Why Bitcoin ETFs now after years of declining of the applications?

If you think ETFs are for adoption of crypto currencies, then you are highly mistaken. Crypto currency is a direct competition to central banks and fiat currencies. Their popularity was underestimated but it can no longer be denied. So what do you do, if you are in a business of printing money before a truly wide adoption happens of money alternative?

You collapse, vilify and stain biggest names in crypto like FTX and Binance, to show people how risky it can be to invest in it and you offer them a “safe and secure” alternative tied to the crypto price. That way you take away all the independence and financial freedom that crypto can offer outside of third party risk and you give them ETFs, tied to BTC price, secured only partly by BTC in cold storage with a promise of regulation and safety and big institutional backing.

So what you are really doing is taking all the things that could threaten your business if people adopt crypto like anonymity, ability to transfer money instantly without third party, ability to take your wealth with you across borders, ability to hide every day transactions from eyes of government or taxation and all the other freedoms that come with it. What you give them in return is access to speculating on prices that offered historically great returns, feeling of owning crypto without the headache of exchanges, wallets and fear of hacking. Many will take it and be happy with it, just like owning gold or any other commodity on paper or screen only.

The sad thing is that the control of the markets will eventually end up in companies like Blackrock and ownership of real assets will once again belong to few, while the rest get back in line and into the rat race. ETFs are not about adoption of crypto but about steering people away from the ownership of the actual commodity and into paper based, bank issued, funny money as with every other valuable asset, regular person can access. Most assets today are so expensive, that their purchase will put people into an instant debt servitude like houses or leave you with nothing else other then a paper certificate.