The approval of the BTC ETF is not a forced maneuver for the SEC out of community pressure and funds lobbying, but simply a smart move to control BTC.
For several reasons:
— The BTC bought by the funds will be stored in just 2–3 custodial vaults in the US and the SEC will be able to get unlimited access to it at any time, including confiscation.
— Over time, most of the BTC will be owned by institutional investors and will be stored on custodial wallets in the US.
— Most BTC trading will eventually be concentrated in ETFs, which opens up the possibility of prohibiting people from using their BTC ETFs (bought or restricting the ability to buy and sell) at any time.
— BTC speculation will take place inside BTC ETFs without actually putting pressure on the price of real BTC.
— Etc…,
Not the best of times for BTC, but with the help of BTC ETFs, new trillions of dollars will come into the cryptocurrency market.
Cryptocurrency market forecast for the next 10–20 years
These changes will very slowly but surely start to hit our world as early as soon.
The adoption of BTC ETFs has hammered the first nail in decentralization.
— Institutions are buying up almost all BTC on exchanges and OTC. Trading on exchanges is dropping significantly and it is impossible to buy a significant part of BTC without BTC ETFs.
— people are massively switching to custodial services and wallets, as BTC and other cryptocurrencies are already massively used in the real world, but participants of this market (stores, banks, RWA, Internet of Things, online payments, etc.) use payments exclusively in custodial wallets created under the control of the FBI and SEC.
— Tax rules are coming to cryptocurrency and now we pay taxes on most transactions. — DeFi is completely under the control of governments.
— DEX is not different from CEX. they just make trading faster and more convenient, they also allow quick integration into your stores etc. as DEX are turning into innovative fintech companies like Stripe is now.
— online commissions will replace bank fees for cryptocurrency transactions.
— brutal issuance rules for new cryptocurrencies. they are now securities.
— decentralization rolls back many years and anonymous cryptocurrency payments start to be used again in most cases in illegal stores like Silk Road.
— Property rights to real world assets (RWA) (real estate, cars, etc.) are purchased as digital assets, but are fully controlled by the government, just like the title deeds we are used to now. The list of negative factors could go on for a long time. These changes will be felt by us.
HODL only.
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