A(nother) word on Bitcoin ETFs

The market is definitely maturing its way out of FUD - an excellent sign for upcoming growth!

I don't always get the short-term calls right, but man am I good at the long-term ones - the ones which are really important to investors!

The last two Bitcoin ETF applications were withdrawn this week (by CBOE and SolidX) due to the US government shutdown (allegedly). What happened to Bitcoin when they withdrew?

Nothing.

This is in stark contrast to the immature and frankly rather clueless 2018 market.

Do you remember the effect that any ETF news had on BTC in 2018? Any statement from the SEC, any delay, any cancellation was, figuratively speaking, the end of the world and something from which BTC would never recover. Each scrap of negative news meant the end of BTC.

It was ludicrous. But don't laugh - chances are that you were one of those people who believed it.

I wrote about ETFs as part of a CargoX post some time last August. Actually I wrote about them often, but in that post I said the following:

"Bitcoin ETFs, you've no doubt heard about them. They've been in the news a lot lately. In fact, they are just about all you read about in the crypto news these days. The uncertainty about them and negative sentiment towards them dominates the media. What's more, it dominates the price action of Bitcoin - which is sheer lunacy. Because prior to a couple of months ago nobody had even heard of a Bitcoin ETF before! They didn't exist and yet nobody gave a damn, nor did it affect the price! Then all of a sudden, just because the supposedly wise and experienced financial world gets wind of an ETF application, the whole world suddenly believes that the very success and future of BTC depends upon ETFs. Without it surely we will have no institutional investment yada yada yada. Horse $#it! Here is the history of BTC:"

From https://steemit.com/cryptocurrency/@bitbrain/crypto-token-economics-q-and-a-cargox

"BTC was doing just fine before ETFs. Hell, it was, and will continue to do just fine without institutional money if necessary. I've said it before and I'll say it again. Institutional money needs Bitcoin, Bitcoin does not need institutional money! (Unless you are very myopic in outlook!)"

I still love that chart! (I did re-use it quite a few times after that!)

I reiterate now what I said back then: Institutional money needs Bitcoin, Bitcoin does not need institutional money! Sure, it will take longer to grow without institutional money, but Bitcoin can do it! This is the very purpose of cryptocurrencies, their raison d'être.

It does not matter if we have BTC ETFs or not! That will not change the long-term success of cryptocurrencies!

So it is with great pleasure that I see the latest ETF withdrawal news get dismissed by the crypto community without event.

Now sure, I've already seen one journalist say that this means that the market must be so dead that it doesn't react to anything.

Yeah... right...

Because just last month this "unreactive" market was still busy dropping from the low $6000s to the low $3000s!

No, what it really means is that people are tired of the ETF "crying wolf" scenario. They are also realising that life goes on without ETFs, they really don't matter in the long-run. ETF news no longer creates FUD, it's heart-warming to see!

So take heart Bit Brainians: ETFs are coming - one day -- probably; but if they don't arrive then we will still be just fine without them! 

Crypto will continue to disrupt the banking and financial industries and it will press onward, no matter what regulations, financial instruments or market conditions are in place.

HODL, and HODL STRONG! 
I'm not saying that to sound contemporary and cool, I'm saying that because every time you sell crypto, someone else is buying it. Every day I see big buys of insignificant little cryptos. Someone knows they are going to be worth a lot more in the future, someone with a lot of money to spend.

Don't sell your precious cryptos to the rich at bargain prices! 

This is important, I may write a post about this to illustrate the issue.

And if you ever feel in any doubt - just read this very old post again: https://steemit.com/cryptocurrency/@bitbrain/bitcoin-price-predictions-chart-display-part-3-the-s-curve-more-good-news - one of my all-time favourites!

Yours in crypto - with or without ETFs

Bit Brain

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