Some quick thoughts on the Bitcoin ETF approvals

The ETF approvals will increase demand from retail investors who are interested but did not open an exchange account.

Some asset managers will now want exposure to Bitcoin as an asset class as well.

These two factors will have a positive effect on the price of Bitcoin in the near-term, as well as other major cryptos (speculators are already betting on non-Bitcoin ETF approvals).

The irony is that the ETF approvals further define Bitcoin as an asset class, and not digital money/self-custodied unique information. The approvals do nothing to further the utility of cryptocurrency.

The value of crypto going up because of regulated investment products backed by crypto is fundamentally at odds with its value proposition as digital money, or as a decentralized system of exchanging unique digital information that cannot be copied.

It may take decades, but eventually this contradiction needs to correct itself somehow.