The US #Bitcoin spot ETF's by big financial companies:

Off course those companies want to make money. They're also intending to manipulate the US dollar price of Bitcoin.

They won't be able to. Here's why:

The bitcoin blockchain is designed in a way that it enables triple-entry bookkeeping. That means that a sender, a receiver and others can audit any transaction that takes place on the bitcoin blockchain. That goes for 'balances' (utxo's) as well.

Now, as these financial companies are used to leverage up and lie about their holdings with current products, they get away with it. Corrupt auditing firms audit their holdings and just state that the stuff is there, others are just believing them.

With Bitcoin, that's different: anyone can audit any holdings once provided a public adress. So, if they come up with their bitcoin spot etf's, sooner or later, they will be asked to provide a btc public adresses. This time, if they were lying about their holdings, everyone will know it. Once that happens, it could actually destroy one of these financial companies.

They'll try to take their fiat and try to buy as much bitcoin as they possibly can on the open market in an attempt to cover their asses. That will drive the fiat price up big time. But then the question would be: are You willing to give them your btc for fiat? 😉