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I'm not excited about the #Bitcoin ETF for it's own sake. In fact, I find it rather boring and antithetical to Bitcoin. However, I have considered that the replacement of fiat in a sly, roundabout way will likely require that traditional financial instruments embrace Bitcoin.

Sure, some people will get rugged, but that's exactly what will push more people toward self-custody, second layers, etc. Exposing more people to Bitcoin through ETFs will likely be a net positive in the end. I'm all for that.

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Discussion

Captain Jingle Pants 2y ago

I agree. I definitely don't like the idea of the big money managers consolidating so much of a rare asset like Bitcoin, especially when it wasn't meant for them. But for so many people, it takes seeing the big institutions trust in it for them to trust it, too. It's the safe way to be intellectually lazy; waiting for approval from up above.

That said, I hope other nations collect as much as they can to prevent US institutions from hoarding so much that it's practically pointless.

Matt 2y ago

There's no way to mean for something like Bitcoin to only be for certain people. And big money managers aren't the problem. There's nothing philosophically wrong with being an investment manager. I only take issue with benefitting from fiat slavery at the expense of others. Most of them are just people working within a system they never chose. The most evil is done by the central planners in government. None of the rest would exist without them.

Captain Jingle Pants 2y ago

I don't disagree. But it would be naive to believe that the hoarding of an asset, like Bitcoin, is all in the name of controlling supply which is what fiat has done.

Money managers do what they do. Bitcoin is naturally deflationary, which is a major attribute of what makes it better for the people; it's far harder to manipulate.

But consolidation increases the ability to manipulate.