Amen. Completely agree on each of your succinct points. The ONLY silver lining for the Bitcoin Spot ETF that I see, is that some people will now dig deeper. As part of their due diligence or simple curiosity, and some will inevitably get orange-pilled in the process. I expect to hear stories along the lines of, "I invested into the Spot Bitcoin ETF, and the more I read about Bitcoin, the more intrigued I became. Ultimately, I cashed out of the ETF, bought the equivalent in Bitcoin on an exchange, immediately moved that to self-custody, and set up a node for full sovereignty. And you should follow my example."
I'm enjoying all the scenarios that are possible here. If significant exposure is gained to these ETFs and then the price runs up, massive capital gains would then remain unrealized, that's a compelling reason not to cash out and to keep more Bitcoin inside the system where it could even be taxed at rest. If that's true, then the smartest people will buy Bitcoin just like before.
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