Some people are happy, some people are sad, i imagine some are even furious.
Many people are saying that a bitcoin ETF will destroy bitcoin.
Others are saying that bitcoin price will go way, way up.
Many of the sane people are saying, just buy more bitcoin
What will really happens with bitcoin ETFs being approved?
The biggest benefit i see for bitcoin (and cryptos) as the ETFs are approved is that the ETF holders will begin to advertise bitcoin. It will be in all the magazines. It will be in every piece of mail the funds send out to their clients. The bitcoin ETF will be advertised far and wide.
Big money is going to start pushing bitcoin.
Something that us little crypto enthusiasts could never do. And in fact, most of us wouldn't want to do. Many of us hate advertising/advertisements (horrible, lying, evil, manipulative scum)
Bitcoin will now enter everyone's vocabulary.
I can only hope that some of them will actually get their own wallets and buy some bitcoin.
We all know how volatile bitcoin has been. Now their will be more demand, and more people trying to play the market, and this will lead to more volatility.
ETFs, at least those in The US, keep bankers hours. Bitcoin does not stop trading.
Bitcoin can easily lose/gain $10,000 between closing and opening. How is the ETF going to handle these moves?
The ETFs usually have circuit breakers. And bitcoin will constantly be tripping them.
So, everyone in the ETF will only get part of the moves up.
And this will lead people to realize, that they could have just bought bitcoin, and got all the price move.
The ETFs just won't be able to keep up, and thus will fail.
All the ETFs currently being approved are all dollar based ETFs. In other words, you aren't buying bitcoin, you are just betting on its price action, in dollars.
Further, the amount of money that will be going into the ETFs will quickly exhaust the amount of bitcoin for sale. No ETF will be fully funded. (unless blackrock has acquired a WHOLE lot of bitcoin they haven't exposed yet)
This will lead to the ETF funds not having enough dollars to pay out those who want to sell after bitcoin makes a rapid rise. Their lack of holding will become very apparent. Their lack will lead to massive hemorrhages of money.
The thing is, the people behind the ETF are used to controlling the market. Comex gold is basically the only gold market. They can basically control all aspects of the market. They have bots that sell to each other to manipulate the price. And i am betting this is what they are planning to do with the bitcoin ETF. But, it will fail.
Blackrock thinks it can tame bitcoin, but they will find out that bitcoin will not be tamed, constrained, or messed with. We will know that the ETFs are underfunded. Bitcoin is very transparent. We will know that they are hemorrhaging money when they start limiting withdraws. All the usual shenanigans the big guys do to control ETFs are going to become apparent. And this will lead people to really investigate all the other ETFs. The SEC may have to come out and confess that they don't actually regulate anything.
The banksters get exposed for all their evil ETF ways. The manipulation becomes apparent.
A big chunk of wall street will be blasted to smithereens.
The people who were supposed to be watching and guarding our investments have been siphoning our money off, and using our money to manipulate the holdings for their benefit, not ours. The banksters will be left with no clothes. Their machinations exposed.
The banksters are going to try to reign in bitcoin, but instead are going to be completely wrecked.
No one will trust wall street after this.
Fortunately, block-chain doesn't require trust. It is verifiable. And will replace everything that wall street thought they could control.
