If bitcoin is going to replace the financial system's base layer, what does that mean? That we all sit around hiding in the dark broadcasting tx's trying to avoid censors like the dystopia Monero envisages? That would mean we failed. If bitcoin is the money separating money from state, then it's money for you and I, for governments, businesses, artificial intelligence, the money economies hedge with, etc. The BlackRock ETF is another linear step. It brings the BTC/USD pair closer. Reduces friction. And please stop that Opus Dei shit acting like bitcoin doesn't have a fucking quote price, or acting like you're privy to the exact timestamp of the pair's dissolution. You're wearing too much Bluebird Musk. Before dissolution happens, the BTC/USD pair's daily trade volume will have taken out the trade volume of the darling of Forex (EUR/USD), and bitcoin's market capitalization will have taken out gold's, dealing a devastating blow to any country stupid enough to peg digital paper to it (like BRICs), who will step out looking like post-revolutionary France after backing the assignat with repo'd church land. As well, bitcoin is almost certainly the replacement for the petrodollar system, and every bit of research in this regard has convinced me of it. I work for the CME, and some here even suggest certain things line up enough to not be coincidence. I leave that to suggest to you what it may, but that's some bullshit for another time.

The question is how much BTC the Blackrock ETF AP's (Authorized Participants) have. This bitcoin ETF, like most commodity/security ETF's, are setup like this:

Redemptions for physical bitcoin cannot be made by you. Redemptions can only be made by APs. The minimum redemption amount for this ETF is 1 BTC. This reality is in line with most ETF's, take GLD (the popular gold ETF) for example, it requires an ETF share equivalent of 10,000 oz of gold for physical gold redemption.

Let's assume the Blackrock APs are the miners they hold ownership stakes in, NYDIG, exchanges including the custodian, etc. You cannot create more bitcoin with capex (capital expenditure) even if demand is putting a green candle through heaven's floorboards, it's the fixed monetary issuance/cap thing. This isn't the case for gold, corn, or stock shares per se. Normally APs can contract and source that stuff globally with purchase and delivery agreements from a network of trading partners. Or they can borrow and lease the commodity. So you had better believe the AP's and BlackRock are coming for your bitcoin, and they're going to come for it through price. Many will distribute their coinage over the next several years with the runup. Eventually the atomic unit (sat) will be the unit, not whole coin dear reader.

What the ETF will actually do is stimulate a massive institutional economy for bitcoin compared to what's here today. APs have to coordinate and integrate with the legacy financial system to fulfill their ETF obligations of providing liquidity, market making etc. Sub-custodians will arrive. Custodial services for the world's institutions will build. Insurers will arrive. Banks will line up. The loan market will arrive. Every fund will need exposure to at least bitcoin's price. There's no better power player to make this happen—BlackRock. Finally graduating from the cheap lever saboteurs of '22.

I'm happy a big dick ETF didn't happen years ago. Bitcoin needed to harden past its block war, get over 90% total coin issuance, experience an environment of rising rates, proliferate to other layers, get challenged by well funded "crypto" projects, and rebut the strongest opinions of media giants.

If it does win approval, then I'd expect the bitcoin res publica (international communities and states) to look quite different going into the 2028 cycle, as distributions end up in the hands of others looking to avoid the brutal opportunity cost of avoiding bitcoin over time. Whatever, it looks different every cycle no? This one picked up a nasty political element with the post-2020 runup and distribution, dumb fucks.

G'day