[2023-09-08] BTC ETF: The quiet 800-pound gorilla in the room is about to roar

[Kakmakr]

"A Bitcoin ETF will likely be approved in the U.S. by the end of 2023. The general public has no idea this is about to happen."

" BlackRock’s track record of ETF application approvals is nothing short of superb..... BlackRock’s 99.8% approval rate suggests so. "

" Eric Balchunas, a senior ETF analyst for Bloomberg Intelligence, believes there is a 75% chance of a spot Bitcoin ETF getting SEC approval this year. He ups the odds to 95% by the end of 2024. "

https://finance.yahoo.com/news/bitcoin-etf-quiet-800-pound-030500822.html

So this is good news for the speculators and the price watchers, but bad news for the true Bitcoiners. Do we need large trigger happy institutional investors to dominate the markets and to cause even more price volatility?

Let's discuss this to see where you stand on the whole issue. 

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[cr1776]

I think this is great news for bitcoin both from a price perspective and from a long term use perspective.  The long term goal in my thoughts has been to make bitcoin usable for many things, from transactions, to transferring real world items, to protecting oneself from the power-hungry people in the world, to providing censorship resistance to everyone in the world etc. 

Speculators are all well and good and it isn't something one would want to end.  They have helped launch bitcoin from less than a penny to wherever it is right now $25k-30k.  The way to get to the usability standpoint is to reach higher adoption and ownership.  Even if ETF owners are doing some speculation, this could easily take bitcoin on its next leg up and at some point, whether another order or two or three of magnitude, then one won't need to get out of bitcoin, one can transact in bitcoin without as much thought about price appreciation.  Once more people stay in bitcoin, KYC etc won't be relevant.

In short, if an ETF is approved which does seem more likely now, that will bring a lot of new capital in which gets closer to the point above.  :-)

[Kakmakr]

The thing is.... do we want Institutional capital to enter Bitcoin and dominate the ownership of coins ...or do we want an more even distribution of coins to millions of people?

The Institutional Fiat rich investors will turn into Bitcoins whales and they will use those coins to manipulate the price.... they will dump large amounts of coins, which will cause huge price fluctuations and this will create too much price volatility for retail and businesses to use it as a Currency.

I vote for mass adoption of millions of individuals.... and not just a few institutions with the investment capital of a small group of super rich people. 

[Lucius]

The thing is.... do we want Institutional capital to enter Bitcoin and dominate the ownership of coins ...or do we want an more even distribution of coins to millions of people?
~snip~

Will BR ask you or me or anyone other than the SEC whether or not such an ETF can be launched? Of course, we don't have a say in all of this, and the fact is that Bitcoin is decentralized and everyone has the right to use it the way they want - even those who, for some reason, send it to burn addresses.

On the other hand, we are now in 2023, and Bitcoin has existed since the beginning of 2009, which was quite enough for anyone who wanted to take their share in it in one way or another, and they can still do so. However, considering how the majority perceives BTC, we can hardly hope that they will resist not selling it when some six-digit prices turn up, but there will always be those who will prefer to keep it or use it as a currency.

Maybe I'm wrong, but I don't think the spot ETF we're talking about will result in some kind of massive outflow of BTC into custodial storage, and BR has chosen Coinbase for that anyway, which means that they will buy BTC for them on their exchange and send it to another coin address - which ultimately means that BTC will remain where it is now.

[philipma1957]

The thing is.... do we want Institutional capital to enter Bitcoin and dominate the ownership of coins ...or do we want an more even distribution of coins to millions of people?

The Institutional Fiat rich investors will turn into Bitcoins whales and they will use those coins to manipulate the price.... they will dump large amounts of coins, which will cause huge price fluctuations and this will create too much price volatility for retail and businesses to use it as a Currency.

I vote for mass adoption of millions of individuals.... and not just a few institutions with the investment capital of a small group of super rich people. 

It will never be a  working currency. the fee structures are wrong.

the shrinking reward system will alway create upwards price pressures.


The scrypt algo using LTC / Doge is far better to use for circulation currency.

BTC would have need to slow blocks and make ½ ings every 8 years then have lightning network for smaller transactions.

It has already failed as a universal payment system. it is  still good for larger money moves

[Kakmakr]

The thing is.... do we want Institutional capital to enter Bitcoin and dominate the ownership of coins ...or do we want an more even distribution of coins to millions of people?

The Institutional Fiat rich investors will turn into Bitcoins whales and they will use those coins to manipulate the price.... they will dump large amounts of coins, which will cause huge price fluctuations and this will create too much price volatility for retail and businesses to use it as a Currency.

I vote for mass adoption of millions of individuals.... and not just a few institutions with the investment capital of a small group of super rich people. 

It will never be a  working currency. the fee structures are wrong.

the shrinking reward system will alway create upwards price pressures.


The scrypt algo using LTC / Doge is far better to use for circulation currency.

BTC would have need to slow blocks and make ½ ings every 8 years then have lightning network for smaller transactions.

It has already failed as a universal payment system. it is  still good for larger money moves

Well, based on your argument... ETFs are 100% suited for Bitcoin then, because it will not be used as a currency ....but rather as some kind of commodity ....so all of those points you made are void. 

The thing is.... side-chain solutions are targeting the payment (currency) side of things, so it has to be pulled into the fold of use cases for Bitcoin and how affective it is.

LTC / Doge still need to reach the level, where Bitcoin are now... to really see if it is robust enough to handle the pressure. (They should shift useless things like Ordinals to other Alt coins to elevate the burden on the BTC Blockchain ..... and have BTC and Alt coins work together)   

[cr1776]

The thing is.... do we want Institutional capital to enter Bitcoin and dominate the ownership of coins ...or do we want an more even distribution of coins to millions of people?

The Institutional Fiat rich investors will turn into Bitcoins whales and they will use those coins to manipulate the price.... they will dump large amounts of coins, which will cause huge price fluctuations and this will create too much price volatility for retail and businesses to use it as a Currency.

I vote for mass adoption of millions of individuals.... and not just a few institutions with the investment capital of a small group of super rich people. 

It will never be a  working currency. the fee structures are wrong.

the shrinking reward system will alway create upwards price pressures.


The scrypt algo using LTC / Doge is far better to use for circulation currency.

BTC would have need to slow blocks and make ½ ings every 8 years then have lightning network for smaller transactions.

It has already failed as a universal payment system. it is  still good for larger money moves

Lightning helps with the circulating currency issue.  Likewise, at some point an order of magnitude or two from now I believe that bitcoin will reach nearly fiat equilibrium except for of course the increase in fiat price due to fiat inflation and smaller increases in use cases.

[dansus021]

Did guys hear the recent news that Cointelegraph said etf has been approved it turned out it fake news, and makes a huge pump-and-dump series on bitcoin. But I do believe that Cointelegraph are rich by now.

And the second deadline are actually today so we are gonna see what happens after this.