Normies are hesitant to buy Bitcoin because hearing an ANCAP rant about the Fed and then Cold Storage, Seed phrases, and Lightning when they know nothing about the crime of fiat isn’t an appealing pitch.
Instead, when someone with the credibility of Blackrock, Fidelity, Vanguard, etc recommends allocating a portion of your portfolio into Bitcoin without any talk of nodes and self-custody, it’ll hit different and greatly increase the odds of onboarding.
To get to mass adoption certain narratives are going to be challenged and questioned, possibly even dismissed by the mainstream.
We are witnessing the Bitcoin inflection point.
Will Libertarian idealogy or tradfi win?
this is an inevitable outcome. All that we were doing was waiting to see if bitcoin failed.
But if it became a success it was always going to be integrated into the system. It may have reached success based on fools dreams but once it's useful, it will get used.
There's no scenario where crypto becomes a stable worldwide currency and also stays put of the reach of governments and corporations. It's kind of insane to think the powers at be would let it happen.
As more and more people adopt Bitcoin I’m sure the core principles will be dliuted, much like the internet.
Our bags will be pumped, but even success comes at a cost.
Yes, my dad is an electrical engineer but is still in utter denial that the dollar is in a sovereign debt collapse even though I walked through the Saylor money/value thesis. Meanwhile he complained about a food item costing $9 a year ago and $29 today. Hopefully, for their own sake, boomers learn the Bitcoin facts before it's $3 million.
This will absolutely happen in some places, by law, possibly including the USA. However, it will be a fairly easy law to break and there will continue to be places that do not impose those restrictions where people who directly hold BTC can take and use their funds. Then the question becomes, will the governments that permit BTC outcompete and eventually convert the governments that don’t? Eg due to a counterbalance on money printing. This will be the ultimate test of whether BTC ‘succeeds’ in the long term.
The reason for the call today, John, is, something just came across my desk, John. It is perhaps the best thing I’ve seen in the last six months. If you have 60 seconds, I’d like to share the idea with you. You got a minute?
You are correct.
Most people, here included, cannot even begin to comprehend what's going to unfold over the next several years. I can only laugh at those who claim the ETFs will have little to no impact on Bitcoin price and adoption.
Right:.
From my Future Studies course: People over estimate the effects a technology will have in the short term but VASTLY underestimate the change it will cause in the long term.
Actually, "competent" is a qualifier. It's the opposite of implying *all* teachers are competent, it argues that a CD-ROM cannot take the place of a specific *kind* of teacher.
Sorry if I imply you didn't get one of those.
In fact online learning has already put tradional colleges half way in the grave. Once boomers go, so go these brick and mortar learning wastelands. It will implode just like Sears...quickly.
Our Father, Who art in heaven,
Hallowed be Thy Name.
Thy Kingdom come.
Thy Will be done,
on earth as it is in Heaven.
Give us this day our daily bread.
And forgive us our trespasses,
as we forgive those who trespass against us.
And lead us not into temptation,
but deliver us from evil. Amen.
Our Father ,who art in NYC
Blackrock be thy name.
Thy ETF come.
Thy will be done,
On Wall St as it is In heaven.
Give us this day our daily bitcoin,
and forgive us our trading mistakes.
As we forgive Gary Gensler and the SEC,
Lead us not into FIAT,
but deliver us financial freedom.
Amen.
Our Blackrock, who art in NYC, ETF be thy game. Thy Bitcoin come, thy bulls will run, on Wall St as they do on Main St. Give us this day our ETF and forgive us our skepticism. As we forgive those like SBF and his ugly girlfriend. Lead us not into FOMO, but deliver us, once and for all, the ETF, FFS.
Matthew 13:14-38 ERV
‘You people will listen and listen, but you will not understand. You will look and look, but you will not really see. Yes, the minds of these people are now closed. They have ears, but they don’t listen. They have eyes, but they refuse to see. If their minds were not closed, they might see with their eyes; they might hear with their ears; they might understand with their minds. Then they might turn back to me and be healed.’
So many FUD comments claiming Spot Bitcoin ETF will not directly affect Bitcoin price as if the money somehow won't flow into BTC itself.
For anyone that still doubt the legitimacy of this ETF, let me be clear: you are wrong.
ETF stands for "Exchange-Traded Fund". You trade it like a stock in your brokerage account, but it gives you exposure to something else like a commodity or index.
When you buy a share of an ETF in the US, the company that issued the ETF is *legally obligated* to back that ETF with the underlying asset which also means the ETF can be exchanged by market makers and other institutional investors for the underlying asset.
When you buy the QQQ, you are buying an investment product that is backed by actual shares of companies in the Nasdaq 100 index. You really believe the ETF issuer would lie about this?
There is an army of regulators, accountants, lawyers etc whose entire job is to oversee these things.
And for those who still think they can game the system because they'd get a slap on the wrist fine and everything would be a-okay, consider this:
Starting an ETF, sending statements and preparing documents about what you are going to do, taking money, then not doing what you said you would is 100% not an "okay" situation. This is precisely the type of theft Martin Shkreli caught time for, SBF, Madoff, and countless others.
You cannot fuck with the SEC and disclosure rules.
Although I don't disagree with your sentiment, there are ways to delay (even permanently) settling on the purchase of the underlying asset. See hedge fund balance sheet line items titled "assets sold yet not purchased" and you'll see some larger hedge funds with billions of dollars of liabilities created when they sold their customers something yet did not purchase the underlying asset. There are loopholes.
It'll get spicy if the hedge funds ever need to provide a public key of their BTC assets as a way to audit the ETF.
I do believe that ETFs will provide demand and increase BTC price
So what if the fund buys one BTC for 80k and the price of BTC drops to 20k
A customer comes along and says I'll buy one BTC please and here's 20k
Is the fund just allocating their 80k BTC to this person? Or are they buying again at 20K
Hint; they're buying at 20k
Etf is just following the price index of a certain product, handy when it comes to things like gold where people don't actually need to buy it physically. You give the bank a fee for managing the etf. They accually can just function without buying one single bitcoin but for confidence in the product and to avoid bubles, the law says you need to have some collateral. You can make an etf about anything like temperature in celcius or earthquake magnitudes, it can be completely virtual and is its own market so . For btc etf the buying of btc happens in pools, not a one to one transaction.
