I do not mind ETFs as long as they do not affect Bitcoin in any way. They theoretically do not. I only wish more people would NOT adopt ETFs but rather invest in Bitcoin the 'traditional' way.
People who purchase ETFs do not want to find out how to properly hold Bitcoin, how to use it et cetera. ETFs are the right choice for them. Why force them to have Bitcoin when they only really want to speculate.
On the other hand, if there weren't spot ETFs, people would come to our Bitcointalk forum and ask us about the best way to buy and store Bitcoin. And we would answer their questions. 🙋
Instead, people buy surrogate Bitcoins. They're convinced they own real Bitcoins... And how can we be sure there aren't more of these surrogate Bitcoins created than the real thing? No. We're not sure...
The idea that spot ETFs, government regulations, or Michael Saylor's actions don't affect Bitcoin is refuted by the current price of Bitcoin. It's very low, especially considering what Bitcoin was worth five years ago ($69,000). And considering the dollar's inflation over that time...
Centralized storage alone is already causing significant damage to the Bitcoin network.
One thing about ETF is that it has recorded large net outflows of capital and as well a massive influx of capital because it was created for large pockets and institutional holders.
To be frank also, ETFs don't follow nor sway according to the original core principles of privacy and self soverignty that Bitcoin was actually created with the intention of fulfilling.
Still, ETF investors are also Bitcoin investors no matter how you see it, even though I agree how centralization has become a basic principle for it and both Bitcoin kind of investors have some effect on the price of Bitcoin in the market.
If an investor buys a spot ETF and simultaneously shorts BTC futures, can such an investor be considered a Bitcoin maximalist?😉
When Black Rock issues options (derivatives that allow betting on the rise or fall of the spot ETF shares themselves), can the purchase of these options be considered the same as the purchase of Bitcoin by our forum members?🙋
In essence, institutional players are using Bitcoin to create a pyramid of virtual fiat liabilities. Bitcoin itself isn't a risky asset. However, its close relationship with the modern financial system makes it such an asset. This is precisely why, in my opinion, its price is currently falling instead of rising. 🤷
