Bitcoin ETFs Are Here for Real
A store of value, grudging SEC statements, interest-paying Bitcoin ETFs, in-kind creation, plus the BTFP rates arbitrage and Griftco.
Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday.
Taking a step back here, there is something really cool about what Bitcoin has accomplished, in some ways much cooler than Satoshi Nakamoto’s original vision for it. The original vision of Bitcoin was that it would be “electronic cash,” a way for people to send payments to each other without involving a bank or other intermediary. Fifteen years later, I mean, there has been some progress along those lines; some people sometimes do pay for some goods and services using Bitcoin. But it has not exactly taken over the world of payments. El Salvador made Bitcoin legal tender and required all businesses to accept it, and even there it is not that widely used. In big developed economies, despite years of crypto proselytizing, people still much prefer fiat currency and traditional banks.