Bitcoin ETF explosion on Wall Street

Hanno Labuschagne

Hanno Labuschagne

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Bitcoin ETF explosion on Wall Street

Wall Street may be divided over crypto’s investment credentials but for Bitcoin brethrenm Thursday delivered validation: The first US exchange-traded funds investing directly in the largest digital currency finally went live.

It was a much-anticipated debut that came a day after the US Securities and Exchange Commission gave them the green light following a more than decade-long campaign by the digital-asset industry.

[Bloomberg]
 
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I’ve seen many unhinged crypto shilling over the years.

The drunk guy with the HODL rant
Pump it Loomdart, Crypt coin video
Respect the “Pahmp” by Ivan on Tech
the Pumps are here by bitlord

these videos became memes that created massive wealth effects, Memes that united active traders and long term holders behind the most important usecase of crypto: “NUMBER GO UP”
this CNBC segment is on another level tho, nothing I’ve seen before!

Seeing CEO of blackrock, biggest asset manager on the face of the planet dragging his butt to the CNBC studio IN PERSON, shilling crypto -not bitcoin- shilling crypto is a wet dream!

You can see the sparkle in his eyes when he talks about real world asset tokenization. He is mentally calculating all the fees and commission they are going to collect; he rubs his hands like Scrooge involuntarily!

After that Gremlin Gensler comes on, he says bitcoin is used for crime!

The CNBC host cuts him off and reminds the viewers of the yesterdays segment:

“yesterday we had CEO of coinbase here and his views was like a SYMPHONY FOR THE BULLS!!!”
 
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Marex is offering 20% yield on the Blackrock’s etf shares.

Now High Net Worth Individuals and corporations can leverage up their bitcoin holdings lazily; for a fee!


wall street loves magic tricks! How can oil prices go negative or nickel prices shoot up 3000% in a week?! Answer is financialization! “You wrap an asset into various financial products and sell it to your clients.”

Have you opened a bank account?!
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Must of us know how a futures contract works (this was invented 100s of years ago, it’s kinda the backbone of our civilization)

on a high level:

you take an asset let’s say maize. It’s R10 today,

you tell the farmer I buy from you after 6 months R8, but I pay TODAY, this is a futures contract.

it makes sense, farmer needs money now, buyer secures maize for winter
but what if all your cattle get sick and die before winter. You already paid for maize!
I bet you could tell the farmer I pay R10 TODAY, but after 6 months I get the corn *OR* i get R8 back! This is an option contract! (technically you pay R2 upfront)
farmer pockets free R2 as the cancellation fee, and finds a new buyer at another price! almost everyone wins!

So now you need Broker/Accountant/Lawyer/Notary and so on and so on... thank heavens we have wall street for that! They do all the paperwork for you for a FEE!!!!

here comes the magic
You have a biz model that is:

insert yourself in somebody’s transaction and charge a fee for facilitating minor conveniences.

If it was me i would expand my *maize middleman* biz model to potatoes, oil, aluminium, fertilizer, cosmetics, silicone Wafers... heck, I’d find a way to financialize peoples homes.
wait a minute... wall street did this!
watch the movie big short, Margot robbie in a bath tub explains all this better!
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They took mortgages and wrapped them in so many financial instruments _for a fee_ that the whole system collapsed in 2008, 6 weeks later satoshi published bitcoin whitepaper.
 
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