So Arthur Hayes, and other bitcoiners, still believe that the hypothetical ETF, and more broadly institutional custodians, can turn BTC into an unmovable, untradable, useless asset, thus preventing the people from actually leaving the fiat system.

He very correctly describes BlackRock "and its ilk" as agents of the State, which is exactly what they are, as I constantly remind everyone here - we live in what is by definition a Fascist system, i.e., a Corporatist system in which corporations, especially the financial system, are an extension of the government.

However, to me, avoiding the dark future Hayes sees for BTC is extremely simple. All we need to do is just NEVER SELL, NEVER SPEND. At least, not until Bitcoin reaches a stable market cap range, volatility goes away or is at least similar to that of gold, and we can be 100% sure that any sats we spend, we will be paid back by others.

As it is today, what Hayes depicts as BlackRock "hoovering" massive amounts of BTC can only happen if WE spend those BTC on stupid shit like coffees or personal servers from companies who *must necessarily* immediately or shortly convert those BTC into fiat, for things like paying suppliers and taxes. THOSE are the sats that go into the system and BlackRock will surely, certainly, absolutely hoover up and freeze.