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On January 1, 2024, Will Clemente III shared a theoretical concern on the social media platform X about the new spot Bitcoin ETFs that everyone in crypto had been expecting to be approved by the U.S. SEC earlier this year.
Concerned Approach to ETFs
Will Clemente is known for his role as a leading analyst in the cryptocurrency space, with a focus on Bitcoin. He is recognized for his in-depth analyses and insights into Bitcoin’s on-chain metrics, market trends, and investor behaviors. Clemente’s work often involves examining data from the blockchain to understand and predict market movements, investor sentiment, and potential future trends in the crypto market.
Clemente’s initial post on X presented a hypothetical scenario. He suggested that if the U.S. government aimed to accumulate a significant amount of Bitcoin, it could encourage the public and companies to hold their Bitcoins in regulated, centralized custodians or spot ETFs. Following this, the U.S. president could theoretically issue an executive order similar to the 1933 order, mandating every U.S.-based individual and organization to surrender their physical gold for the government to purchase all this Bitcoin.
Expert’s BTC Statement
He implied that this strategy would allow the government to acquire Bitcoin without causing market slippage. Responding to questions about the feasibility of such an action in today’s digitally and socially connected world, Clemente suggested that the government could preemptively freeze assets in custodians/exchanges before any official announcement.
Clemente also acknowledged the potential for leaks of such a government plan, noting that it could lead to imprisonment for leakers and that the timing of the government’s action could render such leaks particularly ineffective for spot ETF shareholders. It is also worth mentioning that Clemente emphasized the importance of holding one’s own private keys in the cryptocurrency space and reiterated the community’s mantra “not your keys, not your crypto.”
