Bitcoin spot ETFs combine traditional finance with the revolutionary world of Bitcoin, raising questions about the impact of financial institutions on Bitcoin adoption, their backing by actual bitcoin, and the alignment with Bitcoin's foundational principles.
Bitcoin spot ETFs are like investment funds for Bitcoin, and they're managed by big financial companies like BlackRock and Fidelity. But here's the thing: it's hard to check if they really have the bitcoin they say they do. It's a bit like a mystery box.
These big companies stepping into the Bitcoin world is a hot topic. They could help more people get into Bitcoin, but there's a worry they might misuse it, similar to what's happened with gold in the past. Personally, I see them as a downside because Bitcoin doesn't need their help to be successful. Bitcoin works fine and is successful on its own; it doesn't need these big companies to make it stronger. In fact, if they buy too much bitcoin, they might try to take control. That's not what Bitcoin is about.
I don’t like the idea of Bitcoin spot ETFs. They turn Bitcoin into "paper bitcoin". That's the opposite of why Bitcoin was created. Bitcoin is meant to be owned and controlled by you, not stored away by some company. When we talk about these ETFs, it feels like we're moving away from Satoshi Nakamoto’s vision. Bitcoin was made to break free from big (corporate) control, not as a new tool for them to capture value and make even more profit.
While Bitcoin spot ETFs might sound like a good idea for bringing Bitcoin into the mainstream, they come with risks that could go against what Bitcoin stands for. Let's not forget the original purpose of Bitcoin and ensure it remains a tool for financial freedom, not a new playground for large institutions.
Based on: Learn Bitcoin, Commentary
The Bitcoin Whitepaper as published by Satoshi Nakamoto on Oct 30, 2008
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