Total ETF BTC holdings approaching 1M coins.
That’s a lot of people thinking they own bitcoin.
Discussion
Hey everyone I own a derivative weeeeee
On the one hand: I don't think any news is bad news for Bitcoin, so a whole new cohort of people are now involved, which is great
On the other: If I was a government, calling 10 ETF managers and telling them the Bitcoin they hold on behalf of their customers is impounded, with cash equivalent to be paid out, could be the greatest rug pull of all time
nostr:note19y4aue7dqwuwtsj29xkld74pu38jlsywa3v2geuh6dkcxep5q0psdq30fz
That's ok, that's what all the 'bitcoin influencers' wanted. I remember those obsessed tweets 24/7 about how great the ETF would be blah blah blah, straight up to 100k and other nonsense.
And that's a lot of bitcoin thinking it is owned by different entities
rug me harder daddy
How many of these is paper bitcoin?
ALL OF IT. THAT'S THE ONLY GAME THESE PPL UNDERSTAND
I HOLD REAL BTC, I HOPE YOU HOLD REAL BTC. THESE PPL ARE PLAYING FIAT GAMES. FUCK THESE PPL HODL ON
Do you think they are in for a terrible awakening?
On a positive note a certain %will do the work and graduate to self custody bitcoin. The rest are pumping our bags 💼.
And very few entities actually owning those Bitcoin!
Why would these asset managers take a reputational risk of running some paper bitcoin racket?
The risks you and I underwrite for our own self custody arrangement is not the same as the fiduciary responsibility of a CFP or a CPA. If you’re in breach of fiduciary duty you lose your license, your career, and you’d go to jail. This all changed after 2008 with Dodd frank.
And very few people actually owning a lot of bitcoin
that is alot of Bitcoin on Coinbase 🙃
Desapropiate is coming..
Good for them.