On the one hand I am obviously happy when the ETF gets approved. There is an ocean of dollars out there that can't use Coinbase/Kraken/Binance and the like. On the other hand I notice I am a bit sad by the thought of it, Bitcoin will never be the same anymore afterwards. It leads to more centralisation and retail buying ETF shares will never learn to self custody and transact in bitcoin (and therefore fully understand and experience Bitcoin). Creating paper bitcoins is a very tempting threat. Wallstreet will love their new and volatile toy for daytarding and there are heaps of trading fees to be earned by the exchanges, encouraging it to change hands like a hot potato. I can even imagine once Blackrock and the likes get a decent market share they start to have an opinion on blocksize, which transactions should and shouldn't be in a block, etc.
Let's see how it evolves, can't do much about it except for not buying those ETF's and hodl your own coins.
Well put.
The way I am digesting this is we MUST see multiple ways to hold/use bitcoin...
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
The bitcoin ETFs will be ways to hold bitcoin in a highly trustful and possibly "fractional reserve" sort of way.
It is entirely inevitable.
BEACUSE Bitcoin is available to everyone to use in whatever way they want as long as it fits the consensus rules.
So:
It WILL be used by terrorists. (Name your fav... they use it)
It WILL be used for people who want freedom (Canadian truckers)
It WILL be used by the unsavory (sex workers)
It WILL be used by those breaking the law (darknet)
It WILL be used by the powerful (Blackrock)
And by the same fundamental power it will be used by US (you and I). The people still yearning to be free.
And freedom technologies will continue to evolve to use it for "all the right reasons" that YOU care about. (Lightning, NOSTR, Liquid, Cashu, and on and on...)
What a fucking amazing time to be alive.
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