So Bitcoin ETFs are coming out as of right now. I have the data from https://www.investors.com/news/sec-officially-approves-bitcoin-etf-proposals-for-real-this-time/ and https://www.cnbc.com/2024/01/10/the-spot-bitcoin-etf-heres-what-happens-when-it-starts-trading.html in Screenshot 01 and Screenshot 02. There was some talk about, if people start to even make 1% of investment or 1% into retirement fund (or some mutual funds start to buy 1% of its asset), where will these "new" Bitcoins come from? There are holders that said they will not sell, so where can these $billion and $billion of Bitcoins come from? It may come from sucking in whatever the asking price is in the open market. Anyways, I am planning to buy Bitcoin ETF in the following: Fidelity (FBTC) ARK (ARKF) Franklin (EZBC) iShares (IBIT - same as Blackrock) Invesco (BTCO) Bitwise (BITB) Valkyrie (BRRR) VaNeck (HODL) WisdomTree (BTCW) or if I can, even just buy $33 or $66 of a Bitcoin ETF every day, during the year (dollar cost averaging). Let's say if I buy $33 per day, over the year, it is only 33 x 250 = 8250. It is like 5 to 7 days of my wages... it is something I can lose. Something I won't even blink an eye on. So at least I am participating in part of the history, and I do have strong belief in Bitcoin: it is like money that is supported by PEOPLE collectively. It is a democracy of money. TC 320k
Why do you buy in different places? Why not stick with bitwise, for example?
I want to record what my values are, in each of FBTC, EZBC, etc, and then 1 year later, look at how they did (percentage wise), and look at it 3 years, 5 years, 10 years from today. But if I trust one or two, I may invest the majority in one or two with the lowest fees. I think Fidelity should be one that is quite solid, with its long history in the industry. They are much more likely to want to keep their reputation. 10 years may not be so long. In 2013, I worked at Apple and was enjoying the drive going 280 South and seeing the pasture and cows next to the freeway. And it is now 10 years later.
Balaji said the ya re worth $1M, so yes
Balaji Srinivasan? I really wonder if Satoshi had that in mind, that each Satoshi, he visualized it as 1 cent. So 1 Bitcoin is $1M. Let me think... theoretically, when in the future, a lunch can cost $45 (it costed $3.50 before and today it is $15), well, the number of Bitcoin is still the same, so $1M valuation means $3M, but it can buy the same number of lunches only, while $1M will only buy 1/3.
curious but why not just buy btc from coinbase?
that actually maybe good. Could be $8000 Bitcoin ETF and $30,000 of BTC itself in Coinbase or Crypto dot com, which gives you about 0.2% reward per year, instead of fees. But I do know some people buy it, transfer into their cold wallet, and won't touch it for 10 years.
Fees on coin base are much much higher than ETF
You are cordially invited to onboard the biggest pump and dump train of our times.
the tulip mania lasted for 4 years... I don't think a pump and dump will last 14 years and more
This pump and dump train goes further than the tulip pump and dump train..
Why would people buy an ETF and not the asset itself?
I guess it is easy to buy, easy to maintain. Not like, "do I have that software or hardware wallet" and keeping it in safety box or bank safety box.
Easier to buy some in retirement account
I know it will be hard to admit but you are missing the point of crypto. Main use case is “digital gold” store of the value and distributed currency with no authority to block you. Well still there are ways how it can be “blocked” eg make it illegal.
you are saying you won't touch Bitcoin ETF at all
It depends on the use case. For example for 401 > Many big platforms doesn’t support crypto “as is” eg Apex does ( they have custody) but Goldman doesnt. ETF can be an option. For use case of “digital gold” distributed store of value without authority - only private key personal wallet.
Why not buy direct BTC and store in your wallet ?
yeah, I think I will do the majority in a wallet. Crypto dot com gives me 0.2% and tier 1 and 2 gives me 4% and 2% (but limited to $30,000)... but I am wondering if it is worth the risk than if I just store it in a cold wallet
How easy it is ? Can you explain to your friend ? You need to store private key safe, you cannot have a record of it and at the same time if you lose it you lose your access forever… you will not be able to call bank and ask to restore your password. Now how comfortable are you to transfer $100.000k in crypto? And keep it there… do you remember your key in 1 year ? How is it for an average person ?
Only fools will understand how exchange of value works
Ahaha, yes, its a tool and abstraction 😅😂
like, it used to be 2 bowls of noodle (one beef, one chicken), costing $7 can sustain me as 1 day of food. (some snacks and fruit in the morning). Now it is, $30. Right, it was $3.50 per bowl and now it is $15. Not to mention, my house was $640k, and now it is $1.8M, so when I sell it to relocate, I have to pay tax for the "gain", when there really is nothing gained. It is just a shrinkage of money value.
Bro just buy regular bitcoin. These btc etfs are for dumb boomers & pension funds only
Isn’t sell commission too high for regular bitcoin
Can you buy regular bitcoin in your Roth? Tax free gains baby!
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Calculated my NW and now i can't sleep
Sounds like you’re trying to convince yourself
I convinced myself like 2, 3 years ago, and then I wrote this today
When BTC was trading above $60k?