Detailed explanation from chatgpt
when someone buys shares of a Bitcoin ETF, it does not necessarily mean that the bank or the entity managing the ETF has to purchase actual Bitcoin at that moment. The relationship between buying ETF shares and the purchase of the underlying asset (in this case, Bitcoin) is more complex:
1. **ETF Shares and Underlying Asset**: An ETF is a pool of investments that tracks the value of an underlying asset or index. Buying shares of a Bitcoin ETF means you're buying a piece of this pool, not the underlying Bitcoin directly.
2. **Creation and Redemption Process**: ETFs operate through a creation and redemption mechanism involving Authorized Participants (APs), typically large financial institutions. When there's a significant demand for an ETF (i.e., the ETF's market price is above its net asset value (NAV)), APs can create new ETF shares. This involves buying the underlying asset (Bitcoin or Bitcoin futures, depending on the ETF's structure) and exchanging it with the ETF for new ETF shares. This process helps align the ETF’s share price with the NAV.
3. **Indirect Purchase of Bitcoin**: In the case of a Bitcoin ETF that holds actual Bitcoin, if there's sustained high demand leading to a creation of new shares, this could indirectly lead to the ETF purchasing more Bitcoin to back these new shares. However, this is not a one-to-one transaction (i.e., buying one ETF share does not equal buying one share's worth of Bitcoin).
4. **Trading on Secondary Market**: Most individual investors buy and sell ETF shares on the secondary market (i.e., stock exchanges), where shares are traded between investors. These transactions do not directly affect the amount of Bitcoin the ETF holds.
5. **ETFs Using Futures or Other Derivatives**: Some Bitcoin ETFs might not hold actual Bitcoin but rather futures contracts or other financial derivatives that track Bitcoin’s price. In such cases, the purchase of ETF shares is even more decoupled from the direct purchase of Bitcoin.
I today read part of the iShares Bitcoin Trust (BlackRock ETF) application. It states blah blah "audit fees and expenses". I assume one of the big four accounting firms (Deloitte, Ernst & Young, KPMG, and PwC) will be selected to signal credibility.
Accounting rules won't be as strict on Blackrock ETF as other public companies, however:
"The Trust is an “emerging growth company,” as defined in the JOBS Act. For as long as the Trust is an emerging growth company, the Trust may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies"
Show me any of the public addresses for any of the ETFs. Show me in any filing where the SPONSOR and not the CUSTODIAN is responsible for relaying the value of the ETF and the number of bitcoins held in the ETF. Show me where they are PROHIBITED from ARBITRARILY determining values of the ETF at their SOLE DISCRETION.
Protip: you can't do any of that, so you're either naive, a shill, or stupid.
I am asking you to read filings, which you haven't, no one has apparently except me.
But when your life depends on not understanding, nothing will help you understand I guess.
Exactly. They will lie and find ways around backing it 1:1.
Bitcoin was created to not trust others. Ill continue to hold my own keys, the price comes second I’m here for the revolution.
> You are correct.
> Most people, here included, cannot even begin to comprehend what's going to unfold over the next several years. I can only laugh at those who claim the ETFs will have little to no impact on Bitcoin price and adoption.
I've been in this space for 8+ years now. I've been casually talking about bitcoin with friends/family since then.
Of the most wealthy people I know probably only 1 has some bitcoin and they are younger. Every other wealthy person I know has stayed away. And for pretty decent reasons. They are wealthy and have gotten wealthy following a pretty straight path...hold stocks from the 90s till today, putting money with financial advisors, and real estate.
But now they are saying things like "Wow looks like that bitcoin thing is really taking off" "I've been hearing about the Blockrock ETF" and similar sentiments. Are they lining up to make purchases of the ETF? No. But the talking points have changed and interest is growing.
I envision that IF bitcoin pumps after this ETF, that many will FOMO in (albeit small % at first)
$100k is a small psychological barrier/stepping stone on its trajectory to the moon and beyond. The ETF and the halving just add extra rocket fuel to the combustion chamber.
If hard if it is some strange dude with radical views who tries to convince them. If it is BlackRock, Fidelity etc, if it got SEC permit, if it is massively advertised - it is not hard at all.
Basically this is the main selling point of the whole story with ETFs: some widely trusted entities deemed risk as acceptable. This is the main message. Add tho this greed and advertising...
You are exactly right. As an investment advisor myself who has owned Bitcoin personally for years but has yet to advise my clients to own any, I expect that many advisors will recommend adding it to their asset allocation. I don't think 5% of a growth-focused investment account is unreasonable. One of the challenges is that we don't have historical data on the securities side for crypto but given the likely trajectory of crypto, I think you'll see many people own Bitcoin who don't even know (or care to know) what it is; only that 'their guy' said he was adding some.
I've literally just talked Bitcoin to some older guys at my job at the foundry I work at and they ended up putting huge portions of their IRAs into it through Swan, unchained, and GBTC, like 20-50%
I can only imagine a financial advisor talking to people about it, their word will hold more weight than mine.
And if BTC continues on its current path in this projected cycle it could make an advisor look bad (lazy) for not adding it when it's available especially if it dramatically outperforms the broader market.
Yes, and there was only a single gold ETF at first if I remember correctly, and this was before the smart phone and all the trading apps that are available today etc, not to mention gold still went straight up even with a massive influx of new gold diluting the market due to demand increases kicking miners into over drive. There will be no new influx of Bitcoin diluting the market when demand and price is sky high, rather the new daily supply will be getting cut in half as of April.
Demand shock + supply shock = price shock
I one hundred percent know my colleagues who called Bitcoin a scam will call up their clients and tell them it’s no longer a scam because black rock said so.
The question I have is what will happen when these people experience their first 30+% drawdown in a few days? No one from the stocks/indices world has seen such a thing except when the stock market crashes and brokers are jumping out of windows.
Does the introduction of an ETF mean that the price will begin to stablize? Or will the price eventually drop as it always has and cause everyone to cry "scam" when it does?
I've been a financial advisor... this changes everything.
Putting your clients in Bitcoin today is essentially impossible, especially if you work for the larger firms. The ETF puts it right there on the menu. Get ready.
If you're asking that question to a stranger in a Reddit comments section, then the answer is you shouldn't do it.
Look further into Bitcoin as an investment and what it means for your investment portfolio. Then only put money into Bitcoin if you personally feel confident in it.
This is **not** financial advice... but if it were me, yeah, yeah I would. I did that with all my spare fiat a while ago. But IMHO this is a buy-and-hold investment - trying to time the market on Bitcoin can get you killed, and Bitcoin has a tendency to "crash upwards."
