Wall Street Isn't Bitcoin Only More Crypto ETFs Are Coming
Nothing stops this train.
No, Im not talking about the Federal Reserve money printer, Im talking about the string of ETF announcements from Wall Street and the related crypto firms servicing it this week.
Im talking about todays hybrid Ethereum-Bitcoin ETF, yesterdays XRP ETF, and what will likely be 2025s basket memecoin ETF offering exposure to everything from PEPE to GIGA to HarryPotterObamaSonic10Inu.
If youre takeaway from the arguably dismal ETH ETF launch is that there wont be more crypto ETFs, Im sorry but youre looking past the $1 trillion price tag on the rest of the crypto industry.
Wall Street wants to sell products that make U.S. dollars, and they will continue to do things that make dollars.
OK, in a bear market, maybe thats not an Ethereum ETF. But its hard to imagine that in a world where the U.S. regulatory environment continues to become more advantageous to the industry, and there arent 15 to 20 of these ETFs all pumping in a bull market.
Maybe youve forgotten how in 2017 XRP pumped to $4 or DASH to $700, how in 2021, JPEGs sold for hundreds of millions. Newsflash: 80% of ETF purchasers are retail buyers, and thats according to Blackrock.
Maybe you think all our proselytizing to the likes of Rick Rubin has seeped somehow into the collective consciousness. Maybe youre betting on Kamala Harris getting elected, and that she will continue to let Gary Gensler and the SEC run roughshod over crypto.
Fair enough. Thats not a world I see. The Bitcoin-crypto voter constituency is here, and whether it delivers the election to Donald Trump, or it wins concessions from the Harris administration, that means more ETFs, not less. Certainly not a world where theres only a Bitcoin ETF anytime soon.
Again, Wall Street is not embracing the tao of Michael Saylor, they dont see President Nayib Bukele as a developing world savant. They do not believe Bitcoin is a bulwark against money printing, and no it doesnt matter that they are writing research reports to the effect.
They will say whatever they can to sell ETFs, to make USD.
Because they are not convicted buyers. They are convicted sellers. Theres a difference.
Read more: https://bitcoinmagazine.com/takes/wall-street-not-bitcoin-maximalists-etf
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
