7 sats \ 1 reply \ @mudbloodvonfrei 15 Jun 2023 \ parent \ on: BlackRock Close to Filing For Bitcoin ETF Application: Source bitcoin
You're right, it's meant as an investment vehicle. As long as it's fully backed, I don't see a problem. The price will likely go up significantly, bringing a lot of publicity. If even 5% of people who buy the ETF to get rich end up going down the rabbit hole, the world will be a better place.
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0 sats \ 0 replies \ @birdeye21 15 Jun 2023
Maybe the ETF will serve as an educator for some, but if it only drives 5% down the rabbit hole, at the expense of 95% being stuck with paper bitcoin, I don't know if that's a net positive.
I get the benefit on paper of getting spot ETFs - it's the legitimizer needed to get institutions on board - but if we do go full hyperbitcoinization, the mass exodus out of tradfi could be very painful
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