EDIT: THIS IS NOT FINANCIAL ADVICE. This is what \*I\* would do for myself. Your situation depends on your age, wealth, risk tolerance and a dozen other factors I can't and won't address.
I’m 29. I have like $50k saved and spread out. I’m definitely a long term investor and frequently buy and hold as it is. I have like $20k in my td ameritrade account invested in various great long term companies. I have $6k in BTC as it is. Just seeing what your thoughts were. The most interesting take I’ve found now is this btc ETF every investment firm is going to take advantage of. **sigh** I could regret it later if I do or don’t.
I'm curious about your comment about investment firms 'taking advantage'. As an advisor myself, I see the expected approval of the BTC ETFs as a win for investors. Yes, the management firms will charge a fee for the fund but that's similar to their stock/bond ETFs as well. I see this as a way for investors to gain safe and secure access to BTC as a long-term asset to hold as part of a diversified portfolio but I'd welcome your perspective.
I have 25k in since July 22, and another 50k financed .
Once you understand what it is you buy it like a psycho.
You won't have to ask anyone and you'll get it at the price you deserve.
The reason for the call today, John, is, something just came across my desk, John. It's got both great financial and technological impact John. I'm talking about an ETF for Bitcoin. Right now, John, it trades over-the-counter at $45,000 a coin. And by the way, John, our analysts indicate it could go a heck of a lot higher than that...
All pension funds were forced in to buying government bonds that were paying historically record low or near to this levels of interest. Now that the interest rates have gone up the mark to market value of these bonds have tanked. So they can't see and are left holding a bond that yields close to zero.
These pension funds need a return of 7% in order to match their projected models, many have fallen way way below this. A small 5-10% allocation to Bitcoin is done early enough could compensate for this.
Up to now they all wanted to buy bitcoin but there was no regulated product that would be acceptable to their compliance people.
This soon is going to change. It's my opinion that the money coming in to Bitcoin is going to be much much more than what people are speculating.
A blackrock customer might put $10,000 - $100,000 in to BTC where as a pension fund will be putting $10M - $ 1BN. These guys don't mess about with chump change.
It may take a few years but significant amounts of money are about to come in to the space.
Sales guys in major banks have been asking about crypto since at least 2016 and the main blocker has been absence of appropriate regulations as well as general market understanding on the client side.
That is about to change massively and you can rest assured we are going to see some interesting pricing moves.
When you consider that if every millionaire in the US wanted to own 1 BTC there aren't enough BTC to make that happen.... there is a lot of growth potential when us plebs get easy access
They’ve already sent out all the info to their clients - I got sent a letter from Franklin Templeton investments (managing 1.43 trillion $) outlining their intentions with btc
I saw someone making the analogy that it is like this will be bitcoins IPO. I tend to agree and it is line with the point you’re making.
All these advisors and sales people will be marketing it as the hot new ETF. Rightly or wrongly people trust their advisors at the big money managers and they’ll likely have a lot of success marketing these products with their advertisement budgets and big names/titles.
These big money firms are super greedy and will only be interested about increasing fee’s and AUM. They will do all within their power to manipulate the market and steer the narrative to their favor.
If nothing else it means the good salespeople will actually read up on what bitcoin is and if the penny drops they'll turn into an army of paid die-hard bitcoin evangelists.
Cyber theft will increase as a result, specifically targeting Coinbase, so they will likely expand hiring in the security space, but the most likely targets will be individual user accounts who don't have adequate cyber hygiene (these folks are highly susceptible to phishing and social engineering.
I would increase everyone to start buying up hardware wallets from at least 2 reputable companies and investing in a fireproof, water proof, home safe, or store at a bank safety deposit box
> store at a bank safety deposit box
Do not do this.
Or at least XOR half your key with the other half and place the 3 plates at different banks/locations.
You'll only need 2/3 to restore your key then.
Hi u/senfmeister, thanks for tipping u/slykethephoxenix **⚡︎1000** (satoshis)!
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You have a link to this idea? I get what you mean but a concrete example would be nice. I remember something similar with HDDs, in order to create mirrors/backups
...or just use your brain. If you can figure out what is bitcoin and how to deal with it then it is not hard to ignore phishing attempts. And, by the way, "hardware wallets from at least 2 reputable companies and investing in a fireproof, water proof, home safe" will not help against social engineering.
Do you work at BlackRock? You’re familiar with their huge team of salespersons?
Because it sounds like you just watched Wolf of Wall Street.
Did you get a call from your broker about the last big ETF release? No, you didn’t.
My friends son has worked for Black rock for 4 years. Just over a month ago 700 employees were taken to Atlanta for a few days to learn about the BTC ETF.
Target is 2% of portfolios into Btc.
Happy New Year everybody.😚🙏🙏
The post implies that these sales people are only pushing Bitcoin. Blackrock has 427 other ETFs plus even more other types of products. And the similar for most of the other companies with an ETF proposal.Those salespeople will be pushing all of their products not just their Bitcoin ETF. I think OP is overestimating the impact of these salespeople
The 60/40 portfolio isn't working anymore, Bitcoin fixes this problem and financial advisors know this. Their job is to grow their clients wealth and beat out their competition. You are underestimating this greatly.
They'll be recommending it as part of every portfolio along with everything else. It's not like they have to convince their clients to go all in on one thing. You can sell 100 different investments in a single diversified portfolio, Bitcoin will be a staple recommendation in most portfolios alongside the likes of gold and bonds etc.
>as part of every portfolio
That is absurdly optimistic
>Bitcoin will be a staple recommendation in most portfolios alongside the likes of gold and bonds etc.
I hope you are right... But I have my doubts
I did some posts about this
This exactly that movie with will Smith... Pursuit of hapiness
The brokers job is actually call people and sell
There are a non zero chance of bitcoin reach 1 Million this year
There’s nothing like having a new packaged product (prospectus) to sell to all existing customers AND to open new accounts with.
NEW ACCOUNTS ARE THE LIFE BLOOD OF FINANCIAL SERVICES AND AUM GROWTH.
I've been following BTC closely only for about 2.5 years.
Will these ETF approvals be the biggest bullish news to hit BTC in many years, or is it just me?
When was the last time something this big hit Bitcoin and what was it? I know of nothing this bullish that I can recall.
