“WERE THIS A REAL ETF, there would at least be a legal means of preventing this, and that would certainly be a good start, but technical means are even better. I would even go as far to say that over the course of writing this post, I have come to believe that non-first-party custody with the technical option of redemption onchain may be the holy grail of mass adoption — that is, defined as widespread sovereignty over UTXOs, not the price of whitelisted paper Bitcoin.

What will not lead to mass adoption is bullshit pseudo-ETFs that pave the way for Bitcoin Uncle Sam’s Vision. And what will actively harm mass adoption is financially illiterate Bitcoiners cheering on the SEC and simping for BlackRock.”