My thoughts on the two biggest things that happened last week w/ Bitcoin.
SAB121 and the in-kind redemption request to the SEC.
Discussion
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Yes! Love this quick summary content to complement your in-depth podcasts, especially on Nostr!
Don't keep Bitcoin on exchanges, in ETFs or any other 'custody scheme' . Self custody, because when the govt wants a Bitcoin reserve the easiest place to go after the markets is the companies holding it.
Thanks! Very informative
As far as I know, it's been Blackrock who has requested the in-kind redemption to the SEC. Why should thay have done that if that prevents them to rehypothecate their btcs?
BlackRock don't custody their BTC, Coinbase custody it.
I'm assuming they're doing it because it gives them an edge.
Thank you for sharing! I value your insight.
This guys is always nailing it. He would make for a good podcast host
More of this type of content, please and thank you ππΌ
Too few people talk about the importance of in-kind redemption of ETF's. The lack of it was a big let down when the ETF's got approved.
If blackrock gets this approved, fractional reserves are suddenly much less likely. This would be a really big deal!
I still don't get the in kind redemption. This has always been the case for anyone holding funds with coinbase not through an etf. The only difference I see is scale, but equally unlikely to do it I would suspect?
The first point is spot on. Will be nearly impossible to undo, thanks.
Thanks Preston!
So I believe retail are unsecured creditors at coinbase. Also, I would tend to think that blackrock is a secured creditor. Would blackrock having in kind redemption facilitate a massive rug pull on retail should coinbase "go under"? If that is the case the clock is ticking for coinbase users to get their bitcoin off of coinbase.
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Great content Preston, we need more of this on nostr.
i will talk heavily to legislators