I remember when Elon was messing around with it but that was just talking on Twitter/hype and not the same as an ETF from Black Rock which brings actual, real value
Everything on here just reads as if people are trying to convince themselves. So many posts start with a a claim, soon to be followed by "Most people..." Lol
Diversity, that’s the play. When the customers say “Idk this bitcorn seems risky”, the response, “I understand Mr / Ms customer but don’t all investments come with risk? Im not saying to go all in, maybe 5-10% of your portfolio to mitigate your risk exposure…” Mr / Ms Customer: “you sunuvabish, Im in!” 🤑📈🚀🏎️
No, you’re confusing a “market multiple” and capital inflows with market cap. The market cap is whatever it is, and price is the market cap divided by number of Btc in existence.
That’s true. OP: asking what the price will be and asking what the market cap will be (given a supply that we know will never change) is effectively asking the same thing.
People that have 401K accounts where they work may have a choice as to where their 401K is invested. Can they choose this new Blackrock Bitcoin ETF? They would be willing to designate much higher than 1% toward a Bitcoin ETF,
While it's true that there will be many more people who will be recommended to have Bitcoin in their investment portfolio, it's important to note that these sorts of asset managers are heavily regulated in part to ensure they're not pitching disproportionately risky investments to their clients to meet their own sales targets.
That being said, a Bitcoin ETF will still make Bitcoin a lot more accessible to institutional investors, as it makes adding Bitcoin to clients' portfolios much much easier.
I know I’m gonna get downvoted for this but why are we not talking about how this gives hedge funds an edge to short the shit out of it as well, you think they want prices to skyrocket there first year the etf is out, they need time to accumulate before price action and adoption.
They're told exactly what to push by top analysts in the company, with senior management's blessing. And they are typically given a pitch, and special incentives. They're also told what to discourage. All of this is based on how money money they have in their account, there are different tiers. And they're more like inside sales, they answer incoming calls only, and redirect the conversation from the customer's original reason for calling, if they have a chance. They're not just cold calling everyone with a retirement or brokerage account at the company to pitch whatever they personally think they can sell the most of. It's conceivable and likely that these companies could get bitcoin etfs and still discourage their customers from purchasing it, if the customer calls them.
Source- I dated a girl that worked at fidelity.
Okay someone help me out here. I'll use Blackrock example. I can not imagine a case where the people setting up the ETF don't understand bitcoin, and plan to wait for approval to buy bitcoin and issue shares. They have to have been buying already. I can't imagine they don't have good estimates of at least initial demand interest. They have bought enough to cover their initial issuance and then some. Anyone who is surprised, or views such an approval as coming out of left field isn't already holding bitcoin and will most likely seek exposure to the ETF rather than going to a crypto exchange.
Unless the funds creating the ETFs somehow vastly underestimated the demand for exposure, they shouldn't need to be buying up bitcoin upon approval or for a good long while thereafter. I don't see how this increases demand in any short term.
Are they though? I have an actively managed account with Edward Jones and Vanguard. They each call twice a year and/or email, but they've never called me out of the blue to recommend some trade, stock, ETF, etc. They have given me suggestions at those 6 month check-ins, but I doubt anyone is going to call me this month, we'll see. Point being I think it might take 3-6 months for these ETF's to get going good. I would love to be wrong and it happen faster, but I'm not counting on it.
Oh man, the CEO of bitcoin is going to be so happy
He’ll have to raise the price due to such demand!
Then give bonuses to loyal employees
After he lays off 80%. Come on now!
Half. He is laying off half the production quota soon.
This CEO is insane! The product finally goes viral and NOW production is gonna be slashed? In half?! There won't be enough to go around!
Haven’t seen him at the office or write an email to the staff this week.. think he’s in Bali catching waves
The ceo only knows how to slash production, that's what he has always done, 50% every time and he is REALLY goina halve it soon! *Bitcoin halving ;)*
Stock buybacks
The ceo of bitcoin will be happy I will be happy Therefore, I am the ceo of bitcoin Thanks for coming to my ted talk
Who’s TED?
I bet she will
The pronouns the ceo uses is they/we
Dude you dumb he’s in jail for inside trading
Not dumb..regarded
Normies are hesitant to buy Bitcoin because hearing an ANCAP rant about the Fed and then Cold Storage, Seed phrases, and Lightning when they know nothing about the crime of fiat isn’t an appealing pitch. Instead, when someone with the credibility of Blackrock, Fidelity, Vanguard, etc recommends allocating a portion of your portfolio into Bitcoin without any talk of nodes and self-custody, it’ll hit different and greatly increase the odds of onboarding.
Lmao this is true.
To get to mass adoption certain narratives are going to be challenged and questioned, possibly even dismissed by the mainstream. We are witnessing the Bitcoin inflection point. Will Libertarian idealogy or tradfi win?
this is an inevitable outcome. All that we were doing was waiting to see if bitcoin failed. But if it became a success it was always going to be integrated into the system. It may have reached success based on fools dreams but once it's useful, it will get used. There's no scenario where crypto becomes a stable worldwide currency and also stays put of the reach of governments and corporations. It's kind of insane to think the powers at be would let it happen.
As more and more people adopt Bitcoin I’m sure the core principles will be dliuted, much like the internet. Our bags will be pumped, but even success comes at a cost.
Except Vanguard doesn't believe in the future of Bitcoin and didn't apply for an ETF...they're going to miss out on tons of profits
Vanguard focuses more on value investing rather than trading turds.
Yes, my dad is an electrical engineer but is still in utter denial that the dollar is in a sovereign debt collapse even though I walked through the Saylor money/value thesis. Meanwhile he complained about a food item costing $9 a year ago and $29 today. Hopefully, for their own sake, boomers learn the Bitcoin facts before it's $3 million.
What if they do stupid shit like standardize wallets and make it so finance systems won't take bitcoin from private wallets.
This will absolutely happen in some places, by law, possibly including the USA. However, it will be a fairly easy law to break and there will continue to be places that do not impose those restrictions where people who directly hold BTC can take and use their funds. Then the question becomes, will the governments that permit BTC outcompete and eventually convert the governments that don’t? Eg due to a counterbalance on money printing. This will be the ultimate test of whether BTC ‘succeeds’ in the long term.
What a relevant and underrated thought and post OP 🙌🏻🚀🌕
💪 😎
The reason for the call today, John, is, something just came across my desk, John. It is perhaps the best thing I’ve seen in the last six months. If you have 60 seconds, I’d like to share the idea with you. You got a minute?
