The Bitcoin Spot ETF Approval
What it means.
Tomorrow you can all buy shares of a Spot ETF for Bitcoin. We are investors in 21Shares who is partnered with Cathie Wood’s Ark with the $ARKB Spot ETF.
I’m sure you have heard from your crazy Bitcoin friend that the Bitcoin Spot ETF was approved today, or depending on when you read this the approvals were on January 10, 2024.
What does this mean? is the question. You are thinking —”The price hasn’t changed much yet, so why is everyone so amped?”
My perspective may be different than most, because the obvious exciting thing is that huge institutions are now incentivized to sell Bitcoin to clients, which grows interest in the asset class, and will unlock a huge amount of value to Bitcoin over time… not immediately. This will educate the entire financial market on Bitcoin and remove the negative/taboo nature of Bitcoin from conversations with financial humans.
The less obvious celebration is more nuanced.
Bitcoin was created in the dark by pirates trying to demonstrate a better financial infrastructure. Early adopters and disciples were shunned by the mainstream financial system for more than a decade. The first filing of a Spot ETF was 10 years ago — is one of many rejections the industry has had over the years.
The world wants a better system. The way the world wanted to communicate through the internet, they want to exchange value through Bitcoin. The underworld rose over time. Despite a few bad actors, despite market waves and the huge education it takes to question the entire monetary system - Bitcoin Spot ETFs were approved today.
That is why your Bitcoin friend is excited. It is exciting to see the fruits of years of work come to a credible success.
The techno optimists succeeded in working with the financial powers, and that will bring about a better world.
Here’s to some crazy ones. To the Hal Finney’s of the world. To the Andreas Antonopoulos’ of the world. To the Brian Armstrongs, the Tim Draper’s, the Winklevoss Twins. To the champions of weird things!
And to the numerous anonymous heroes of Bitcoin I got to meet over the years, some of who I was lucky enough to invest in.
Brick by brick. One step closer to one financial infrastructure for the planet.