I just imagine this person on twitter doesn't know what they are talking about. I tried to read the sec.gov filing just now but it is long and tough. The stuff about cash I think is people getting lost on the microstructure of how the product will operate. From what I got out of it , it will be an ETF like every other ETF and basically track CME Real Time Bitcoin Index, BRTI You can see BRTI ticking away right now https://www.cmegroup.com/markets/cryptocurrencies/cme-cf-cryptocurrency-benchmarks.html I would imagine long term this will cause enormous changes. I don't see why anyone would keep bitcoin on a crypto exchange long term once there is a liquid spot etf. Even for people who just want to buy and hold that would open up holding the spot ETF inside a Roth. That is also why I think that twitter guy doesn't know what they are talking about with taxes. The idea the SEC is going to go out of their way to nudge people into holding spot bitcoin in a Roth is totally absurd.
If the Bitcoin spot ETF will not be approved, then why did Bitwise spend money for an ad? Prolly nothing...
The SEC at this point has no choice but to approve the ETF. If they dont there will be so many lawsuits against them. Yeah! You approve my spot ETF right now Bi**h!
Why exactly? The Canadian government has approved BTC and Ethereum ETFs to be purchased inside FTSA and RRSP registered accounts for years now. But then again, we've had the Roth and Roth-IRAs thing going years before the US decided to copy those ideas too. And for a really sad point, the world is still waiting for the US to get out of the stone-age era in units and switch to metric with the rest of the cosmos. It's become a kind of joke, not just in the FinTech world.
What is sad is that people think this matters. Do you have that little to be proud of? In America we're free to use whichever unit make sense. In many cases metric units and their associated standards actually suck for common everyday usage. If you're running a chemical process you'll use liters and degrees C. If you're building a shed you can just ask for things in sensible dimensions like "go to the lumberyard and get forty two by four by eights". If you think it's somehow more advanced to ask for 37mmx88mmx2440mm wood I don't know what to tell you. https://cwc.ca/wp-content/uploads/2019/03/Lumber_Sizes.pdf Ever if you're doing precision metal work, thousands of a inch or "mils" is a great unit to use. Whereas mm is too imprecise and um is absurdly precise. Then you've got crappy standards like metric fasteners where they don't appropriately change the thread pitch on a bolt at each size increment, because they seem to think fractions are too hard for you to handle. https://fullerfasteners.com/tech/basic-metric-thread-chart-m1-m100-2/ Whereas with us spec fasteners we change the thread pitch appropriately so that you get the proper strength. https://fullerfasteners.com/tech/thread-identification-chart-american-standard/ And we can do all this with the government stealing our bank account. But down worry you are super advanced, because you use one measurement system (not really) but you get to label everything in two languages.
The SEC is scheduled to approve all the ETF's tomorrow (sorry Asia time here, lol) And the chairman of the SEC is so scared of people fomoing in This is going to be so fucking lit. I can't see how the circuit breakers won't get activated on Thursday (US time) when they are scheduled to start trading
Haha! Did you see the SEC's fomo Tweet? There is a good reason why they are telling people not to FOMO in, and that's because they are about to approve the ETF filing! https://x.com/SEC_Investor_Ed/status/1743633594067619970?s=20 It's absolutely amazing. Almost 10 years ago I started using Bitcoin for my personal transactions, and 6 years ago using it as an investment asset, and tomorrow it becomes adopted. Incredible.