Nothing stops this practice.
No, I’m not speaking concerning the Federal Reserve cash printer, I’m speaking concerning the string of ETF bulletins from Wall Avenue 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 seemingly 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 received’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 Avenue needs to promote merchandise that make U.S. {dollars}, and they’re going to proceed to do issues that make {dollars}. OK, in a bear market, perhaps that’s not an Ethereum ETF. Nevertheless it’s exhausting 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.
Perhaps you’ve forgotten how in 2017 XRP pumped to $4 or DASH to $700, how in 2021, JPEGs bought for a whole lot of tens of millions. Newsflash: 80% of ETF purchasers are retail patrons, and that’s based on Blackrock.Perhaps you assume all our proselytizing to the likes of Rick Rubin has seeped by some means into the collective consciousness. Perhaps you’re betting on Kamala Harris getting elected, and that she is going to proceed to let Gary Gensler and the SEC run roughshod over crypto.
Truthful 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. Definitely not a world the place there’s solely a Bitcoin ETF anytime quickly.
Once more, Wall Avenue shouldn’t be embracing the tao of Michael Saylor, they don’t see President Nayib Bukele as a growing world savant. They don’t imagine Bitcoin is a bulwark in opposition to cash printing, and no it doesn’t matter that they’re writing analysis reviews to the impact. They may say no matter they will to promote ETFs, to make USD.As a result of they aren’t convicted patrons. They’re convicted sellers. There’s a distinction.
This text is a Take. Opinions expressed are fully the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
