In this video, I discuss whether the BlackRock and other spot Bitcoin ETFs have the potential to destroy Bitcoin, by massively decreasing demand for Bitcoin transactions and thus defunding miners once the block subsidy has gone to zero.
It's highly unlikely that Bitcoin stops moving around, since even bulky and unwieldy physical gold has not stopped moving around even after 10,000 years.
Bitcoin will continue to be the global settlement layer for neutral money, even if large amounts of BTC remain in ETF custody.
At some point, governments will raid Bitcoin custodians in their country, and then either spend or lose that Bitcoin, thus creating even more demand for on-chain transactions that generate transaction fees.
Here's another wrinkle on the argument: Bitcoin's initial distribution from 2009-2020 favored more libertarian, anarcho-capitalist, anti-statist types who are unlikely to sell much or all of their Bitcoin to BlackRock, regardless of price.
The more BlackRock pumps Bitcoin and enriches Bitcoiners, the less BTC these Bitcoiners need to sell in order to buy essential or luxury goods. This suggests that there will always be a black market (or free market) for Bitcoin that will continue to circulate: the decentralized Bitcoin circular economy.
If you are not going to buy Bitcoin because of silly FUD like this, you are not going to be any safer. You will be herded into something much worse like CBDCs and social credit scores.
Bitcoin is freedom money. Buy BTC, not the Bitcoin ETFs. Bitcoin ETFs will give you price exposure, but not the precious freedom that comes with being able to store and secure your own money and being able to choose to spend it as you wish, without needing to beg for permission.
If you buy the Bitcoin ETF first and then change your mind later, you will have to pay huge capital gains taxes and thus end up with less money as you move from the Bitcoin ETF to real BTC.
The window is rapidly closing. The Bitcoin ETFs will probably be approved some time in January 2024, and then Bitcoin will really rip.
Take advantage today of your last chance to front run the institutions and buy BTC before they do.
Not investment advice! Consult a financial advisor.
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
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