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51 sats \ 4 replies \ @cryptofolyo OP 15 Jan \ parent \ on: Bitcoin ETF to prevent the rise of Gold? bitcoin
I think the same.
Gold is hitting and trying to cross 2100 USD per ounce multiple times now
In 1934 Gold was revalued from 20 USD per ounce to 35 USD per ounce overnight with the Gold reserve act
Similarly as described in my article https://bit.ly/dollarhyperinflation there can be revaluation of gold by means of melting up above 2100 USD ot 20000 USD per ounce in which case investors might flock into gold from tradfi which the tradfi world doesnt want to happen.
So the choice is to keep the gold prices suppressed.
Now Gold Market cap is around 14 trillion bitcoin just 1 trillion , if bitcoin etf is pushed and the market cap of etf allowed to rise to the level of gold marketcap it may be easier to continue the price suppression
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But by that time it may be difficult to control
Other countries like elsalvador may come up with ETF settling with Bitcoin instead of cash settlement and likewise
70% of current bitcoin has not moved last 1 year
That means only a max 30% may be available for centralisation and there will be competition amongst centralised players to gain custody of these centralised bitcoin
Centralised bitcoin ETF with custodian publishing a ledger of holders agains the custodial bitcoin in Blockchain may get more acceptance in the market and many such players may emerge
Finally it will head for short squeeze and all the centralised players having not enough bitcoin in custody will go belly up
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Please share ur thoughts about my article
if u have the time to read it through
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