Bitcoin ETF officially approved!

[retreat]

The acceptance of Bitcoin ETF ends all questions of investors and traders regarding the legality of Bitcoin ETF. Now let's see how this Bitcoin ETF performs in the market, whether it will succeed in driving Bitcoin forward or is just an ordinary ETF asset full of drama.

https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

[thecodebear]

Excellent. Bitcoin is now officially a meme investment that has nothing to do with its original ideals .

This is what majority of Bitcoin enthusiasts wanted from the onset. There's no point to be negative about it. Are you implying that Bitcoin is similar to Gamestop or AMC? It's not, period. These Bitcoin ETFs will catapult Bitcoin to get massive adoption which has been one of the missions of Bitcoin. The ETFs will put Bitcoin on the center stage to get massively adopted in the coming years. These are really exciting times and I'm glad to be alive to see it.

The absurdity of @legiteum calling Bitcoin a "meme investment" apart, I have to say "Bitcoin enthusiasts" didn't want ETF, "Fiat enthusiasts" wanted it as they wanted to make money and didn't care what they bought (be it bitcoin, gold, stocks, crap wrapped in a pretty box, etc.).
As for adoption, ETF is not directly affecting adoption since people won't be buying or owning bitcoin through that. The only thing it may do (which is a weak thing) is to battle certain FUD that some "celebrities" spread about bitcoin and help adoption that way (indirectly).

I think its only the kinda self-congratulating bitcoin enthusiasts who didn't want an ETF. Like the kind of person who thinks only certain people should use bitcoin and you can only use it in certain ways (while also ironically thinking bitcoin is great because its a global open currency for everyone haha). Same people who don't want companies or rich people or governments to own any bitcoin are the people who don't want ETFs. I always find it funny when the sort of people who publicly claim to be the most hardcore about stuff like 'freedom' and whatnot, such as with bitcoin, turn out to want a bunch of restrictions on what people can do and don't see the obvious irony and hypocrisy of it haha

Let's not gatekeep! That literally goes against the fundamental ideals of Bitcoin!

Bitcoin is a hard currency. Among other things, hard currency makes a great investment. ETF is for people who want it solely for investment purposes and want to go through the TradFi exchanges they are comfortable with and trust. Nothing wrong with that. It's not like 99.9% of people are gonna be able to spend their bitcoin anytime soon anyway. I, like presumably most everyone on this forum, prefer actually owning my bitcoin in my own addresses rather than just gaining access to its price through a 'financial product'. But actual freedom is about not forcing what you like on other people for no other reason that you like it.

These things are all okay:
- owning bitcoin
- owning a bitcoin etf
- buying bitcoin and holding it on an exchange (NEVER recommended of course for security reasons but people do it for convenience, as with many things in life)
- spending bitcoin
- selling bitcoin for fiat
- only using bitcoin as an investment
- refusing to ever sell bitcoin and only use it once you can spend it
- being low income and buying bitcoin (in any form)
- being rich and buying bitcoin (in any form)
- a company buying bitcoin (in any form)
- a govt buying bitcoin (in any form)
- literally any other organization buying bitcoin (in any form)
- using centralized exchanges
- using p2p exchanges
- liking bitcoin because its an open global currency and payment system that gets around the faults and inflation and borders of fiat
- liking bitcoin because it grows your wealth
- liking bitcoin for everything that it is

Things that are not okay:
- gatekeeping bitcoin and deciding that certain (non-malevolent) uses of bitcoin are wrong because it's not "maxi" enough


Any form of owning, buying, selling, or spending bitcoin by anyone or any organization (for non-malevolent reasons) is perfectly fine. That's literally what bitcoin was made for!




Bitcoin ETFs normalize bitcoin as a financial asset. That's good for Bitcoin adoption. It also increases price, and let's be honest, an increasing price is good for Bitcoin adoption. Ain't nobody be owning bitcoin if it wasn't a store of value. Sure the ETF doesn't mean the investors own bitcoin, they own a financial product that tracks bitcoin's price. But I don't think anyone buying an ETF is going to be under the illusion that they own bitcoin. Even though they won't own any bitcoin, they are still increasing bitcoin adoption by normalizing its value as being something valuable, which is a crucial property of good money.

[OgNasty]

Now that the ETFs have approval, which one are we piling into? Has anyone done a comparison of the fees and holdings? I’m sure I’m not the only one who wouldn’t mind getting some sweet sweet crypto gains in a Roth retirement account.

[adaseb]

Been a stressful 24 hours pretty much.

Yesterday we had that fake tweet from the hack where we spiked to $48K and then few minutes after started to tank.

