Nostr

The bitcoin spot ETF does concern me. It’s like a catch22. it shows Bitcoin has real demand from millions of investors and brings in huge flood of capital flowing into Bitcoin market. However, it makes it easier for big banks/Wall Street/regulated three letter agencies to control/manipulate the bitcoin market as more BTC supply is tied up in ETFs and pension funds.

If Bitcoin L1 becomes too expensive to use for the vast majority of BTC users and there is no scalable self custody L2s then we are forced to use custodial wallets if we are to use bitcoin at all.

Sorry for being a doomer today. I still think the ETF can significantly boost the price of bitcoin but at what cost to our freedom and sovereignty over our btc? nostr:note1kd40lmpv7ewdc7tc2dtj059u2ph66j86jd57l8uxsllwg77dmqssrrgkyr

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Discussion

cuban 2y ago

this was always going to happen, we're not even at the central banks and countries level. if Bitcoin can't resist control here then it isn't what we think it is

Sovereign Matt 2y ago

I think it can. I think in short term next few years we are good. It’s when the spot ETF market in the US significantly overtakes the bitcoin exchanges in trading volume we should start getting concerned if that attack vector.

nik ⚡️🟠🟣 2y ago

Totally agreed with you! This ETF stuff is bullshit! 🤮

Sovereign Matt 2y ago

Hey fellow doomer 👋

Narwhal Tacos 2y ago

Agree.

ETF from Blackrock (spot or not) feels like a tactic.

Bitcoiner’s are the smartest people in any room, but none of us are sophisticated enough to know the ‘research report’ Blackrock has developed to undermine Bitcoin

I don’t lose sleep, but I also really don’t want to leave America for a foreign country.

superkruger 2y ago

Since they can't kill Bitcoin, they can only hope to co-opt it into something they can control...

As we cannot stop them, so they cannot stop us.

Sovereign Matt 2y ago

JP Morgan has done it to Gold/Silver via over leverage Futures derivatives ETF.

Won’t be surprised if they do the same to btc.

superkruger 2y ago

Yeah, they'll likely attempt to control the market and all 'legal' payment rails.

But it's much easier to control physical and centralised digital markets than a decentralised one ;)