Let's start with some fundamentals:
Why Bitcoin was made?
To disrupt financial systems (which are failing every decade).
To make us lords of our money.
To make one global currency ruled by people.
To improve our lives.
What Bitcoin is used for today?
Mainly as an investment (and that is perfectly understandable but sad also).
It's being developed by some tech geeks.
It's being promoted by the idealists.
What is an ETF?
ETF (Exchange-traded fund) is "a type of fund that owns the underlying assets (oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Shareholders do not directly own the underlying investments in the fund, rather they indirectly own these assets".
Let's start by saying that ETF's are a great thing. Keeping a few barrels of oil or gold bars is not easy (neither comfortable) for an average person. They do need some space and they need to be protected as they are precious. I guess having a gold bar in your house can be stressful.
But what about bitcoin? It does not take any space and even in case of robbery, it can't be just stolen as a normal thing (it's not even material). The only reason that seems reasonable is giving the responsibility to someone else. Some say that 30% of Bitcoins is permanently lost as the private keys were lost. (I do own some BTC so I get how nerve-racking keeping your keys is.) It's much easier to think that some respectful company stores your BTC.
But ask yourself do you really need (or neither trust) them? Imagine times when it comes to real BTC adoption, it becomes widely accepted and everyone uses it just like USD today. There are only 21.000.000 Bitcoins so don't imagine they will just let you take your piece and go home. They will keep it hard. Although, this future isn't certain it is possible. Now let's get back to reality. Satoshi created BTC to eliminate third (unnecessary) sites, not to invite them. Please respect Satoshi's vision if you own a part of his creation.
What if SEC approves Bitcoin ETF's?
Most investors are dreaming about that big green candle to the moon,
but let me shock you all hard. ETF can be shorted. It means that after this possible pump a dump will follow, or the dump even comes first and then pump. No one really knows, but one thing is sure: BTC will become more vulnerable. First of all, if you are here (in crypto) just waiting for a moon and planning to go FIAT again, get out, please. If you appreciate tech but just want to get rich you can stay, only remember to spend your BTC for things, not for FIATS.
BITCOIN WAS CREATED TO BE ADOPTED, NOT TRADED.
So, when it comes to adoption a store of value is needed. Converting it to USD is not a good way, count how many satoshis you need to buy a food for a day and when this amount becomes stable you will know we did it ( converting it to Lambos is also a way). Bigger vulnerability does not come with a store of value and it's impossible to adopt bitcoin (or any other currency) while its value changes radically.
When it comes to just getting rich, imagine how worldwide adoption will affect the price. It could probably bring us years or even decades of a stable growth. That rise won't be followed by a big dump, the value will settle there. So forget ETF's, we as a society do not need them. What we need is a financial system that can guarantee no recessions, no inflation, no limits, and no centralized control. And that system already exists, just start using it.
Bitcoin was made by US government to support their FBI agents all around the world. Barack Obama said it on TV. Haven't you seen it? This story that bitcoin was developed in Japan by a guy for people is false
No, unfortunately I haven't seen it. "Satoshi Nakamoto" may sound like a Japanese name but his (or hers or theirs) real name/names are unknown, same with nationality and any other personal details. Hope your comment is a joke but I remain open for further discussion ( and curious about these Obama's words, could you share it?)
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Bitcoin to me is just a proof of concept. Crypto's potential extends far beyond that; there are coins creating independent economies that takes money away from middlemen who do nothing but push papers.
Kind of true, however, in my personal opinion bitcoin is currently the only independent economy. Thanks to enormous and decentralized hash power and lack of creator/CEO/management. All the other projects are actually somehow centralized. Not saying bitcoin will always be the number one, but it definitely is now.
some people have tons of Bitcoins and they control the market. They become the new rotschilds.
It does not matter if they own Bitcoin or USD, it is a problem with equal wealth distribution.
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