Thanks god Gensler we do not need a fucking ETF.

Financialization is a net negative for bitcoin. It is the biggest threat.

Bitcoin financialization means:

1. Diluted demand for the real bitcoin, the non-custodial, bearer, decentralized, censorship resistant asset. Money will rather flow into the black hole of fiat financial custodians. Anyone FTX & Co.?

2. Discourages self-custody and financial responsibility. You are not your own bank. You are not financially independent.

3. Discourages learning about Bitcoin and becoming financially literate.

4. It is very risky. You will buy nothing else than counterparty risk. You will own nothing but a claim on a claim.

5. Censorship resistance is gone and the intermediaries can easily enforce third party claims or government/judicial dictats on your "paper" bitcoin claim via the intermediaries.

6. It encourages speculation, manipulation and discourages true adoption (i.e bitcoin real time monetization).