Oddbean

For all of you still going ape shit about "dOn'T bUy mUh eTfs" I have a simple question. What do you tell the 43 year old working guy with 967K in his 401k when his employer adds HODL or BTCO to the plan? Keep your money in mid caps? Stay in Exxon? Buy bonds? No? Well that is all stupid! He could liquidate and pay the fees and penalties. I would cost him about 300K or he could just move 300K into a BTC ETF and let it grow tax free. Stop being dumb asses! Stop it with the straw man fallacies, no one is telling anyone to take free cash and buy an ETF with it. Again what do you tell the 43 year old guy with a fat 401K who will be working 15-20 more years for the same place? What do you tell the pension fund manager for the Boston Police department to do? The UAW pension funds manager? The pension funds manager for the Chicago School district? Well most of you tell them nothing because they'd not listen to you given the tantrums and nonsense I have been watching for the last 90 days. Most of you don't even know how an ETF works or what "cash creation fund" means. Please just stop it, no plebs are going to take their free cash and buy an ETF, no one has advised that, NO ONE.

100% Wish more bitcoiners would dig deeper into the concept of Use Cases and Job-To-Be-Done. It's a big world out there and many people are in many different situations with different constraints that need different approaches. I think the underlying fear many are reacting to is that the ETF will subvert the use case for holding your own keys and put the fundamental decentralization and censorship-resistance of bitcoin at risk. This is a good thing to always be concerned about, and we should remain vigilant. But the ETF will grow an entirely new crop of BTC maximalists, who will help maintain that vigilance. And exposure to BTC, while surely getting some rekt, will save many many more from financial destitution with money that cannot otherwise be used to hold their own keys.