Bitcoin’s foundational purpose and importance are at risk as the cryptocurrency faces increasing integration into mainstream financial products like spot ETFs, according to Ben Hunt, the chief investment officer of Second Foundation. Hunt believes that the expected advent of spot-based exchange-traded funds (ETFs) that track the value of Bitcoin will diminish its original purpose and significance. This critique aligns with other comments within the community, such as Arthur Hayes’ warning that mistaking Bitcoin for a store of value could lead to its demise. The cryptocurrency market is eagerly anticipating the U.S. Securities and Exchange Commission’s (SEC) upcoming decision on Bitcoin spot ETFs. The potential approval of these ETFs could usher in a new era of mainstream acceptance for cryptocurrencies, but also raises concerns about the implications for Bitcoin’s original purpose and decentralization ethos.