Oddbean

Anyone who buys a Bitcoin ETF is buying a false sense of security at best and short circuits the path to hyperbitcoinization. When someone buys a Bitcoin ETF they believe they are buying Bitcoin when reality they are buying a piece of paper saying they are owed Bitcoin. It’s essentially an IOU. An ETF holder doesn’t actually own anything. They are relying on a third party provider to make a purchase and custody the physical Bitcoin for them. There is nothing stopping a business from telling their customers to fuck off, we are keeping the Bitcoin now. When you throw in the fact that large companies typically have ties to the government and can easily payoff officials to pass laws to make what they did perfectly legal. All it would take is a well time “national emergency” and just like that banks and the government have the pretext to do whatever they want to you and your Bitcoin ETF. Just look what the government did during the pandemic? Printed trillions without blinking an eye. Locked down for entire globe and you think you can trust them to enforce your property rights. Self custody of your #Bitcoin gives you the ability to protect your property rights. Don’t buy the Bitcoin ETF. Buy the real deal and learn to self custody. Your life may depend on this skill some day.