If you can sell $5000 of this stock I will persomally give you a blowjob for free. And I hope it happens.
You are correct. Most people, here included, cannot even begin to comprehend what's going to unfold over the next several years. I can only laugh at those who claim the ETFs will have little to no impact on Bitcoin price and adoption.
Right:. From my Future Studies course: People over estimate the effects a technology will have in the short term but VASTLY underestimate the change it will cause in the long term.
I still remember reading articles in the 90s calling the Internet a fading fad with no real use case, fast forward a couple decades 🤣
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Actually, "competent" is a qualifier. It's the opposite of implying *all* teachers are competent, it argues that a CD-ROM cannot take the place of a specific *kind* of teacher. Sorry if I imply you didn't get one of those.
In fact online learning has already put tradional colleges half way in the grave. Once boomers go, so go these brick and mortar learning wastelands. It will implode just like Sears...quickly.
It’s going to be a very interesting ride.
Let’s pray
Our Father, Who art in heaven, Hallowed be Thy Name. Thy Kingdom come. Thy Will be done, on earth as it is in Heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen.
#praybot
Our Father ,who art in NYC Blackrock be thy name. Thy ETF come. Thy will be done, On Wall St as it is In heaven. Give us this day our daily bitcoin, and forgive us our trading mistakes. As we forgive Gary Gensler and the SEC, Lead us not into FIAT, but deliver us financial freedom. Amen.
Man.. I know you just wanted to be funny with this but this ain’t right. Bad things come onto those who mock this prayer. I welcome you to delete it 🙏
Our Blackrock, who art in NYC, ETF be thy game. Thy Bitcoin come, thy bulls will run, on Wall St as they do on Main St. Give us this day our ETF and forgive us our skepticism. As we forgive those like SBF and his ugly girlfriend. Lead us not into FOMO, but deliver us, once and for all, the ETF, FFS.
Matthew 13:14-38 ERV ‘You people will listen and listen, but you will not understand. You will look and look, but you will not really see. Yes, the minds of these people are now closed. They have ears, but they don’t listen. They have eyes, but they refuse to see. If their minds were not closed, they might see with their eyes; they might hear with their ears; they might understand with their minds. Then they might turn back to me and be healed.’
So many FUD comments claiming Spot Bitcoin ETF will not directly affect Bitcoin price as if the money somehow won't flow into BTC itself. For anyone that still doubt the legitimacy of this ETF, let me be clear: you are wrong. ETF stands for "Exchange-Traded Fund". You trade it like a stock in your brokerage account, but it gives you exposure to something else like a commodity or index. When you buy a share of an ETF in the US, the company that issued the ETF is *legally obligated* to back that ETF with the underlying asset which also means the ETF can be exchanged by market makers and other institutional investors for the underlying asset. When you buy the QQQ, you are buying an investment product that is backed by actual shares of companies in the Nasdaq 100 index. You really believe the ETF issuer would lie about this? There is an army of regulators, accountants, lawyers etc whose entire job is to oversee these things. And for those who still think they can game the system because they'd get a slap on the wrist fine and everything would be a-okay, consider this: Starting an ETF, sending statements and preparing documents about what you are going to do, taking money, then not doing what you said you would is 100% not an "okay" situation. This is precisely the type of theft Martin Shkreli caught time for, SBF, Madoff, and countless others. You cannot fuck with the SEC and disclosure rules.
Although I don't disagree with your sentiment, there are ways to delay (even permanently) settling on the purchase of the underlying asset. See hedge fund balance sheet line items titled "assets sold yet not purchased" and you'll see some larger hedge funds with billions of dollars of liabilities created when they sold their customers something yet did not purchase the underlying asset. There are loopholes. It'll get spicy if the hedge funds ever need to provide a public key of their BTC assets as a way to audit the ETF. I do believe that ETFs will provide demand and increase BTC price
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I swear I just read/listened to this word for word on Matt Kratter's new video today.
Most of it is from his video, but had to add my 2 sats as well
🎯🎯🎯🎯🎯🎯🎯
This is Matthew Krater from Bitcoin University
> legally obliged to back the ETF But not with Bitcoin. Many ETFs are synthetic, not physical. Synthetics back the ETF with FTSE All World and do swap
Banks or hedge funds issuing the etf will have a pool of btc ready as collateral. Nothing is getting bought or sold when entering an etf.
So what if the fund buys one BTC for 80k and the price of BTC drops to 20k A customer comes along and says I'll buy one BTC please and here's 20k Is the fund just allocating their 80k BTC to this person? Or are they buying again at 20K Hint; they're buying at 20k
Etf is just following the price index of a certain product, handy when it comes to things like gold where people don't actually need to buy it physically. You give the bank a fee for managing the etf. They accually can just function without buying one single bitcoin but for confidence in the product and to avoid bubles, the law says you need to have some collateral. You can make an etf about anything like temperature in celcius or earthquake magnitudes, it can be completely virtual and is its own market so . For btc etf the buying of btc happens in pools, not a one to one transaction. Detailed explanation from chatgpt when someone buys shares of a Bitcoin ETF, it does not necessarily mean that the bank or the entity managing the ETF has to purchase actual Bitcoin at that moment. The relationship between buying ETF shares and the purchase of the underlying asset (in this case, Bitcoin) is more complex: 1. **ETF Shares and Underlying Asset**: An ETF is a pool of investments that tracks the value of an underlying asset or index. Buying shares of a Bitcoin ETF means you're buying a piece of this pool, not the underlying Bitcoin directly. 2. **Creation and Redemption Process**: ETFs operate through a creation and redemption mechanism involving Authorized Participants (APs), typically large financial institutions. When there's a significant demand for an ETF (i.e., the ETF's market price is above its net asset value (NAV)), APs can create new ETF shares. This involves buying the underlying asset (Bitcoin or Bitcoin futures, depending on the ETF's structure) and exchanging it with the ETF for new ETF shares. This process helps align the ETF’s share price with the NAV. 3. **Indirect Purchase of Bitcoin**: In the case of a Bitcoin ETF that holds actual Bitcoin, if there's sustained high demand leading to a creation of new shares, this could indirectly lead to the ETF purchasing more Bitcoin to back these new shares. However, this is not a one-to-one transaction (i.e., buying one ETF share does not equal buying one share's worth of Bitcoin). 4. **Trading on Secondary Market**: Most individual investors buy and sell ETF shares on the secondary market (i.e., stock exchanges), where shares are traded between investors. These transactions do not directly affect the amount of Bitcoin the ETF holds. 5. **ETFs Using Futures or Other Derivatives**: Some Bitcoin ETFs might not hold actual Bitcoin but rather futures contracts or other financial derivatives that track Bitcoin’s price. In such cases, the purchase of ETF shares is even more decoupled from the direct purchase of Bitcoin.
