Frank Chaparro: A Bitcoin ETF “Doesn’t Matter For The Price”
The Crypto market is highly susceptible to rumors, news, and general community interaction. Terms such as FOMO and FUD have become so widespread that social networks are an almost obligatory reference for those who wish to do fundamental analysis.
Frank Chaparro, AKA Frankie Scoops, a well-known journalist who specializes in getting first-hand news (something journalists refer to as Scoop) about the crypto sphere, discussed the issue with Anthony Pompliano Founder & Partner – Morgan Creek Digital Assets in a podcast on Monday, September 24.
Cryptocurrency: Earning Its Place Among Traditional Media
According to Frankie, the market for cryptocurrencies and blockchain technologies has earned respect and attention of the traditional media due to the significant growth it has experienced in recent years. Right now, legacy media is starting to pay more attention to DLTs even tough the usual focus relies on price fluctuations:
“… As far as legacy media is concerned, I think there are so many topics that journalists have to cover that it really just does become about the price and how traditional institutions are viewing this space … Up until a year ago, most of the stories either had to do with price or the culture of these cyberpunks, etc.
That’s changed, and I think we’ve seen a lot of legacy media really dive into this and pick apart issues ranging from technology trading and others.”
Bitcoin ETF: Something [No so] Important
For Frank Chaparro, the issue of a Bitcoin ETF is of great importance to the ecosystem, however, according to his vision, the level of influence it will have on the community will not be as important as many think:
“I have come to the conclusion that I think the ETF matters for the space, but it doesn’t matter for the price. I think it doesn’t matter at all for the price. I thought it did, I thought it could have a big impact …
We need to, or those companies rather need to make sense of their projects to regular people, and so. That’s the impediment we need to get over, a use case for crypto that makes sense to the masses, not an ETF, and so, I think, if we got an ETF tomorrow, maybe the price would rally a bit, but I think that’s all gonna go down, because you’re gonna think: “All right, now regular investors have access to this market.” But, it’s the same thing as if you have an amusement park [with no attractions].”
Frank Chaparro calls not to overestimate the potential impact of a Bitcoin ETF. According to the interview, first users must understand the everyday uses and benefits of cryptocurrencies in order to feel motivated to invest in an ETF or even adopt its use over traditional fiat money.
Frank commented that according to his views of crypto-verse, the approval of a Bitcoin ETF has become an obsession, however, from an objective point of view, he reiterated it is not so important.
“An ETF is important for the ecosystem, but I think it’s less important [than many believe]”