Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.
On 10 January, the US Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETFs) for Bitcoin. For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. We disagree with both claims and reiterate that the fair value of Bitcoin is still zero. For society, a renewed boom-bust cycle of Bitcoin is a dire perspective. And the collateral damage will be massive, including the environmental damage and the ultimate redistribution of wealth at the expense of the less sophisticated.
This is pure cope from a corrupt organization forced to slowly and painfully observe their power to generationally pillage the European population slip away.
The more FUD (Fear, Uncertainty, and Doubt) that these failing organizations pump into the financial atmosphere, the more secure you can feel in your Bitcoin position (as long as you are holding in cold storage).
Remember, if you hold Bitcoin on an exchange or third party platform, you DO NOT OWN IT.
If you own the Bitcoin ETF, you DO NOT OWN IT.
ONLY in cold storage can you own your Bitcoin.