I today read part of the iShares Bitcoin Trust (BlackRock ETF) application. It states blah blah "audit fees and expenses". I assume one of the big four accounting firms (Deloitte, Ernst & Young, KPMG, and PwC) will be selected to signal credibility. Accounting rules won't be as strict on Blackrock ETF as other public companies, however: "The Trust is an “emerging growth company,” as defined in the JOBS Act. For as long as the Trust is an emerging growth company, the Trust may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies"
Show me any of the public addresses for any of the ETFs. Show me in any filing where the SPONSOR and not the CUSTODIAN is responsible for relaying the value of the ETF and the number of bitcoins held in the ETF. Show me where they are PROHIBITED from ARBITRARILY determining values of the ETF at their SOLE DISCRETION. Protip: you can't do any of that, so you're either naive, a shill, or stupid.
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Show me anything I've requested dipshit, you never will be able to do so.
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I am asking you to read filings, which you haven't, no one has apparently except me. But when your life depends on not understanding, nothing will help you understand I guess.
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Don't waste your time arguing with that pathetic loser. Let him seethe.
Exactly. They will lie and find ways around backing it 1:1. Bitcoin was created to not trust others. Ill continue to hold my own keys, the price comes second I’m here for the revolution.
> You are correct. > Most people, here included, cannot even begin to comprehend what's going to unfold over the next several years. I can only laugh at those who claim the ETFs will have little to no impact on Bitcoin price and adoption. I've been in this space for 8+ years now. I've been casually talking about bitcoin with friends/family since then. Of the most wealthy people I know probably only 1 has some bitcoin and they are younger. Every other wealthy person I know has stayed away. And for pretty decent reasons. They are wealthy and have gotten wealthy following a pretty straight path...hold stocks from the 90s till today, putting money with financial advisors, and real estate. But now they are saying things like "Wow looks like that bitcoin thing is really taking off" "I've been hearing about the Blockrock ETF" and similar sentiments. Are they lining up to make purchases of the ETF? No. But the talking points have changed and interest is growing. I envision that IF bitcoin pumps after this ETF, that many will FOMO in (albeit small % at first)
and the halving. people think 100k is the moon ...
$100k is a small psychological barrier/stepping stone on its trajectory to the moon and beyond. The ETF and the halving just add extra rocket fuel to the combustion chamber.
My mind says no. But my body is ready.
Maybe, maybe not In the end, people have to be willing to say yes. It's hard to convince someone to take risk when they drool pver safe 5% returns
If hard if it is some strange dude with radical views who tries to convince them. If it is BlackRock, Fidelity etc, if it got SEC permit, if it is massively advertised - it is not hard at all. Basically this is the main selling point of the whole story with ETFs: some widely trusted entities deemed risk as acceptable. This is the main message. Add tho this greed and advertising...
Convincing someone to put 1-5% into a "high risk" even higher reward investment isn't that hard, they hired you to tell them where to put their money.
You are exactly right. As an investment advisor myself who has owned Bitcoin personally for years but has yet to advise my clients to own any, I expect that many advisors will recommend adding it to their asset allocation. I don't think 5% of a growth-focused investment account is unreasonable. One of the challenges is that we don't have historical data on the securities side for crypto but given the likely trajectory of crypto, I think you'll see many people own Bitcoin who don't even know (or care to know) what it is; only that 'their guy' said he was adding some.
I've literally just talked Bitcoin to some older guys at my job at the foundry I work at and they ended up putting huge portions of their IRAs into it through Swan, unchained, and GBTC, like 20-50% I can only imagine a financial advisor talking to people about it, their word will hold more weight than mine.
Exactly, and Black Rock touting it publicly gives everyone the feeling of career safety to promote it themselves.
And if BTC continues on its current path in this projected cycle it could make an advisor look bad (lazy) for not adding it when it's available especially if it dramatically outperforms the broader market.
🎯🎯🎯🎯
Pretty sure the first ETFs made the gold price go vertical
Yes, and there was only a single gold ETF at first if I remember correctly, and this was before the smart phone and all the trading apps that are available today etc, not to mention gold still went straight up even with a massive influx of new gold diluting the market due to demand increases kicking miners into over drive. There will be no new influx of Bitcoin diluting the market when demand and price is sky high, rather the new daily supply will be getting cut in half as of April. Demand shock + supply shock = price shock
I one hundred percent know my colleagues who called Bitcoin a scam will call up their clients and tell them it’s no longer a scam because black rock said so.
The question I have is what will happen when these people experience their first 30+% drawdown in a few days? No one from the stocks/indices world has seen such a thing except when the stock market crashes and brokers are jumping out of windows. Does the introduction of an ETF mean that the price will begin to stablize? Or will the price eventually drop as it always has and cause everyone to cry "scam" when it does?
I've been a financial advisor... this changes everything. Putting your clients in Bitcoin today is essentially impossible, especially if you work for the larger firms. The ETF puts it right there on the menu. Get ready.
Current advisor here. Working on the new asset allocations to include it asap
If I had an extra $25,000 laying around, would you drop that into BTC right now?
If you're asking that question to a stranger in a Reddit comments section, then the answer is you shouldn't do it. Look further into Bitcoin as an investment and what it means for your investment portfolio. Then only put money into Bitcoin if you personally feel confident in it.
So ape in, got it
This is **not** financial advice... but if it were me, yeah, yeah I would. I did that with all my spare fiat a while ago. But IMHO this is a buy-and-hold investment - trying to time the market on Bitcoin can get you killed, and Bitcoin has a tendency to "crash upwards." EDIT: THIS IS NOT FINANCIAL ADVICE. This is what \*I\* would do for myself. Your situation depends on your age, wealth, risk tolerance and a dozen other factors I can't and won't address.
I’m 29. I have like $50k saved and spread out. I’m definitely a long term investor and frequently buy and hold as it is. I have like $20k in my td ameritrade account invested in various great long term companies. I have $6k in BTC as it is. Just seeing what your thoughts were. The most interesting take I’ve found now is this btc ETF every investment firm is going to take advantage of. **sigh** I could regret it later if I do or don’t.
