I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it's worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don't need new ones to take their place.https://twitter.com/cenaclecapital/status/1028632915951972352 …
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Because most people do Not want to self custody. The only people in crypto now are power users, developers and traders. If you wan this to be a global thing, then they will want something that is easy and regulated. That’s facts.
They are used to assets are already trust-based like bonds and stocks. OTOH most of the world's gold is under the custody of its owners. Bitcoin can be even more securely stored than gold. You are losing Bitcoin's main benefit by trusting somebody else to store it for you.
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I 100% understand that, which is why I self custody. However, there are way more people than us that do not want to worry about storing their money/wealth themselves. Also institutions/hedge funds over a certain amount are not allowed to stores their clients assets.
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Then why are they investing in Bitcoin in the first place? Perhaps they shouldn't.
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They just want to get some in case it catches on. Makes sense.
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Its worth noting that the VanEck Bitcoin ETF (the one with the best odds to be approved) will cost 25 BTC a share, so it wouldn't be a retail dumb money ETF. It's made for institutions (which can also be dumb sometimes, but that's not the point).
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Ppl use outside custody because they are users not creators. Anybody cannot be creator. Look back to banking history. They emerged by creating professional custody for customers in first place. Then they started to leverage. Crypto follows same path.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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