We May Be in For Unwelcome Surprise – Max Keiser

Bitcoin evangelist Max Keiser has issues a major warning about the possible outcome Bitcoin spot ETFs may ultimately have as he believes that these new much-anticipated products will hardly be about actual Bitcoin.

Meanwhile, the American regulator SEC is expected to approve Bitcoin spot ETFs as early as January.

“Unwelcome surprise” with Bitcoin ETFs: Max Keiser

Keiser tweeted that in his extensive experience in the finance sphere he has never seen such focused and coordinated efforts of financial institutions working together with financial regulators and politicians as he can see with the coming wave of Bitcoin spot exchange-traded funds.

Keiser warned that the cryptocurrency industry may be for an “unwelcome surprise” here.

He believes that “all these Bitcoin ETFs have agreed to cash-in, cash-out”. He explains his negative standpoint, saying that by putting funds into Bitcoin ETFs investors will track the Bitcoin price but they will have no access to actual Bitcoin. The problem here that Bitcoin ETF shares will have to be bought only with cash.

Keiser believes that these tools will eventually turn out to be nothing but “a fiat money version of Bitcoin.”

Per him, the preparation for the likely approval of Bitcoin spot ETFs is taking place (and so is a lot of hype around it), Washington is most likely looking to ban Bitcoin self-custody.

If his concerns are true, Keiser sums up, then it is all “due to the size of this highly coordinated bait-and-switch by Wall Street & Washington.”

He believes that the best way out of all this is moving to the “Bitcoin country El Salvador.”

$153 Million in Bitcoin to head to El Salvador

Earlier this month, Keiser tweeted that 153 wealthy individuals have submitted their applications to receive a Salvadorian passport and move to that Bitcoin loving country. Each of them, if approved for citizenship, will have to make a donation of $1 million worth of Bitcoin or USDT into the country’s economy. This makes it $153 million in Bitcoin/Tether are likely to inflow El Salvador’s budget soon.

These donations will help the country to become a global cryptocurrency and technology hub. Each applicant is allowed to bring along their sibling and children to El Salvador, spreading his/her citizenship to them.