On my belief that ETFs will invariably rehypothecate.

First and most importantly, the Yuppie Elite on Wall St don’t self custody. It’s antithetical to their upbringing and worldview. They’ll ravenously buy up the ETF and NGU will trigger the first phase of the Dunning-Kruger effect.

Second, there will be a “glitch”, “crisis”, etc that causes the first, small rehypothecations. Cue the “Mission Accomplished” banner. Disaster averted. It will appear to be fixed.

Next, this “glitch” will be secretly exploited by the regulatory bureaucratic state for obscene profits from fees. Some of these guilty parties will eventually be tried or imprisoned. The public will want heads and politicians will seize the opportunity for points.

Lastly, it’ll all blow up. Cue ThisIsFine.gif. Many Yuppie Elite will get piled-drived by the economic reality of Bitcoin and learn a hard lesson in scarcity. Those that survive and bend the knee will become the next class of zealot stackers during the next accumulation phase of 2027/28.

Let’s see if I’ll be able to find this note in 2 years.