It’s too quiet for so many crypto savvy users. Let’s discuss where we see BTC heading and if an ETF is a good or bad thing.
Bitcoin discussion : ETF good or bad?
1 Like
Some BTC maximalist see it as a tool designed to drain BTCs from the Hodler to centralized and big players. In a way, they’ll be able to pump it to new high, giving incentive to long term hodler to sell it for USD… In general, ETF helps a lot the USA to avoid a gold price above $2000… Paper gold could be a dangerous thing in the near future, the ratio is around 30 paper gold bars for 1 physical gold bar… Remember back in the days, when BTC pumped above $20k? Leo Melamed, head of CME said “we’ll tame BTC” it coincidenced with the introduction of the futures markets back then…
1 Like
Wouldn’t you think , given the ability to trace where bitcoin is ,that the paper variety of bitcoin will be easily detected as being unbacked?
I know that gold etfs count on endless future supply and the fact many investors have no real ability to properly audit real physical holdings of ETF. This allows ETFs to print unbacked gold shares. Hopefully bitcoin as a ETF can put an end to that practice, or at least shine light on it.
As for future markets, that’s just betting plain and simple, I don’t think a lot of real bitcoin is tied up in that until settlement and even then I’m pretty sure it’s cash only transactions. It can be used to push/pull the price but in the long it’s just a legal way to gamble. If investors were to demand Physical settlement of bitcoin, I think that game would be harder to manipulate. That is where BTC is superior to gold. Not a lot of people willing to pick up $10000 worth of gold at the end of a contract but everyone can give an address to send the bitcoin to.
The main strength of bitcoin is that when you hold the keys , it your asset and you can trade it to anyone without any permission. All this other stuff is just people trying to get in to your bitcoin. The person that can produce the software that creates a secure private unforgettable wallet will be the catalyst for crypto to jump exponentially. Right now they are trying to do that through ETFs, unfortunately they will hold the keys.
1 Like