Rise, fall of the crypto market, and Bitcoin ETF

The Bitcoin ETF is generating a lot of buzz

But why is this product considered foolish?

Bitcoin was invented in 2008 to address banking problems.

Commercial banks were failing

Central banks were printing money at the expense of savers.

The idea of Bitcoin is to avoid the banking intermediary and the monetary printing of central banks.

So the Bitcoin ETF = multiplying intermediaries:

• the asset manager (Blackrock, Grayscale)

• the broker (your bank, for example)

• the custodian who holds the bitcoins

• and many other intermediaries responsible for settlement and other fun stuff

This means that the Bitcoin ETF is completely contradictory to Bitcoin.

This product is futile unless it's just another way to fleece retail investors?

So yes, there's a lot of talk about the Bitcoin ETF, it contributed to the rise of the crypto market in 2023, and the market is very sensitive to news about SEC approval.

Yesterday, a rumor of rejection or delay in the approval of the Bitcoin ETF caused a 10% drop in the Sophie Crypto Index.

But in the long term, we are not convinced that this product will have a positive impact on the crypto ecosystem, and we are not afraid of its rejection by the SEC.

If it brings liquidity to the market, we will not refuse it.