Switzerland's financial regulator has approved the country's first Bitcoin ETF

[Silikiem]

Institutional adoption is a positive side for bitcoin but the real growth will start when people willl eventually start using bitcoin in real life. Etf can be a way to push the bitcoin but I think self custody is the main thing when considering it's growth.  

The growth that we have witnessed on bitcoin so far, is it not a real one and have people not started using bitcoin in this real life yet? If you mean when bitcoin have finally becomes a legal tender worldwide, I don't think that would even happen, the government wouldn't want to completely adopt what they can not be able to print more as they like to do with paper money and they also do not want something as transparent as bitcoin. The government wants transparency from citizens but won't want that for themselves to the citizens. Bitcoin is still being used by some Bitcoinist for their transaction and it all contribute to Bitcoin growth.

You can’t rule out any possibility In bitcoin, we already see some countries like El Salvador making bitcoin officially a legal tender. Bitcoin can become a legal tender officially worldwide but that doesn’t mean every country will have to do away with their local currency, No. what I think is the government can still get to recognize bitcoin officially as legal tender but not to completely do away with their local currencies, Bitcoin didn’t come to replace their local currencies as both have their various usage beyond means of payment or transaction.

[SquirrelJulietGarden]

You can’t rule out any possibility In bitcoin, we already see some countries like El Salvador making bitcoin officially a legal tender.

El Salvador government had to stop their Bitcoin legal tender enforcement with pressure from IMF and they had a deal with IMF with one of conditions is stop the Bitcoin legal tender in their nation.

Bitcoin can become a legal tender officially worldwide but that doesn’t mean every country will have to do away with their local currency, No.

What does No here mean?

Bitcoin will almost impossible become legal tender in many nations. What happened with that policy in El Salvador shows that if IMF already did that with El Salvador, that foundation will try to do the same with many other nations which tend to make Bitcoin legal tender.

Many governments won't feel ready to do that and this reason is a bigger barrier for Bitcoin legal tender globally than IMF.

[retreat]

Do you think more countries will follow this trend?

I'm sure that as more countries legalize Bitcoin ETFs, it will encourage more governments to legalize Bitcoin ETFs in their own countries, because it not only regulates Bitcoin within a clear legal framework, but it can also provide tax revenue for the country and make it easier to monitor investors' financial activities.

Do you believe ETFs could help Bitcoin growth in long terms or its depends on the spot Bitcoin investment?

With the growing number of ETFs, it will influence the growth of the Bitcoin market, but it's not the kind of growth driven by genuine adoption because it's more driven by institutions that can put large amounts of capital into the market. And with accumulation becoming more concentrated in the hands of these institutions, the market could become increasingly centralized. This could also affect investors because more people might choose to invest in ETFs rather than holding Bitcoin directly in their self-custody wallets.

[Mrbluntzy]

Institutional adoption is a positive side for bitcoin but the real growth will start when people willl eventually start using bitcoin in real life. Etf can be a way to push the bitcoin but I think self custody is the main thing when considering it's growth.  

The growth that we have witnessed on bitcoin so far, is it not a real one and have people not started using bitcoin in this real life yet? If you mean when bitcoin have finally becomes a legal tender worldwide, I don't think that would even happen, the government wouldn't want to completely adopt what they can not be able to print more as they like to do with paper money and they also do not want something as transparent as bitcoin. The government wants transparency from citizens but won't want that for themselves to the citizens. Bitcoin is still being used by some Bitcoinist for their transaction and it all contribute to Bitcoin growth.

You can’t rule out any possibility In bitcoin, we already see some countries like El Salvador making bitcoin officially a legal tender. Bitcoin can become a legal tender officially worldwide but that doesn’t mean every country will have to do away with their local currency, No. what I think is the government can still get to recognize bitcoin officially as legal tender but not to completely do away with their local currencies, Bitcoin didn’t come to replace their local currencies as both have their various usage beyond means of payment or transaction.

SquirrelJulietGarden has given you enough lecture for you to now understand what I am talking about, even as El Salvador made Bitcoin legal tender, how many businesses immediately started accepting Bitcoin payment and how many people started spending their Bitcoin? A lot of people are more interested to hold and to trade Bitcoin for short term profit. If you assume that Bitcoin will become a legal tender like you said, then keep dreaming, won't happen. Assuming a government comes decides to allow it, after they step down, another person will take over office and still stop it.