Subnostr

https://www.coindesk.com/policy/2023/07/03/probability-for-us-approval-of-a-spot-bitcoin-etf-is-fairly-high-bernstein/

I know many oppose this, and I think it is a retarded position to take. Why?

1. The fact that some/many will hold BTC in an ETF has no effect on your ability to hodl BTC with self custody, at all. This is the conflation of many big time BTC folks that I respect the hell out of, but this position itself is retarded.

2. The day the first ETF is approved, everything changes for BTC. You can't ban a thing that is part of the retirement pensions of teachers, police officers, fire fighters, etc. It makes BTC untouchable as to bans, etc. All the real FUD we are sick of dies. Even tards like Peter Schiff will have to capitulate shortly after it happens.

3. Simple ethics should apply here. We have ETFs for copper, corn, pork, gold, silver, foreign currency, natural gas, steel, biofuel, cadmium, etc. We have ETFs for anything and everything commonly traded with value. To deny an ETF to the ONLY thing on the planet that is 100% auditable at all times is unethical by the SECs own standards.

4. Bitcoin is supposed to be money, if someone wants to hold money it is up to them what form they choose to hold it in. I think many of you are idiots for keeping your "dollars" in certain forms. You the wrong stocks, you are stupid and have a conventional vs. Roth IRA, etc. It is not my right to tell you what to do with your wealth because I think you are doing it wrong. Nor is it right for you to do so to anyone else.

5. Trillions (yes trillions) of dollars in value are currently prevented from entering the bitcoin ecosystem due to regulations and corporate charters. These investors should have access even if we don't like many of them. Bitcoin is for friends, enemies, frenemies, etc.

6. It will make you rich. If you have any significant savings in bitcoin this is a one way trajectory. The day this happens the lid blows off forever. There will still be ups and downs but simple math (stock to flow vs. demand) will explode the price forever.

Many understand number 6 and it is exactly why they oppose an ETF, they don't want it "yet" because they have more stacking to do. Same folks are fond of saying "everyone gets the price they deserve" 🤷 . You will want it some day and new plebs won't.

If that is you wanting more time to stack, I refer you to number three and remind you that....

principle > preference

DefiantDandelion 2y ago

Is there a material difference between the proposed ETFs and BITO the ETF that is “Bitcoin linked” via the Bitcoin futures markets. The prospectus is designed to follow the price volatility in BTC from the BYC futures markets. Wouldn’t this have unleashed those markets already? Do you expect more to be interested in a pure BTC ETF?

Reply to this note

Please Login to reply.

Discussion

Jack Spirko 2y ago

If I have to explain the difference between a spot ETF and a futures ETF then you have work to do before I do any explaining.

DefiantDandelion 2y ago

I know what the difference between spot and futures price if that is what you are asking.

But honestly, it’s irrelevant.

Mainstream portfolio managers are already using BITO in the manner you suggest. Acorns makes it available as an option in their investment portfolio today as just one example.

BITO isn’t even the only option, there is also GBTC. The point is not which of these are better, only that these investment products already exist and are being used by managers. They compete with each other, and I’m curious why you think a spot priced ETF will create further inflow when BITO and GBTC already exist and capturing the inflow from interested investors.

I will grant you the expense ratios would be much cheaper for the spot priced ETF. And the performance would be identical to the underlying BTC price, not just “close enough”, so it could reasonably cut into the market share of BITO, and it may out compete GBTC but in both cases that is cannibalism not necessarily inflow.

Jack Spirko 2y ago

You literally have zero idea what you are talking about. None. Zilch. Nadda. Holy shit totally fuckin none.

eventscape 2y ago

Dude, I think he was asking you a lot of questions but forgot to put ?

Jack Spirko 2y ago

IDK may be. I do know that 1 minute of web search will explain that a spot and futures ETF are not even close to the same.

DefiantDandelion 2y ago

I have found your justification of point 6, unconvincing. Happy 4th!