It’s not just that… lots of folks largest account is their IRA which generally don’t allow holding BTC directly. Yes they want the exposure- they might also even WANT to hold their own keys, but the barrier is not just responsibility… it’s the huge procedural headache and the TIME is takes to get your IRA funds to someone like Unchained and set up a multi-sig vault. I’m going through it right now… meanwhile the price is rocketing. Luckily, I’m hedging price movement during the transfer with the remainder of my account (which I can actually easily do using these p.o.s. ETFs)- but most people cannot or will not think to do that. From start to finish it takes WEEKS to move these funds with all the bullshit forms and 2+ business day admin steps. Meanwhile, in a couple of clicks or a phone call they can buy the ETF. The level of commitment it takes to not just say “fuck it” requires someone to be truly, deeply, and ideologically orange pilled. This is not most people.
IRAs are a huge market… people check into these accounts very infrequently… the ETFs got approved basically yesterday in the grand scheme of things… we’re only getting started with boomer allocations- most will hear about the new all time high this week and make note to make the initial exploratory call to their broker, then set up a meeting when it’s convenient for them… slow and methodical like turning a fucking oil tanker… and yet they will turn
The flow has only just begun. Buckle the fuck up.
Agreed. That's why I decided to use the ETF in my IRA and self custody outside of it. Most of my holdings are outside my IRA anyway. It's nice to finally have options other than GBTC.
If institutions fall you’ll want your keys amidst the chaos instead of these puppet representations. Understandable if it’s not your biggest holding- or a significant one… depends what stage of life and/or situation, I guess might not be worth the hassle for you.
Weeks is a short timeframe to move fiat, and an excellent opportunitiy to study and reinforce your choice in the meantime.
This phenomenon is like mass literacy; it'll take decades & folks over 50 in 2024 will typically never truly grok what's happening today.
The kids who are 10 years old today...they're going to be the ushers of "mass adoption"
Whether someone figured this out in the runup to $12 or the runup to 1k or the runup to 20k or the runup to 69k or today...or 4 more cycles from now... something tells me in ~2045, most economic actors will be acutely aware of bitcoin.
But, 20 more years is a long time to propagandize a generation against it, and the psychological manipulators capable of that are literal professionals with access to many dimensions of social warfare, and with a far lower time preference than most bitcoiners 🤷♂️😔
They’re not going to make it to 2045 in their current form. At some point it tips. Rough waters ahead far sooner than that if you ask me
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