An ETF is a financial product that will trick institutions and banks into thinking they are buying #bitcoin when in reality they are just buying an IOU
By buying actual bitcoin we benefit from their tomfoolery 😉
Discussion
I thought that's the difference with other BTC products like GBTC, that ETFs are 1:1 redeemable?
The way I see it, it still behaves like an IOU because the people/orgs who opt for an ETF do so because they want the option to custody, even though they're not going to do it by default.
As we have seen before, unless people actually self-custody, the custodian is likely to abuse that "trust".
Just another SBF