zax_cloud on Nostr: The SEC neutered (for now) the Bitcoin ETFs by not allowing in-kind redemption. If ...
The SEC neutered (for now) the Bitcoin ETFs by not allowing in-kind redemption. If all you are required to do when a customer wants their corn, you borrow more fiat, the thing is flimsy. Gotta keep the fiat the ponzi rolling. Surely a sovereign wealth holder won’t recall 100ks BTC in one shot?… we can just borrow more dollars to make it go away…
Only when you can trade your brokerage database entry in one of the ETFs, for the equivalent in actual onchain sats, it’s just more paper coin. This may playing out like the Gold ETFs.
Sure. Have your 401k in Bitcoin ETFs for the sick alpha denominated in fiat, but end up being stuck in retirement with disproportionately more worthless fiat.
Only when you can trade your brokerage database entry in one of the ETFs, for the equivalent in actual onchain sats, it’s just more paper coin. This may playing out like the Gold ETFs.
Sure. Have your 401k in Bitcoin ETFs for the sick alpha denominated in fiat, but end up being stuck in retirement with disproportionately more worthless fiat.