"The Canadian ETF wasn't a big deal." "The approval of the futures ETF wasn't a big deal." These and a dozen other "but muh" rationalizations pooh-poohing the impact of this week's ETF miss the point.
Bitcoin is a commodity. All commodities have small and niche markets - until they don't.
Look at petroleum. It's not a modern commodity. It is mentioned as a sealant and lubricant in the oldest book of the Bible. The ancient Greeks used it for war. The ancient Chinese made fertilizer from it. The first gasoline company opened in Pennsylvania in the 1700's. It was used all through the steam revolution for lubricants. It quietly replaced whale oil and coal gas. All this time, it was a smaller niche product, hard and expensive to acquire and transport.
Then came the internal combustion engine. Almost overnight, petroleum exploded into what it is today. Technologies were developed at breakneck speed to use it, refine it, transport it, and make it easy to understand and use for the common person. New uses were found for it, like plastics and chemical production. Standards and grades of product were developed by private industry and later codified.
The value of the oil and gas industry today has nothing in common with what came before. Nobody before the internal combustion engine could have imagined where that would take petroleum. Plastics, pharmaceuticals, fertilizers, explosives - all these derivatives and more came about because the internal combustion engine made petroleum worth investing time and money into.
This ETF, the updated FASB rules, the halving to harder than gold, the beginnings of the sovereign rush to bitcoin, all of it is a convergence. It is bitcoin's internal combustion engine. It is so much bigger than just another ETF. Only fools try to see this as another cycle of the same. You will be rekt and left behind.
Submitted January 08, 2024 at 08:55PM by PepeDeCorozal https://bit.ly/47w5poa
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