Nothing stops this prepare.
No, I’m not speaking concerning the Federal Reserve cash printer, I’m speaking concerning the string of ETF bulletins from Wall Road and the associated crypto corporations servicing it this week.
I’m speaking about in the present day’s hybrid Ethereum-Bitcoin ETF, yesterday’s XRP ETF, and what’s going to probably be 2025’s basket memecoin ETF providing publicity to all the pieces from PEPE to GIGA to HarryPotterObamaSonic10Inu.
Should you’re takeaway from the arguably dismal ETH ETF launch is that there gained’t be extra crypto ETFs, I’m sorry however you’re wanting previous the $1 trillion price ticket on the remainder of the crypto business.
Wall Road desires to promote merchandise that make U.S. {dollars}, and they’ll proceed to do issues that make {dollars}.
OK, in a bear market, possibly that’s not an Ethereum ETF. Nevertheless it’s laborious to think about that in a world the place the U.S. regulatory setting continues to turn into “extra advantageous to the business,” and there aren’t 15 to twenty of those ETFs all pumping in a bull market.
Possibly you’ve forgotten how in 2017 XRP pumped to $4 or DASH to $700, how in 2021, JPEGs bought for a whole bunch of thousands and thousands. Newsflash: 80% of ETF purchasers are retail consumers, and that’s based on Blackrock.
Possibly you assume all our proselytizing to the likes of Rick Rubin has seeped someway into the collective consciousness. Possibly you’re betting on Kamala Harris getting elected, and that she’s going to proceed to let Gary Gensler and the SEC run roughshod over crypto.
Honest sufficient. That’s not a world I see. The Bitcoin-crypto voter constituency is right here, and whether or not it delivers the election to Donald Trump, or it wins concessions from the Harris administration, meaning extra ETFs, not much less. Actually not a world the place there’s solely a Bitcoin ETF anytime quickly.
Once more, Wall Road just isn’t embracing the tao of Michael Saylor, they don’t see President Nayib Bukele as a growing world savant. They don’t consider Bitcoin is a bulwark in opposition to cash printing, and no it doesn’t matter that they’re writing analysis studies to the impact.
They may say no matter they will to promote ETFs, to make USD.
As a result of they aren’t convicted consumers. They’re convicted sellers. There’s a distinction.
This text is a Take. Opinions expressed are solely the writer’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
