SEC has not approved a bitcoin spot etf, yet, but has approved the bitcoin futures etf recently. You don't think the SEC will approve a bitcoin spot etf? I think that will happen given some time
Heck, the bitcoin futures etf bito when it came out less than a month ago had the best performance of all the etf's that came out beating GLD record
qlai, I appreciate your compliment and I know you went into cash based on another thread. I'm also holding over $500K in cash in bank accounts that have no yield so as you know, your cash and mine are losing 6.2% in value per year if you believe the official inflation, but most likely real inflation is much higher than that
It's what happens when fiat currencies are being debased by the worldwide governments, heck US has printed $10T in the past year, the most in the history in such a short time
Utility of bitcoin is very important. It's an asset that cannot be debased by governments as it's based on math and code and decentralized out of their controls
It's a bearer asset and value is recognized globally. You can go to Singapore or Japan and extract the same value of your bitcoin that you control with your private keys
Let's compare that to Amazon stock if you invested in it, what is its utility? do you really own it? It's not a bearer instrument so the actual owner is not even your broker, but several intermediaries above it, ultimately I understand DTCC owns all the shares and broker dealers and exchanges have IOU's, just a bunch of counters
You certainly cannot bring your Amazon to Singapore or Japan
Bitcoin is a very important asset. The utility is a store of value that cannot be debased by anyone. I'm holding over $1.2M worth of bitcoin at the current price and plan to hold for years. I sleep well at night. It trades 24/7/365 and again it's a bearer instrument so I can bring to Singapore or Japan or Puerto Rico
It's safer than the money in the bank. Yes I said that because right now, if I have $100K in the bank and it's 10PM at night, I cannot get access to it. When the bank opens and I wish to withdraw $50K, I probably have to explain. The money in the bank is not mine any longer the bank has just issued me an IOU but they actually own the money. Hence in the a bank bail-in situation such as Cyprus or Lebanon, the banks can just keep your money or a big portion of it
Here's a video that has some good discussion on the fiat currencies and the bonds problems that bitcoin may offer a solution or at the very least an alternative risk mitigation. You get the bonus of asymmetric risk reward, numbers go up so if you did this with 25% of your net worth in a few years it could surpass your 75%. The key word is could
China has cracked down on bitcoin and cryptos this year, they are out