I met someone who was betting against bitcoin by putting a healthy sum of money into an inverse bitcoin ETF.
Told him he will get rekt.
He is already down several weeks of his salary.
Discussion
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Holy fuk. rip. he would not listen to reason? my guy...
There are no coiners and there are people who simply throw away money.
With #BTC a short squeeze could be ugly. The supply has a much harder limit than any commodity or equity we have ever seen.
I keep an eye on such an ETF (I donāt own any, just track prices). When Bitcoin was at its lowest the ETF was about $22 per share. And now it hovers around $2. Ouch.
Ultimately that ETF will do well once Bitcoin reaches its peak and goes back down for this cycle, but we have a long way to go.