To answer this question, one must first understand what Bitcoin really is and what Bitcoin is used for. According to its inventor Satoshi Nakamoto, Bitcoin was supposed to be a pure peer-to-peer version of electronic cash, enabling online payments directly from one party to another without going through a financial institution.
If you look at Bitcoin today, there is not much left of the peer-to-peer payments. Slow and expensive transactions make Bitcoin unsuitable for everyday use for smaller amounts. The Lightning Network, praised by Bitcoin enthusiasts, was supposed to remedy this, but is in fact a complete fiasco if you consider Bitcoin as a payment system independent of the banking system. (See here)
Bitcoin is therefore no longer seen as an online means of payment, but as an investment that is euphemistically referred to as "digital gold". A new type of asset class with which fiat money can be withdrawn from the fraudulent banking system and large profits can also be expected. The disinflationary structure with a strict limit of a maximum of 21 million Bitcoins seems to justify this hope.
This alternative asset class, which escapes the banking system and thus the control and access of third parties in a hitherto completely legal manner, is a thorn in the side of the ruling system. The decentralized structure of cryptocurrencies makes it impossible for governments to exert a direct influence on them. The ban on self-hosted wallets and the obligation to report transactions that exceed a certain limit are therefore being discussed.
It is precisely against this backdrop that the launch of Bitcoin ETFs by the major capital managers such as BlackRock, Fidelity and others must now be viewed. "If you can't beat them, join them" is their slogan. Bitcoin is still something unknown to many market participants. They have heard about exorbitant profits, but are reluctant to buy bitcoins via a crypto exchange and then store them themselves in a cold wallet. It is more convenient to buy the corresponding ETFs via the stock exchanges used to date and not have to worry about custody.
From the point of view of an investor who is only looking for profits in fiat money and has only ever traded securities, this makes perfect sense. However, the original purpose of Bitcoin was quite different. It was supposed to be a liberation from the fraudulent fiat money system and dependence on third parties. With Bitcoin ETFs, this purpose is now being completely perverted. Not only does a Bitcoin ETF owner become dependent on a third party (“not your keys, not your coins”), but this third party can also sell more Bitcoins through fractional reserve with ETFs than they actually own.
Bitcoin ETFs will certainly be welcomed by the ruling elite. After all, they are tackling several things they hate. They want self-custodial wallets to disappear completely, and they want to be able to monitor every wallet. The introduction of Bitcoin ETFs will lead to greater overall acceptance of Bitcoin and thus to a concentration of Bitcoins in ETFs, respectively in the hands of the capital managers.
This is exactly what the ruling system wants, because as long as there are a large number of Bitcoins in the capital management companies controlled by them and there is an ever-increasing concentration of Bitcoins there, there can no longer be any danger to the system, because BlackRock and co ARE the system.
Bitcoin ETFs are undermining the original idea of Bitcoin and turning it into a playground for the institutions it was originally intended to replace. Blockstream began crippling Bitcoin back in 2014. BlackRock and Co. are now turning it into a streamlined vehicle 10 years later. Bitcoin ETFs fit perfectly into the existing fraudulent monetary system and can therefore be largely controlled by the system.
From the perspective of the original idea of creating a monetary system independent of third parties, Bitcoin ETFs must be seen as a curse. From the point of view of investors who are mentally trapped in the fiat money system and only speculate on profits in fiat money, on the other hand, it is a blessing, as the Bitcoin price in fiat money will rise in the long term.
However, Bitcoin ETFs make very clear the direction in which Bitcoin is heading: a simple playground for Wall Street. Everyone has to decide for themselves to what extent this makes sense against the background of the introduction of programmable CBDCs. All the money in the world is worthless if you can no longer dispose of it freely.
Bitcoin will become a system-controlled catch-all for the capital of those who believe they can escape inflation and programmable CBDCs. As a "controlled opposition" so to speak, this escape route away from the fraudulent monetary system will now be successfully redirected by the system back into the banking system, unnoticed by many who blindly follow the fiat money profits that will most likely appear on paper.
The awakening will come when Bitcoins can only be exchanged for programmable CBDCs. Since Bitcoin is not useful as a daily means of payment, it does not help to have Bitcoins in one's own custody. As a store of value that can only store values in CBDCs, it will be of no interest in the future. - Mission accomplished.
For those interested in a cryptocurrency that carries the DNA of Bitcoin in its purest form, EPIC Cash is the place to be. This cryptocurrency is based on the revolutionary Mimblewimble protocol and is a grassroots project run by a growing community of volunteers, without a foundation, corporation or any other minority influence, but by a passionate global community of volunteers. It is neither a new nor an immature technology, but a combination of the best of currently available and well-understood technologies.
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Blackrock just annouced it's ethereum L2 stablecoin "that will give back to users part of the income purchasing treasury bonds". It'll explode volatility on btc, as they play on making bull market phases more bullish and bear market phases more bearish.
Hope for an epic cash supported on trezor (or other open wallets) soon. And to have a more reable dev roadmap and other tools for people to see the potential.
And I still think the distribution/minage of epic cash that aims to catches up with bitcoin is a mistake. It's too fast at the begining and not enoug rewarding to mine in the end.
I guess I'll start to do some content in french in the coming months, still have tons of things to do.