There are many people saying that the approval of the spot ETF will allow manipulation.

The answer seems obvious to those who understand how Bitcoin works, but it is always good to clarify some points for those new to the crypto world.

No one can change the Bitcoin protocol, not Black Rock, not Elon Musk, not Jeff Bezos, not Putin, not the Chinese government.... NO ONE. Even if Satoshi appeared, he couldn't change it arbitrarily either. The Blocksize Wars, which culminated in 2017, are proof of this.

The Bitcoin protocol requires a decentralized consensus for any updates or improvements. The approval of a new financial instrument to invest in Bitcoin, such as spot ETFs, would allow the entry of very strong capital. But why do they need these types of instruments if Bitcoin is apolitical, open and permissionless? Anyone can invest

Institutional capital needs a regulatory framework for its investments, to be able to justify them taxably, have legal protection, have audited custody and guarantee liquidity.

We are talking about billions that would enter Bitcoin, so we could see an effect on the price, both when investments are made and when profits are made. Therefore, ETFs will have an impact on the price, but not on the Bitcoin protocol.