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543 sats \ 5 replies \ @nullcount 1 Nov 2023 \ on: Is anyone worried they're consuming too much hopium? bitcoin
I think people are going to be surprised at how little capital is interested in a USA Bitcoin ETF.
Other countries have had ETF for years. The first BTC ETF only has $900M in AUM. That's less than 0.15% (about 1/7th of one percent) of total BTC supply and it took years to grow that large.
People projecting that 10% of funds will allocate 1% to a BTC ETF by next year are the ones smoking too much hopium
While I agree it won’t be the avalanche expected by some, there is a non-negligible percentage of my peers who are extremely excited about parking some cash in Bitcoin via a Roth IRA.
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Yea, plebs electing to put their IRA or 401k in the BTC etf is the target audience at launch IMO. But this is a tiny tiny percent of capital.
10% of US companies/funds/individuals hold 90% of the wealth. If you're already fiat mega-rich, you're unlikely to ape into a BTC ETF.
Also, your peers are likely biased to want BTC. More than the average retirement account holder
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While I do think social media hypes this for clicks and views I must say the Gold ETF might be evidence of what the market will do once they can get price action on Bitcoin. All of these firms are asking for a spot ETF because that’s what the customers want.
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IMO a reaction similar to a gold etf is not a likely outcome. Boomers control most of the capital and boomers love their shiny rocks. Some of them even remember when USD had gold backing
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I disagree people are greedy especially boomers. It’s most of the boomers who do business with Blackrock. YTD gold is what flat and BTC is up 100% greedy boomers see this and say hey I been sitting in this GLD ETF since Jan and it hasn’t done anything for me but if I had that Bitcoin ETF back in January I would of doubled my money
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