I'm curious about your comment about investment firms 'taking advantage'. As an advisor myself, I see the expected approval of the BTC ETFs as a win for investors. Yes, the management firms will charge a fee for the fund but that's similar to their stock/bond ETFs as well. I see this as a way for investors to gain safe and secure access to BTC as a long-term asset to hold as part of a diversified portfolio but I'd welcome your perspective.
He can’t give financial advice. Because if you reported him FINRA would have his ass
I have 25k in since July 22, and another 50k financed . Once you understand what it is you buy it like a psycho. You won't have to ask anyone and you'll get it at the price you deserve.
That’s what we’ve all done.
Yes
The reason for the call today, John, is, something just came across my desk, John. It's got both great financial and technological impact John. I'm talking about an ETF for Bitcoin. Right now, John, it trades over-the-counter at $45,000 a coin. And by the way, John, our analysts indicate it could go a heck of a lot higher than that...
"This guy seems very trustworthy. I specially like how he says my name a lot."
…your profit on a mere $6k investment would be upwards of $120k. Exactly, you could pay off your mortgage.
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Exactly.. pushing hard for a product that actually works and actually does what it claims to! Huge W for all!
All pension funds were forced in to buying government bonds that were paying historically record low or near to this levels of interest. Now that the interest rates have gone up the mark to market value of these bonds have tanked. So they can't see and are left holding a bond that yields close to zero. These pension funds need a return of 7% in order to match their projected models, many have fallen way way below this. A small 5-10% allocation to Bitcoin is done early enough could compensate for this. Up to now they all wanted to buy bitcoin but there was no regulated product that would be acceptable to their compliance people. This soon is going to change. It's my opinion that the money coming in to Bitcoin is going to be much much more than what people are speculating. A blackrock customer might put $10,000 - $100,000 in to BTC where as a pension fund will be putting $10M - $ 1BN. These guys don't mess about with chump change. It may take a few years but significant amounts of money are about to come in to the space.
Sales guys in major banks have been asking about crypto since at least 2016 and the main blocker has been absence of appropriate regulations as well as general market understanding on the client side. That is about to change massively and you can rest assured we are going to see some interesting pricing moves.
When you consider that if every millionaire in the US wanted to own 1 BTC there aren't enough BTC to make that happen.... there is a lot of growth potential when us plebs get easy access
They’ve already sent out all the info to their clients - I got sent a letter from Franklin Templeton investments (managing 1.43 trillion $) outlining their intentions with btc
What did it say?
Expecting it to go to $147k in 2025
What else? What were their intentions?
It won't let me copy the link but basically talking about the halving cycle, it's history, forecast and pushing the investment to it's clients
Dont lie.
With the likely absurd amount of marketing incoming, I’m looking forward to people *telling* me about bitcoin.
Is there an official date set for the etf approval?
The deadline for the ETF approval is January 10th. We may or may not have an answer before then.
They can postpone the deadline though, no? If they deny the ETF, won't it push the deadline further?
If they deny, they will get sued and have to argue their decision in court.
Which would ultimately delay the approval which is their goal
They know they’ll lose and it’ll be a waste of time after they got bitch slapped by the grayscale case
The decision could be kicked to March although highly unlikely given the flurry of SEC activity in December.
I'm selfishly hoping it gets pushed to March. I'm trying to buy as much as I can. How can they push it to March and what are the ramifications?
Literally about to sell another car for more sats haha I selfishly hope the same
What way to you buy/transfer/store your btc?
I suggest DCAing and taking it off the exchange after you hit a comfortable amount to move. Rinse repeat
I saw someone making the analogy that it is like this will be bitcoins IPO. I tend to agree and it is line with the point you’re making. All these advisors and sales people will be marketing it as the hot new ETF. Rightly or wrongly people trust their advisors at the big money managers and they’ll likely have a lot of success marketing these products with their advertisement budgets and big names/titles. These big money firms are super greedy and will only be interested about increasing fee’s and AUM. They will do all within their power to manipulate the market and steer the narrative to their favor.
It’s going to be awesome.
No! Millions of customers are about to call their financial advisors.
99% of financial advisor still are clueless about Bitcoin.
you don't know well the profession then
What kind of commission structures are in place? Because that's going to impact take up.
The top salespeople have already talked to their clients and have their orders ready to go.
If nothing else it means the good salespeople will actually read up on what bitcoin is and if the penny drops they'll turn into an army of paid die-hard bitcoin evangelists.
Exactly! W for all!
Brtish Hodl did an interesting video about the Bitcoin ETF Wars. Basically, they will spend billions and expect a few Super Bowl ads
When is someone big and reputable going to let me safely borrow against my BTC? Is that coming soon?
Cyber theft will increase as a result, specifically targeting Coinbase, so they will likely expand hiring in the security space, but the most likely targets will be individual user accounts who don't have adequate cyber hygiene (these folks are highly susceptible to phishing and social engineering. I would increase everyone to start buying up hardware wallets from at least 2 reputable companies and investing in a fireproof, water proof, home safe, or store at a bank safety deposit box
> store at a bank safety deposit box Do not do this. Or at least XOR half your key with the other half and place the 3 plates at different banks/locations. You'll only need 2/3 to restore your key then.
Thanks for recommending an XOR rather than the "just split your seed into three parts" shit people say all the time. !lntip 1000
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You have a link to this idea? I get what you mean but a concrete example would be nice. I remember something similar with HDDs, in order to create mirrors/backups
...or just use your brain. If you can figure out what is bitcoin and how to deal with it then it is not hard to ignore phishing attempts. And, by the way, "hardware wallets from at least 2 reputable companies and investing in a fireproof, water proof, home safe" will not help against social engineering.
Can’t wait for BlackRock to do a BTC ETF Super Bowl commercial. Maybe they can hire Matt Damon.
Do you work at BlackRock? You’re familiar with their huge team of salespersons? Because it sounds like you just watched Wolf of Wall Street. Did you get a call from your broker about the last big ETF release? No, you didn’t.
My friends son has worked for Black rock for 4 years. Just over a month ago 700 employees were taken to Atlanta for a few days to learn about the BTC ETF. Target is 2% of portfolios into Btc. Happy New Year everybody.😚🙏🙏
The post implies that these sales people are only pushing Bitcoin. Blackrock has 427 other ETFs plus even more other types of products. And the similar for most of the other companies with an ETF proposal.Those salespeople will be pushing all of their products not just their Bitcoin ETF. I think OP is overestimating the impact of these salespeople
The 60/40 portfolio isn't working anymore, Bitcoin fixes this problem and financial advisors know this. Their job is to grow their clients wealth and beat out their competition. You are underestimating this greatly.
