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RE: My Thoughts On The Bitcoin (Cryptocurrency) ETF

in #bitcoin6 years ago

In a way it's poetic justice. The banks have excluded the third world from access and now bitcoin is the 3rd world's for the taking, but as Andreas Antonopoulos said, the banks are in a gilded cage. That cage prevents them from playing in the crypto space through their own regulations. They want to sink pension funds into crypto and probably shouldn't. If my retirement is rescinded because some bank wanted to invest it into 0x and it went bust, who would be on the hook for that mismanagement?

It is a good thing that banks can't usurp bitcoin because if they can, they will have everyone in the industry trying to make it illegal, calling it a fraud, etc, in order to shake out the weak hodlers. Then they will come in and buy bitcoin up for pennies on the dollar while the rest of the unregulated world buys back in at higher prices. We should be glad that this isn't allowed to happen which will certainly be the case when ETF's eventually do get approved. Now's the time to stack up before the institutional money starts flowing and be aware that the bankers will do everything they can to shake you out first.

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