People arrive to #Bitcoin during bull markets.
In the last years you had the possibility to buy bitcoin in a self-custodial way or, at least, you had the possibility to have IOUs of bitcoins which could be redeemed for bitcoins.
Today you have something totally custodial, with not even the possibility to get bitcoins out of it.
People that will arrive during bull markets may not be directed to the real bitcoin, but to a paper kind of bitcoin, easier and simpler to keep.
Do you want that?
They'll learn the same way they learn not to trust exchanges, by getting burned. And ETFs will probably underperform (be over sold) when compared Bitcoin in bear markets.
It may be.
However, I think that ETFs will be more “secure” when compared to centralized exchanges.
If they result “trustable”, it will allow institutions to try and slow down real #bitcoin adoption.
We’ll see!
People telling me they own bitcoin & then saying it's X etf, are gonna hear from me that they don't actually own any bitcoin. I think the only real difference is likely to be that more people have some clue what it is & see it as an investment that they might actually need to learn about.
I agree on the first part, that’s what I meant in part when talking about education!
On the other hand, I’m not so sure they will actually have to learn about the things they are buying when dealing with an ETF: “oh great is going up” and nothing deeper than that!
But if it's making them money & they don't want to learn about it, then nothing was going to trick those sorts of people into learning about it anyway. There are always going to be mindless idiots in the world that simply cannot be saved from themselves.
That’s in per true.
But even I entered this world to make money and remained for the revolution. If I had not the possibility to move my bitcoins out of CEXs, I had not received an education on the topic I would have run away after the first collapses.
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