Does anyone else feel like we're standing at the precipice of something huge and beautiful?
The SEC has done an admirable job defending the U.S market and dollar hegemony against an adversary like Bitcoin. I, like many of you, have awaited prior ETF decisions only to feel the punch to the gut of yet another denial...
Despite our philosophies on how Bitcoin should be used and custodied - you cannot deny that it's difficult for institutions and countries to trust and use. We're not talking sats here, we're talking millions and billions of funds that can flow in and out of this asset in moments. We're talking personal investments, corporate treasuries, retirement accounts, sovereign wealth funds and more...
Back in my day, I used to work for a fund manager that had billions in assets under management. There were times when we had to be careful to coordinate massive inflows and outflows so as to minimize disrupting the assets we were purchasing or selling.
An approval feels near and almost inevitable. Part of my reasoning for this is that it's becoming in the best interest for the U.S. government and regulators to start embracing Bitcoin as a hedge against the inevitable decline of the U.S. dollar. The petrodollar is almost gone, what's our next chess move?
When a spot ETF is approved, Bitcoin will move. I think it will move big due to its scarcity, but what do y'all think?
Submitted August 31, 2023 at 08:46AM by obsidience https://bit.ly/3KYwkRm
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