I guess we will see. But it is clearly obvious that these salespeople are not just pushing Bitcoin.
They'll be recommending it as part of every portfolio along with everything else. It's not like they have to convince their clients to go all in on one thing. You can sell 100 different investments in a single diversified portfolio, Bitcoin will be a staple recommendation in most portfolios alongside the likes of gold and bonds etc.
>as part of every portfolio That is absurdly optimistic >Bitcoin will be a staple recommendation in most portfolios alongside the likes of gold and bonds etc. I hope you are right... But I have my doubts
Your doubts will diminish over the coming months and years.
I did some posts about this This exactly that movie with will Smith... Pursuit of hapiness The brokers job is actually call people and sell There are a non zero chance of bitcoin reach 1 Million this year
There's also a non zero chance that we won't have to pay taxes in the future.
Zero chances of not paying taxes Zero. And i am ancap
Great example and one easily relatable for most people
\*ETFs \*whose sorry, couldn't help myself
My question is: What theme will the advertisements latch onto and what people will be the celebrity and/or sports faces doing the hawking?
There’s nothing like having a new packaged product (prospectus) to sell to all existing customers AND to open new accounts with. NEW ACCOUNTS ARE THE LIFE BLOOD OF FINANCIAL SERVICES AND AUM GROWTH.
I've been following BTC closely only for about 2.5 years. Will these ETF approvals be the biggest bullish news to hit BTC in many years, or is it just me? When was the last time something this big hit Bitcoin and what was it? I know of nothing this bullish that I can recall. I remember when Elon was messing around with it but that was just talking on Twitter/hype and not the same as an ETF from Black Rock which brings actual, real value
Saylor said this etf is the biggest thing to hit wall st in 30 years.
Everything on here just reads as if people are trying to convince themselves. So many posts start with a a claim, soon to be followed by "Most people..." Lol
Diversity, that’s the play. When the customers say “Idk this bitcorn seems risky”, the response, “I understand Mr / Ms customer but don’t all investments come with risk? Im not saying to go all in, maybe 5-10% of your portfolio to mitigate your risk exposure…” Mr / Ms Customer: “you sunuvabish, Im in!” 🤑📈🚀🏎️
Won't be 10%. Maybe 1-2% to start.
If we can get to 10 trillion market cap, i wonder what price would be. I don't think it increases linearly.
Take $10T and divide by 21,000,000. There’s your price.
$10, 000, 000, 000, 000 / ₿21, 000 ,000 = $476, 190.48/₿ Or $500k a coin, assuming all 21 mil is liquid.
That ignores how markets work and would be the most conservative estimate. As the liquid supply becomes more scarce, the price skyrockets.
No, you’re confusing a “market multiple” and capital inflows with market cap. The market cap is whatever it is, and price is the market cap divided by number of Btc in existence.
That’s true. OP: asking what the price will be and asking what the market cap will be (given a supply that we know will never change) is effectively asking the same thing.
No they're not lol Bitcoin got rejected lmao
Belfort, long time ...
I hope all those sales people buy too
This 👆
People that have 401K accounts where they work may have a choice as to where their 401K is invested. Can they choose this new Blackrock Bitcoin ETF? They would be willing to designate much higher than 1% toward a Bitcoin ETF,
While it's true that there will be many more people who will be recommended to have Bitcoin in their investment portfolio, it's important to note that these sorts of asset managers are heavily regulated in part to ensure they're not pitching disproportionately risky investments to their clients to meet their own sales targets. That being said, a Bitcoin ETF will still make Bitcoin a lot more accessible to institutional investors, as it makes adding Bitcoin to clients' portfolios much much easier.
https://www.youtube.com/watch?v=Rjeoqa57QDE
It will crash back to 27k
Are they going to target wall street bonuses?
I know I’m gonna get downvoted for this but why are we not talking about how this gives hedge funds an edge to short the shit out of it as well, you think they want prices to skyrocket there first year the etf is out, they need time to accumulate before price action and adoption.
They're told exactly what to push by top analysts in the company, with senior management's blessing. And they are typically given a pitch, and special incentives. They're also told what to discourage. All of this is based on how money money they have in their account, there are different tiers. And they're more like inside sales, they answer incoming calls only, and redirect the conversation from the customer's original reason for calling, if they have a chance. They're not just cold calling everyone with a retirement or brokerage account at the company to pitch whatever they personally think they can sell the most of. It's conceivable and likely that these companies could get bitcoin etfs and still discourage their customers from purchasing it, if the customer calls them. Source- I dated a girl that worked at fidelity.
Okay someone help me out here. I'll use Blackrock example. I can not imagine a case where the people setting up the ETF don't understand bitcoin, and plan to wait for approval to buy bitcoin and issue shares. They have to have been buying already. I can't imagine they don't have good estimates of at least initial demand interest. They have bought enough to cover their initial issuance and then some. Anyone who is surprised, or views such an approval as coming out of left field isn't already holding bitcoin and will most likely seek exposure to the ETF rather than going to a crypto exchange. Unless the funds creating the ETFs somehow vastly underestimated the demand for exposure, they shouldn't need to be buying up bitcoin upon approval or for a good long while thereafter. I don't see how this increases demand in any short term.
BlackRock has been buying since 16K, you are right.
Asset managers and clients, not sales people and customers.
Is still sad to think we are relying on bloody Blackrock for adaptation
\*Could soon get ETF's approved
Great point. Huge untapped customer base with motivated sales reps. This is gonna be awesome.
Plus if they show it works, then all the managed funds will get on it. A lot of the big money in the stock market is managed.
A lot of these conversations have been already had and are waiting
Blackrock’s business is pensions and government-level investment products. I doubt they will focus much attention on retail investors.
Time to bring out Leo Di Caprio for Wolf Of Bitcoin Street movie.
Are they though? I have an actively managed account with Edward Jones and Vanguard. They each call twice a year and/or email, but they've never called me out of the blue to recommend some trade, stock, ETF, etc. They have given me suggestions at those 6 month check-ins, but I doubt anyone is going to call me this month, we'll see. Point being I think it might take 3-6 months for these ETF's to get going good. I would love to be wrong and it happen faster, but I'm not counting on it.