Then today we had the CBOE publish that they will list all those tickers tomorrow and we started to rally and then they withdraw those orders.

Then a few minutes prior to NY close they uploaded the approved and then they deleted shortly after. And then a few minutes later we get the official approval.

Been a crazy roller coaster ride.

[legiteum]

The absurdity of @legiteum calling Bitcoin a "meme investment" apart, I have to say "Bitcoin enthusiasts" didn't want ETF, "Fiat enthusiasts" wanted it as they wanted to make money and didn't care what they bought (be it bitcoin, gold, stocks, crap wrapped in a pretty box, etc.).
As for adoption, ETF is not directly affecting adoption since people won't be buying or owning bitcoin through that. The only thing it may do (which is a weak thing) is to battle certain FUD that some "celebrities" spread about bitcoin and help adoption that way (indirectly).

Exactly. If anything, the ETF will make it so that fewer people will own actual Bitcoin since they no longer have to in order to profit from it's increase in price.

And if Bitcoin is not a tangible company or other tangible asset, and it's not any of the things it was originally touted to be e.g. a superior means of payment, then... what else is it? People buying this ETF are buying the word "Bitcoin" and nothing else...

[legiteum]

Bitcoin ETFs normalize bitcoin as a financial asset. That's good for Bitcoin adoption.

It's good for Bitcoin ETF adoption, but this just made it so nobody needs to hold actual Bitcoin anymore to profit from its gain in price. Anybody with an ordinary brokerage account can bet on Bitcoin now, so why would anybody mess around with a complicated, risky "wallet app" or a relatively new financial firm like Binance?

The reality is that Bitcoin (and cryptos generally) have been meme investments* since their inception for almost all consumers.

(*I don't mean this term in some kind of negative way--I'm open to other phraseology if anybody wants to offer it).

[franky1]

Bitcoin ETFs normalize bitcoin as a financial asset. That's good for Bitcoin adoption. It also increases price, and let's be honest, an increasing price is good for Bitcoin adoption. Ain't nobody be owning bitcoin if it wasn't a store of value. Sure the ETF doesn't mean the investors own bitcoin, they own a financial product that tracks bitcoin's price. But I don't think anyone buying an ETF is going to be under the illusion that they own bitcoin. Even though they won't own any bitcoin, they are still increasing bitcoin adoption by normalizing its value as being something valuable, which is a crucial property of good money.

bitcoin ETF brings 'legitimacy' in peoples view that regulators and lawmakers dont see bitcoin as a illicit scam*, by allowing ETF to collateralise it.. but thats a side thing from actual adoption from bitcoin ETF
obviously all property, assets, collateral, currencies can be used by scammers or for illicit uses, without the underlying item being an illicit scam itself
bitcoin adoption is not:
being owed inbound balance of someone elses subnetwork channel
having balance on a CEX database
having ETF shares

those users of such managed funds will cause the managers of funds to accumulate coins presented as people showing interest in bitcoin
bitcoins price is self deflationary it does not need fiat financial/social media events to "increase the price" as that just causes temporary events of pump and dumps
things like the SEC although being hand offish about creating new rules specifically just for crypto ETF and on the downside virtue signalling both sides.. i foresee a situation where ETF will strengthen their grip of circulation control via lobbying to make CEX/spot/mined/onchain transfered coins harder to acquire.. to give more competitive edge to make ETF more appealing. (also due to the E warren stuff). where by hoarding actual bitcoin may become tougher outside of regulated services
also dont confuse bitcoin value(economic underlying whole sale base acquisition cost) vs values(sentiment, utility, desires, function) vs price (retail market price/premium)

bitcoins value are more superior than ethereums value
bitcoins values are more superior than ethereums values

even if ethereum price speculates at 320x of its value
even if ethereum speculates as having more utility

bitcoin has value and values better than ethereum.. even if ethereum PRICE is speculating way above its value, does not mean ethereum is better/popular
in 99% of cases ethereum just shadow traces bitcoins price wiggles on the long term. depegging by 1% variance each short term period

[Out of mind]

This is the day that all Bitcoin investors have been waiting for, when the ETF will issue Bitcoin approval. And it is officially successful today and all the investors are very happy to see the current Bitcoin market position. We have really been waiting for this day for a long time now that we have seen that day, we will definitely see the position of Bitcoin even better now.

[Despairo]

Looking at the market, it seems people scared to get a new prank by SEC again, that's why the price wasn't increase bigger than previous. Actually the price is same like before SEC approving ETF lol, the hype was over when SEC claimed got hacked.

