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.

[shinratensei_]

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.

Even basic understanding of why fiat is even a thing enough to know that a decentralized coin becoming legal tender is unlikely to happen, government need a tool to control the economy and fiat is the tool and the sole legal tender, not to mention IMF is so entrenched on nation's politics and economy which is more reason to only stop at recognizing BTC as just a commodity, a tradable investing instrument and not recognizing it as a legal tender. It's apparently still a far fetched dream for us. Maybe it won't happen until hundred years ahead when we finally realized the importance of decentralization and privacy in finance, unfortunately a lot of people still don't give a damn though.

[Don Pedro Dinero]

But it's a step toward adoption. More money will be used to buy Bitcoin. If these people won't hold real Bitcoin, then at least the companies will hold it for them, and demand can increase for BTC. I am happy haha.

What era are you living in? January 2024?

When the first ETFs were approved in the US, there was widespread euphoria in the community for precisely the reason you mention. It was hoped that their adoption would push up demand, which, in turn, would have a positive impact on the price. The result, almost three years on, is that Bitcoin has delivered its worst return in history. If only we were getting rich, at least. But sacrificing decentralisation for poor returns doesn’t exactly make me happy.

[Faisal2202]

What era are you living in? January 2024?

When the first ETFs were approved in the US, there was widespread euphoria in the community for precisely the reason you mention. It was hoped that their adoption would push up demand, which, in turn, would have a positive impact on the price. The result, almost three years on, is that Bitcoin has delivered its worst return in history. If only we were getting rich, at least. But sacrificing decentralisation for poor returns doesn’t exactly make me happy.

I can see you are not happy, but that does not mean you have to show it as well.

I live in the same era, only if the era has anything to do with your expectations, but so far, I think BTC has delivered very well. What were you expecting, though? I am really curious. I also hoped it would jump to $100k max, as I was halfway out around $90k, thinking this was it.

But BTC reached $126k. I don't expect to be rich from Bitcoin. I am just happy because inflation did not affect me.

[Don Pedro Dinero]

I can see you are not happy, but that does not mean you have to show it as well.

Well, you’re going to have to get yourself a pair of glasses because you can’t see very well.

I don't expect to be rich from Bitcoin.

That makes everything clear. You’re more concerned with writing something along the lines of the thread so you can get paid and spend the money than with how Bitcoin is doing.