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I met someone who recently purchased 1700 BTC.

In an ETF 🗿

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So zero Btc then lol

That's the irony, but in reality many people will likely be duped by vague and misleading terms.

Correct

Yea but for a LOT of fiat😩

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Non-custodial non-redeemable rehypothicated bitcoin. Wonderful

The purpose of ETFs is to prevent people stacking the real stuff. Mission accomplished.

And to supress price through rehypothication

I told him buying BTC without self custody is like buying an airplane that you can only drive on the ground

Like buying a gold certificate lol

I have a horror story about gold certificates. I'll tell it on a podcast one day

ETF oligarchs better be confident that they can change withdrawals to include real bitcoin in the future (they probably are confident)

That would be ideal. At this point I don't see why the bigger ones would want to offer that.

If the small guys start offering it and earning more in fees it might motivate them

NGMI

Well, we can say for certain they didn’t break the first rule of disclosing how much BTC they own.

jesus christ.

That’s wild🤯