I'm convinced it means the same thing it means for gold. The ETF's convert Bitcoin to paper Bitcoin. Then we're back to the same old antics.
They're in it because the ETF's are selling. As long as they have custody of the Bitcoin, they can short sell the hell out of it and manipulate price with futures and options.
Their adoption creates control of the price trends as long as we're priced in dollars.
That's my fears too....I am farly new to it, but it just seems they are already controlling the price of it, which makes it harder to use it instead of just hodling it for someone who doesn't have much due to the fiat price being so high, and trying to save it for future generations.
I do agree with you but I also think it’s a game that they can only play for so long.
Let’s consider a large player shorting the ETF via borrowed shares. The depressed price of the ETF triggers market makers to convert shares to BTC to sell for cash to buy shares to bring NAV to equilibrium. As we’ve seen with GME, there is no accountability and the players never seem to have to close their short positions.
Where BTC differs from stocks is that at some point, the liquid supply will disappear and no CEO can issue more shares. With respect to gold, it is basically impossible for an audit of the system nor feasible to take custody at the largest scales.
I think there will be a time in the future where these players realize their time is up and flip to stacking BTC and letting it run.
Ultimately, firms like Blackrock make money on fees and if the assets they are managing don’t go up, money will leave and fees will dry up. It is in their best interest for BTC to increase in value so investors stay put.
