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RE: Bitcoin ETFs are likely on the way says CBOE
A Bitcoin ETF would reduce Bitcoin's function as a currency and make it more like an asset ... high demand would push the price but also the trading volume of actual on-chain transactions because the providers of such trading instruments need to hedge somehow ... thus fees will also rise making it too expensive to use it as a regular currency.
I think it already is much more like an asset as opposed to a currency. It is a currency in the same way gold is... IE it can be used to facilitate trade, but it's not the most efficient and not likely to replace the status quo.