Exchanges and betting markets are separate things. The former is tied to the underlying value of Bitcoin, the other to speculation on this value - it is a tertiary layer. People need to understand this. Andreas Antonopoulos does, but people agreeing with him here don't seem to understand. ETF's do centralize a lot of voting power into the hands of WallStreet but hedge funds will play a dangerous game (dangerous for them) trying to control Bitcoin decisions b/c the value is in the use and if people don't like the direction they decide on then Fork Baby, Fork!! The exchange market decide at the end of the day, miners will join flooding to where the difficulty is highest which will not be the fund-backed btc, and the funds will have to come back to the table. The power is in the users' hands right now. Don't give it away, b/c then that screws up the value of Bitcoin. Antonopoulous is just concerned that ETFs will hold back innovation and create problems for the success of Bitcoin, not that ETFs can stop it. He is right. But it's inevitable (and maybe even desirable, like a testing ground, if Bitcoin's course will be less than perfect, as it can only be).