Yes I agree but would this also be the case if bitcoin was legal tender and the most used currency and taxes were also paid in bitcoin and now that the ETFs are about to be a thing technically they could do the same with the etfs as fiat? Just a thought
Discussion
No for several reasons:
Bitcoin can’t be printed at free will, we would return to the days of wars only happening as long as they can be afforded. Back in the gold era, stalemated wars had to come to peace because one or both sides ran out of gold.
An ETF as an investment vehicle isn’t going to be used to fund wars, it’ll probably just be used by corps and peoples 401ks. One can make the case that they’ll create paper Bitcoin here but anyone who’s paid attention to FTX, Celcius, etc knows what happens when paper Bitcoin is not backed with real Bitcoin.. Bitcoin has a funny way of calling people’s bluffs
I know Bitcoin can’t be manipulated but the ETFs sure can although FTX etc.. failed in retrospect they could have flourished if the market swung a different way in late 2021 what if it swung in the other direction they would have been huge maybe they went to fast in a volatile market.. with this in mind ETFs stabilize the market with the knowledge of what FTX etc.. tried to do the government could do with ETFs via hedge funds I could be mistaken but it’s a thought I can’t seem to break down…
There’s only 1.8M bitcoin left on exchanges for the blackrocks of the world to try messing with. Plebs are going to keep the buy pressure up and taking that coin off exchange. Blackrock would be eventually put in a situation where it’ll be obvious their ETF isn’t backed (if they were dumb enough to not back it)..
That said, a lot of the reason for the delay in the ETF approval is the reporting side of this where SEC wants to prevent such things from happening. I have a feeling it’ll be more transparent than what many are led to believe, otherwise it’ll just fail over the long term
35k * 1.8mil = 63b
Blackrock 1% = ~92b
😂 😂