#Bitcoin ETFs are unnecessary and inevitable. The whole point of an ETF is either to dematerialize something physical (such as GLD) or aggregate and discretize something already ephemeral (such as SPX or an MBS).

Bitcoin is digitally native and finely divisible. An ETF introduces an intermediary where none is needed.

Nonetheless, many people are not comfortable with taking responsibility. They would rather outsource custody to big asset managers. That’s why I say they are inevitable.