This is the day that all Bitcoin investors have been waiting for, when the ETF will issue Bitcoin approval. And it is officially successful today and all the investors are very happy to see the current Bitcoin market position. We have really been waiting for this day for a long time now that we have seen that day, we will definitely see the position of Bitcoin even better now.

Not for me.

The price is staying at $46K, nothing change.

[Haunebu]

This was expected and unexpected simultaneously. I knew that they would approve ETFs at some point soon, but I didn't expect the news to get declared in this manner and the price is completely unfazed too.

These spot ETFs are already well established in some other countries, but it's good to see the US embracing them properly. All hail BTC!

[Dimitri94]

This is great news for Bitcoiners. After a long wait we have reached the last moment of approval. Maybe in a little while we will be 100% sure. However, the acceleration in Bitcoin price after this approval will change the entire market in a very short period of time. The current price of Bitcoin is slightly above $46000 and when Bitcoin is finally approved it will exceed $50000. The marketcap will increase within moments because there are many big investors who are waiting for ETF approval.

[ObscurePen]

Bitcoin ETFs normalize bitcoin as a financial asset. That's good for Bitcoin adoption.

It's good for Bitcoin ETF adoption, but this just made it so nobody needs to hold actual Bitcoin anymore to profit from its gain in price. Anybody with an ordinary brokerage account can bet on Bitcoin now, so why would anybody mess around with a complicated, risky "wallet app" or a relatively new financial firm like Binance?

The reality is that Bitcoin (and cryptos generally) have been meme investments* since their inception for almost all consumers.

(*I don't mean this term in some kind of negative way--I'm open to other phraseology if anybody wants to offer it).

Another point is that the ETF approval process and the Grayscale court ruling has all given regulators and even the companies that filed for ETFs a chance to study Bitcoin a bit more. You can clearly see the increase in understanding if you read some of the filings. This would eventuate into lawmakers making key decisions on Bitcoin and crypto utilisation

[Reid]

I don't see anything. Can you screenshot the contents or something?

You can go to this twitter as it has a copy of the re-uploaded PDF, you can also read the entire text in the PDF, until now the file from the SEC could not be found.

Thank you for this link. Finally. I really though the SEC is going to prolong this battle and try to scare the investors out. Now here we are. I guess they don't really have a choice after so many battles where mostly they lose.
Now the big question is, where will it go from here? We really have to be patient about this because there might be some negative effects on the start of it. That may be the exciting part on all the events that will happen from hereon.

[michellee]

Even if the SEC finally approves a Bitcoin ETF, it will still take time for Bitcoin prices to rise. Maybe there will be other positive news this month, but we have to be patient. At least there is positive news that supports Bitcoin, which will be a driving force for adoption so that it can spread and be accepted by many more countries.

While waiting for what happens in the market, we can continue buying Bitcoin as an investment. We must not be left behind by rich people who can buy Bitcoin at any price. We are still given the opportunity to buy Bitcoin at the current price of $45k.

Even though the price has increased, it is not a problem. Maybe soon, Bitcoin will reach $50k. So before that happens, you can still buy it and keep it. But we do not have to wait for any news to invest in Bitcoin long-term.

[EarnOnVictor]

He makes it sound like he was forced into it. He definitely didn't want them approved. I guess he put up a good fight. But too much pressure from giants ... cough cough Blackrock

Now that the ETF is approved I guess Bitcoin might seem a bit more legitimate to ppl when they see names like Blackrock, Fidelity ARK and the like. Although spot ETF's have been approved in other countries like Australia and it didn't have much effect. But I guess the SEC approval has been publicised and built up much more and thus we hopefully see new ppl investing in crypto. So hope for big bull runs!

I know many will be attributing one thing or the other to it, he has approved it, that is what is important and that is final. Telling his body language or judging him whatsoever is not necessary, needless to say, you might even judge wrongly. This guy is a professional in the field, he has his reasons for the reservation whether genuine or not and I respect that so much despite that I want it 100% approved. By the way, the top guys in SEC including Gary Gensler are not in the banana republic, what he does is not what he will just come up with alone, they operate like a parliament as well even if they do not call it that way.


They have some of them that will brainstorm, convince one another for or against a proposal and vote if necessary. Not that he alone will decide. Besides, who are the giants you are talking about that prevailed on him? Common, I don't know your country but the USA is not where you just call the shot on anyone as you like even the top politicians and business moguls are not crypto guys. Fine, I do not think he wanted this, but there is a lot that surrounds the situation, and also since the court sided against SEC initially last year, they were wise to have seen what would happen in the end if still disapproved it. So they are wise to do the needful.

