Bitcoin Spot ETFs cannot be exchanged for real bitcoin, only for fiat money. This crucial detail is emphasized in the SEC document.
‼️Investing in this fund is similar to buying a share with money; You don't exchange it directly for bitcoin, that is, you will only be able to redeem the ETF in fiat.👇🏻
Coinbase Custody Trust Company, LLC (coinbase) is the designated custodian for the holdings in the ETF, that is, the American exchange will be the custodian of the 'bitcoins'. (Mostly it will be Coinbase)
ETFs have no backing under regulations, including bans: 'Digital asset markets in the United States do not yet have clear regulations. This includes restrictions on mining, trading, custody or even the operation of the Bitcoin network.
The SEC claims that CBDCs are a potential threat to bitcoin (trust): “Central banks in several countries are developing their own digital currencies (CBDC). Unlike bitcoin, these are backed by governments and could be more convenient and widely accepted as a means of exchange or store of value.
‼️The document on bitcoin ETFs claims that the btcs held by Coinbase will be stored in cold (cold wallet) BUT at no point does it mention that it can be verifiable by anyone on the blockchain.
Adoption or fake sale of Bitcoin? Draw your own conclusion 😬