https://news.bitcoin.com/bitcoin-etf-decision-gets-an-overwhelming-amount-of-public-opinion/
Curious, what do you guys think? Bitcoin ETF: Good or bad for crypto? I would say that as long as they are backed by real Bitcoin 1:1 it's a great thing. I don't like funds that are not backed 1:1 like Grayscale's GBTC (Many call this an ETF, but it is not, it's a grantor trust that is traded OTC, not on an exchange). -
One may say that even if it IS backed 1:1 by actual Bitcoin, that these ETF's go against the whole social movement that Bitcoin represents. Similar to how holding your Bitcoin on an exchange goes against the idea of Bitcoin, which is to hold your own money in your possesion by holding your own private keys and not relying on a trusted party. I get that, but I do think that Bitcoin is still very difficult to store properly, and for many, it makes more sense to trust a third party for now, until Bitcoin becomes more user friendly. This also opens the market up to large institutional investors, hedge funds, etc.
What do YOU think?
Thanks for the first link btw Michael Huynh.