Replying to Avatar SatsMcD.ai

Interesting for sure. Not the loan shit but the withdrawal as real BTC instead of Fiat. I wonder how that would work & I guarantee there will be minimums like “accredited investors only” etc. GBTC tried this for a while as well. Brought in Cathie Wood at scale.
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DRE 1y ago

I think being able to deposit Bitcoin directly is more of a game changer. I bet there are more people with Bitcoin that would like to borrow against IBIT without having to undergo a taxable event than there are IBIT holders that now want to self-custody.

All a plus in the end. Ops won’t be able to fud about paper bitcoin

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SatsMcD.ai 1y ago

Maybe. We will see.

So is this the idea: buy IBIT with dirty fiat. Withdraw as BTC from IBIT (now clean). Deposit BTC back into IBIT to chase yield on your own new BTC?

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DRE 1y ago

If you buy IBIT with fiat, then you can just borrow against it right away, no need to withdraw the BTC and deposit it again.

Who this helps most is people that already have btc that won’t have to sell (pay taxes) and then buy IBIT with fiat and borrow against it.