Maybe the ETF will serve as an educator for some, but if it only drives 5% down the rabbit hole, at the expense of 95% being stuck with paper bitcoin, I don't know if that's a net positive.

I get the benefit on paper of getting spot ETFs - it's the legitimizer needed to get institutions on board - but if we do go full hyperbitcoinization, the mass exodus out of tradfi could be very painful

birdeye21

bitcoin

BlackRock Close to Filing For Bitcoin ETF Application: Source

lpop4254

You're right, it's meant as an investment vehicle. As long as it's fully backed, I don't see a problem. The price will likely go up significantly, bringing a lot of publicity. If even 5% of people who buy the ETF to get rich end up going down the rabbit hole, the world will be a better place. 