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1031 sats \ 0 replies \ @0330830bf9 13 Nov 2023
BlackRock would hold Bitcoin in their vault, and issue shares for people to hold in their brokerage accounts along with stonks and such.
It's important because institutions with billions to play with only fuck around with a hand full of other institutions they have a relationship with. BlackRock is the apex predator in this market for large capital.
With BlackRock offering this service, there's a place those big fuckers can go to buy paper Bitcoin.
BlackRock is legally and reputationally obligated to maintain 1:1 physical reserve for the paper Bitcoin, this drives up demand for spot as their customers buy paper.
MOST IMPORTANTLY
It turns Bitcoin into no-friction collateral, since ETF shares can be borrowed against as a margin loan.
Since the entire fiat financial system runs off debt, this is a missing piece needed for the speculative attack and why the deep state has been fighting spot ETFs.
Using margin, the cost will be trivial for someone to buy 2 billion worth of Bitcoin with only 1 billion in cash.
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210 sats \ 4 replies \ @0xbitcoiner 13 Nov 2023
Paper Bitcoin !
Why have the fake when you can have the real thing?
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0 sats \ 3 replies \ @SpaceHodler 13 Nov 2023
You can't buy the real thing with money that's locked away until you're 60 or whatever.
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0 sats \ 2 replies \ @0xbitcoiner 13 Nov 2023
I don't know these laws. Are they from the US?
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10 sats \ 1 reply \ @SpaceHodler 13 Nov 2023
401k in the US, but I think you can still withdraw with a penalty.
SIPP in the UK, with no early withdrawals.
Most developed countries have something similar.
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0 sats \ 0 replies \ @0xbitcoiner 13 Nov 2023
Ah Okay, I know what you're talking about.
Here in Portugal it's the PPR (Retirement Savings Plan)
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21 sats \ 0 replies \ @siggy47 13 Nov 2023
There won't be a basket of assets. Just bitcoin. If you're familiar with gold etfs, it will be structured like that. Personally I am unhappy about the prospect of these etfs. Do a search on SN. There have been many posts that discuss this topic.
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3 sats \ 0 replies \ @OneOneSeven 13 Nov 2023
It's a paper bitcoin IOU that will help fund wars
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0 sats \ 0 replies \ @Natalia 13 Nov 2023
it's a scam to fool people
- Why do you need middlemen to sit in between when you can buy Bitcoin directly?
- Bitcoin is not an investment.
- At the end of the day, buying these "products" would be at the mercy of others.
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0 sats \ 0 replies \ @BitcoinIsTheFuture 13 Nov 2023
Garbage paper Bitcoin with HUGE FEES. Retail gets exposure to BlackRock’s Bitcoin not there and gets raked over the coals with fees. Hard pass. Educate to self custody. Bitcoins is a bearer asset treat it as such!
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0 sats \ 0 replies \ @Zepasta 13 Nov 2023
https://m.stacker.news/4816
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0 sats \ 0 replies \ @k00b 13 Nov 2023
#314284/related
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