Which Bitcoin ETF For Grandma?
Some amazing numbers to keep in mind. Already outpacing gold’s ETFs in a key metric.
Appreciate the kind words in response to yesterday’s update. Got some questions on the ETFs also.
I think it’s fascinating — I’m not sure how accurate this number is, by the way (feel free to double check it and verify/research) but some of the people on Twitter closely following the Bitcoin spot ETFs claimed that already about 3% or more of total Bitcoin supply is held in the ETFs.
Gold has had ETFs for more than a decade and only 1.5% or so of total gold is locked up in those ETFs.
If Bitcoin is gonna work as a long term store of value and nation-state agnostic international currency, allowing normies to grab exposure to it, then these ETFs — as flawed as they are in design — are a necessary step.
I think buying spot Bitcoin through somewhere like River or Cashapp or PayPal is sufficiently easy at this point for the moderately tech savvy.
But now any old timer with an E*Trade, Schwab, or similar brokerage account can login — search for their preferred Bitcoin ETF from Fidelity, BlackRock, or elsewhere — and buy and sell something that… until now… was largely inaccessible to them.
As of December’s filing, at least, Bitwise still includes Litecoin in its Bitwise 10 Crypto Index Fund (BITW) — that particular fund attempts to provide exposure to the 10 top tradable major cryptos.
So it’s not merely ‘vanilla Bitcoin’ being offered to normies now through their brokerage accounts, 401k, etc.
The semi-savvy older person with money can play essentially the whole game board with vehicles like BITW, while treating the Fidelity or BlackRock Bitcoin ETF as a cash alternative of sorts.
As of writing this, BlackRock is just shy of $2 billion in Bitcoin held.
And as I said yesterday… all of this almost didn’t happen at all. The SEC almost didn’t relent, and Gensler — deepstate’s man on the inside — was the deciding vote for the spot Bitcoin ETFs earlier this month.
We live in a timeline in which we got the ETFs, and that changes much.
This is the real populism. Will Hillary get locked up if Trump gets another term? Will Oprah be asked where she was during the Hawaii fires on live national television? Will the Podesta Brothers be judged and examined by the Internet masses another time around?
All highly doubtful.
But we got the money revolution we wanted all along, and that changes everything.
Not financial advice, and at time of writing I hold some BTC, LTC, and ETH.
Got some requests for appreciation tips. I always welcome those, as long as it comes from a place of gratitude and respect — rather than patronizing me.
https://paypal.me/davidseaman
Onward,
D