ETF Wif Hat

The author argues that the approval of spot Bitcoin ETFs is an attempt by the financial establishment to keep capital inside the traditional system as government bond markets weaken. The essay says central banks' money printing since 2008 has failed to fix underlying debt problems, and that Bitcoin's behavior changed after the 2023 banking stress, when it began rising as bond yields rose. It cites BlackRock's June 2023 application, approved within about six months, compared with the Winklevoss twins' 2013 application, which the SEC denied for over a decade. The essay also says a spot Bitcoin ETF is a trading product rather than Bitcoin itself.