Former BitMEX CEO, Arthur Hayes, warns of a potential negative impact of Bitcoin ETFs on the cryptocurrency.

Concerns include ETF issuers hoarding Bitcoin, causing a decline in transactions and demotivation of miners, potentially leading to Bitcoin's disappearance.

Despite his concerns, Hayes also sees a possibility for Bitcoin to transform into a decentralized financial system.

Pending spot Bitcoin ETF applications, including one by BlackRock, could either bring about significant change or potentially harm Bitcoin.

Opinions in the crypto world are divided between the potential risks and the promise of increased institutional investment.

Hayes predicts a future where large asset managers could control all Bitcoin, turning it into another state-controlled financial asset.

He also suggests that the death of Bitcoin could lead to the creation of a new, non-state-controlled monetary asset.