[MFahad]

I don't see anything. Can you screenshot the contents or something?



I have serious doubts about these news after yesterday.


I just opened youtube and there's a video from Swan Bitcoin going live where they say all 11 ETFs got approved. So, I guess congratulations fellow holders!

I got the same Page not found Error.  but if that is true then I am really looking forward to positive trends in the Cryptocurrency market. hopefully doors to new opportunities will open since Bitcoin is going mainstream after all. (according to them  ) 
For us Bitcoin has been part of our lives for many years now.

The acceptance of Bitcoin ETF ends all questions of investors and traders regarding the legality of Bitcoin ETF. Now let's see how this Bitcoin ETF performs in the market, whether it will succeed in driving Bitcoin forward or is just an ordinary ETF asset full of drama.

https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

Honestly, I was expecting a big surge in Bitcoin price immediately after approval of Bitcoin ETF. but it is kinda surprising to see this morning there isn't much change. I guess previous Day's Twitter hack drama made people scare.  maybe it is better this way. because steady growth is better for us. so we can stack up more BTC while those Billionairs get into it.

[arwin100]

I don't see anything. Can you screenshot the contents or something?

You can go to this twitter as it has a copy of the re-uploaded PDF, you can also read the entire text in the PDF, until now the file from the SEC could not be found.

Thank you for this link. Finally. I really though the SEC is going to prolong this battle and try to scare the investors out. Now here we are. I guess they don't really have a choice after so many battles where mostly they lose.
Now the big question is, where will it go from here? We really have to be patient about this because there might be some negative effects on the start of it. That may be the exciting part on all the events that will happen from hereon.

Finally we see it approve and for sure there's a lot more exciting things will happen to it in future. To many things have gone thru and people has starting to lose faith that for bitcoin ETF approval but quietly they surprise us for this news.

For sure we can go far with this and we maybe can't feel the effect but in next few months for sure bitcoin bull run is now possible to happen especially if we add up the hype of ETF approval plus halving season this will be a huge blast.

Wonder what will be the statements of bitcoin haters with this good development recently happened. 

[freedomno1]

At long last now I can observe in peace let's see if a Few Trillion dollars enters in from the Pension system
Also oh boy, pensioners are going to be relying on crypto now.
Wall street is going to have a day.

[NotATether]

Bitcoin ETFs normalize bitcoin as a financial asset. That's good for Bitcoin adoption.

It's good for Bitcoin ETF adoption, but this just made it so nobody needs to hold actual Bitcoin anymore to profit from its gain in price. Anybody with an ordinary brokerage account can bet on Bitcoin now, so why would anybody mess around with a complicated, risky "wallet app" or a relatively new financial firm like Binance?

The reality is that Bitcoin (and cryptos generally) have been meme investments* since their inception for almost all consumers.

(*I don't mean this term in some kind of negative way--I'm open to other phraseology if anybody wants to offer it).

There is a lot of jeering over at Hacker News about this, meanwhile.

I wonder if the same people who are criticizing bitcoin now are going to be OK with buying a Bitcoin ETF.

Life is strange sometimes.

Thank you for this link. Finally. I really though the SEC is going to prolong this battle and try to scare the investors out. Now here we are. I guess they don't really have a choice after so many battles where mostly they lose.
Now the big question is, where will it go from here? We really have to be patient about this because there might be some negative effects on the start of it. That may be the exciting part on all the events that will happen from hereon.

The Bitcoin ETF rally is like the 2021 rally. It grows, then pops, then it will grow again and this time be more responsible.

Not for me.

The price is staying at $46K, nothing change.

You guys are expecting BTC to just shoot up by thousands of dollars in just 24 hours? Give it some time, this isn't some r/walletsreetbets asset or a meme coin, Bitcoin moves fast but it's not dangerously volatile.

[DooMAD]

Excellent. Bitcoin is now officially a meme investment that has nothing to do with its original ideals .

This is what majority of Bitcoin enthusiasts wanted from the onset.

It's what the majority of speculators wanted.  Personally, I draw a distinction between "enthusiast" and "speculator".

These Bitcoin ETFs will catapult Bitcoin to get massive adoption which has been one of the missions of Bitcoin. The ETFs will put Bitcoin on the center stage to get massively adopted in the coming years.

I also question the use of the word "adoption".  Adoption of new technology looks like people using the technology.  People adopted the Internet by using it.  Not by making bets on whether the value of the Internet goes up or down.  As such, ETFs don't constitute adoption.  They aren't using Bitcoin, they're just making bets on it.