Replying to Avatar Sovereign Matt

The bitcoin spot ETF does concern me. It’s like a catch22. it shows Bitcoin has real demand from millions of investors and brings in huge flood of capital flowing into Bitcoin market. However, it makes it easier for big banks/Wall Street/regulated three letter agencies to control/manipulate the bitcoin market as more BTC supply is tied up in ETFs and pension funds.

If Bitcoin L1 becomes too expensive to use for the vast majority of BTC users and there is no scalable self custody L2s then we are forced to use custodial wallets if we are to use bitcoin at all.

Sorry for being a doomer today. I still think the ETF can significantly boost the price of bitcoin but at what cost to our freedom and sovereignty over our btc? nostr:note1kd40lmpv7ewdc7tc2dtj059u2ph66j86jd57l8uxsllwg77dmqssrrgkyr
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superkruger 2y ago

Since they can't kill Bitcoin, they can only hope to co-opt it into something they can control...

As we cannot stop them, so they cannot stop us.

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Sovereign Matt 2y ago

JP Morgan has done it to Gold/Silver via over leverage Futures derivatives ETF.

Won’t be surprised if they do the same to btc.

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superkruger 2y ago

Yeah, they'll likely attempt to control the market and all 'legal' payment rails.

But it's much easier to control physical and centralised digital markets than a decentralised one ;)