"Get Rekt." - A short story.

The SEC finally approves Bitcoin spot and futures ETF.

The general public think it's a great thing for the Bitcoin Fiat price, headlines :
"Institutional money is coming to Bitcoin."
"Bitcoin now regarded as a mature investment."
"Billions to pour in BTC ETFs, heralding a huge price pump."

Most ETF providers are not using proof of reserves (trivial to set up), and use the same Custodian (ShitCoinbase).

The Bitcoin Fiat price ranges inside the same bands for years ; no more parabolic move happen, and overall the Bitcoin fiat price increases slowly year over year due to a slow but steady trickle of money coming into the BTC ETFs, for "diversification."

Bitcoin fades from the news as nothing "noteworthy" for the general public happens, while in the background the protocol keeps churning blocks every 10 minutes.

ETF providers and Custodians keep raking fees.
MSTR becomes just another company, and is mostly just providing Bitcoin-Backed loans for interests, which produces about as much cashflow/satsflow than their original IT business.

Most hodlers keep DCAing in the background, trying to buy real, self-custodied Bitcoin, which becomes increasingly difficult due to always harsher regulations pushing people to buy only paper (ETF) Bitcoin.

Some hodlers loose hope when the halving pump cycles do not happen anymore, and sell their stacks, and forget about it.

15 years from now, the fiat financial system finally collapses under quadrillions of debt, and hyperinflation.

The public discovers that most ETF providers, with the complicity of their custodian, were running a fractional reserve system, and a lot of people and company get rekt when they discover the only thing they'll ever recover from their ETFs were dollars, which are now worthless.

Most of the ETF providers' leaders and custodians are either put in jail, try to flee abroad under fake identities, or commit suicide.

A few people, companies, and countries emerges unscathed from the mayhem, as they were running their own nodes, custodying their own bitcoin, and kept stacking despite the bitcoin fiat price flatness.

The wealthiest people, companies and countries, along with newly revolutionary leaders whom seized power post collapse eventually meet in San Salvador in 2042, under the patronage of Nayib the 1st, Emperor of Central America, in order to discuss a new monetary order, where countries would now peg their currency to Bitcoin.

The End.
(Written in about 10 minutes in my notetaking app, published on nostr in case some people like to read random shit).