It has been a long time coming, but the first Bitcoin ETF looks like it's finally going to happen. The SEC will most likely approve the Bitcoin ETF by January 9th, and I believe that upon approval, you will see Bitcoin plus $10k in a day. So, if you're planning on buying any Bitcoin, do not wait. BlackRock isn’t the only company looking to cash in on the first digital commodity; Fidelity Investments and ARK Invest have also filed to start their own Bitcoin ETF.
The Bitcoin haters have been silenced; the talk of Bitcoin going to zero is over. Now the question is how high Bitcoin is going.
In order for BlackRock to potentially get approved, the SEC needed BlackRock to make amendments to the filing, which included only cash redemption. Investors in BlackRock's soon-to-be Bitcoin ETF, which will go under the ticker IBIT, will not be able to redeem any Bitcoin; they can only speculate on the price of Bitcoin with USD. BlackRock does need to buy the underlying asset for investors, but only BlackRock will own the Bitcoin and not the investors. When billions are put into the ETF, BlackRock will need to buy billions in Bitcoin, which will drive the price of Bitcoin. However, this product will stop thousands of people from buying real Bitcoin to just owning a worthless derivative of Bitcoin.
Bitcoin represents digital sovereignty, and owning a paper derivative defeats the whole purpose. But maybe this is the government's angle, which is to prevent people from going to exchanges and owning their own Bitcoin, instead creating a lazy way for investors to buy Bitcoin with their Merrill Edge accounts. All the ownership of Bitcoin will flow to BlackRock, which is the world’s largest asset manager and an extension of the U.S. government. The Bitcoin ETFs could be a Trojan horse in a way to suppress the price of Bitcoin and control large portions of the Bitcoin supply. You just need to look at what the U.S. government has done with gold; they have completely suppressed the price of gold because it shows dollar weakness and inflation. The U.S. government, through banks, has been able to suppress gold by dumping unlimited paper contracts onto the gold and silver markets, effectively making precious metals the most manipulated asset on the planet.
So, I am excited for the short-term price pump that is about to happen in Bitcoin, but I am also very wary of the government's long-term plan with Bitcoin. Don’t buy fool's gold and take the time to buy Bitcoin and take possession of it because we are entering the fourth turning time period, and this is going to be a must-have asset to protect your finances.
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