former collaborator of the US National Security Agency (NSA) and former employee of the Central Intelligence Agency (CIA), pointed out the possible consequences of the traditional financial system to control the main cryptocurrency.

The Transformative Power of Bitcoin

Snowden highlighted Bitcoin’s position as an influential tool on the global financial stage. State: “We must know, in these moments of volatility, that we are immersed in a much wider game and that Bitcoin is one of our main instruments in this game. The structures we affect, such as payment and financial systems, will shape the future of the world. “Challenges still await us to achieve real impact.”

Price Changes and the Influence of ETFs

Reflecting on the growing interest in the price of Bitcoin due to the anticipation of ETFs, Snowden warned of its possible impact. He clarified: “The current excitement around value is centered on the expectation of ETFs. However, we should not expect this to be the only reason for price fluctuations. This can be interpreted as a form of submission and a attempt to tame the true spirit of cryptocurrencies.

SEC Decisions on the Horizon

It is important to mention that the United States Securities and Exchange Commission (SEC) has recently postponed decisions on several Bitcoin ETFs, including the one proposed by BlackRock. However, the final review for one application in particular, the ARK 21 Shares Bitcoin ETF, is scheduled for January 10.