Bitcoin Doesn't Need An ETF!
The SEC rejected yet another Bitcoin application last week...
But guess what, the space doesn't necessarily even need one anymore.
The main draw for a bitcoin ETF had to do with helping get institutions into crypto. The second biggest selling point was making it as simple as possible for retail to enter as well.
Well, we are already getting development on both, and that is being done without an ETF.
(Source: https://www.ccn.com/bitcoin-etf-jimmy-song/)
What the heck am I talking about?
A couple weeks back, we saw the launch of Bakkt.
It is a fully regulated futures exchange that settles contracts with physical delivery of bitcoin. Not only that, but the exchange itself is 100% catered towards institutional clients.
So, we have a fully regulated (and physically settled) way for institutions to now enter the bitcoin market.
Check.
Secondly, we have Fidelity and TDA both announcing they are getting into the bitcoin/crypto markets in the very near future.
TDA in particular caters towards retail investors, so it is very likely there will be a way for them to buy/trade bitcoin in their brokerage accounts (or something very similar) in the near future.
Not to mention, GBTC already exists, which is a bitcoin investment trust that mimics the moves of the underlying assets very well.
Both of these things will make it easier for retail investors to participate in the bitcoin and crypto markets going forward.
Check.
But wait, there's more...
Not only do we have these developments taking place, but we also got a bit of regulatory clarity as well.
We heard from the SEC again saying that bitcoin is not a security.
And then, late last week, we heard from the CFCT saying that as of now, Ether is a commodity and will be regulated as such.
Those two announcements help remove a lot of the fear from large investors about investing in bitcoin and crypto markets because now there is basically no existential risk of them being labeled a security on a random Friday afternoon at some point in the future.
Check.
As things continue to develop and advance, it becomes less and less important for bitcoin to ever get an ETF.
Keep blocking it all you want SEC, we don't need it!
Stay informed my friends.
-Doc
All Bitcoin needs is for stupid humans to wake up and be their own bank and that includes all the real Cryptocurrency project's.... 💯
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There are drawbacks to being your own bank, such as having to protect/store your assets. However, custodians are popping up all over to help remedy that issue.
Well yea, its alot deeper than just being your bank, just saying Bitcoin was meant for the people to take over, not governments, banks and institutional investors etc...
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I don't think it will, at least not in the way you seem to be implying. It will be allowed to coexist with the current financial system as long as it doesn't try to compete with government issued currencies and threaten their existence, if it does, it will be outlawed/banned. Bitcoin is simply digital gold, anyone thinking otherwise is likely dreaming. Perhaps in time, like a lot of time, it can become more, but it will be a long tough battle against governments that have armies and the ability to enslave.
Other than that it would take something like what is going on in Venezuela or Argentina before it would have a chance of replacing government money, but even then, the tech isn't there to do so currently and won't be there for a long time. Most likely people start using stable coins/digital dollars for payments and transactions while bitcoin works as a store value, in the near term anyways. I just don't see bitcoin overthrowing the status quo anytime soon.
My conspiracy theory about all this is that the ETF will be approved right when the entire market is completely bubbled. After that, I give the market one more week or two to FOMO spike up and then promptly crash into the dirt for another year long correction.
Of course, for some reason I'm expecting this whole thing to turn out like the CBOE Futures Market in late 2017.
I could see it. Reading the latest SEC comments it sounds like we are still a long ways away from approving an ETF, which makes little sense to me when there are things like volatility leveraged ETFs floating around out there, but what do I know.
It's going to be played as a card in this grand illusion of politics.
I personally think the SEC and IRS (and US government) would like to see bitcoin die, but without actually making it apparent. They would like to make things so difficult for it that it eventually just stops being used and dies on the vine. Not allowing an ETF is part of that.
But also part of that is Fleecing the sheep by using MSM to hype up something you control and then let all your rich friends dump on the market. We've already seen the market move before official statements are made public. The manipulation is practically transparent. Why would an ETF approval be any different? Gotta get a green light all the way up the chain and then everyone wets their beak.
I don't think that is done by the "powers that be". I think that is mostly due to human nature, IE a couple people involved with it buying it ahead of time through their offshore accounts that and leaking the info to their rich buddies etc... people involved see an opportunity so they take it.
fair enough
@tipu curate
I’ve started posting in bitcoin talk.org as they do have an Altcoins section. I’m going to resteem your work on BTC on my blog page to see if I can tag you and let them know steem has plenty of Bitcoin articles and information worth checking out here 💯👍🏻
Cool thanks. Hopefully we can snag a few more steem users!
Exactly! They understand the features and mechanics of a good content platform so they should fit in nicely here. Plus this place looks about a thousand times better than bitcointalk.org 👍🏼😁
Really, why is that?
It’s such a basic code that the site runs on. Super basic :/
Yuck, that is pretty rough.
Lol I know right! I was expecting so much more, I guess it’s an example of quantity over quality 🤔
Yep. So many ads as well.
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