an exchange traded fund is not bitcoin
Discussion
That's why the I find the fervor around the ETFs really suspect. Why not own the real thing? Why ask for permission to hold it on a balance sheet? More importantly, is this an attempt to co-opt Bitcoin? Honestly think that people who need an ETF to have confidence in bitcoin were never gonna make it
It requires more specificity with the language. You would not be holding it - someone else would be. Thus given you don’t have bitcoin, obviously you get none of the benefits of it.
How would that co-opt bitcoin?
What I fear is a precedent being established where bitcoin flows to asset managers and doesn't come out, then holding bitcoin on a balance sheet is levied/disincentivized, driving people towards the ETFs. My concern is about who is holding it, though I suppose that anyone can still mine their blocks and people could not report bitcoin holdings altogether