ETFs make it easier for people to put money into bitcoins. Why anybody should actually want to, still not clear.
Including the recent drop, if you bought bitcoin a year ago, you'd be up 71.77%; the 5-year return is 995.26%.
If I’d bought Beanie Babies or Stanley Cups at a very particular point in time, I might be up 1,000% at another very particular point in time.
If I’d bought Bitcoin in 2021, I might still be down almost 50%.
None of this answers the question “Why would I want to buy Bitcoin?”
Of course it is. If you bought Bitcoin five years ago, you'd be up about 1000% and could sell. That's actionable.
Long term Bitcoin investors believe it'll be significantly higher in the years to come.
If you bought $1000 worth of bitcoin in 2013, it would be valued at over $2 million at the end of 2023 [1].
[1]: https://www.goodfinancialcents.com/bitcoin-annual-returns/#b...
2023 gains already being erased fast after such a huge loss in 2022.
Including the recent drop, if you bought bitcoin a year ago, you'd be up 71.77%; the 5-year return is 995.26%.
BTC post 2017 returns are worse than QQQ including dividends.
My company works with franchise restaurants in countries with hyper inflation and they use it to hedge their local currency when buying hard goods.
It's definitely being used by people for various purposes, but Bitcoin forks are much easier to spin up than alternate scarce chemical elements.
Hell, if it did this maybe we would have more uses for it. That would be cool.