To gain exposure to Bitcoin by buying and holding real Bitcoin requires a comprehensive review of multiple exchange providers (e.g. Galaxy Digital), custodians (e.g. Coinbase), and forensic services (e.g. Chainalysis), in addition to developing new accounting, risk management processes, etc.
In contrast, gaining exposure to Bitcoin by buying an ETF from Blackrock is easy. As Lyn Alden said in the TFTC podcast, “From a developer’s perspective, an ETF is basically an API to the fiat system. It just makes Bitcoin more accessible to the fiat system than before.”
