Nothing stops this train.
No, I’m not talking about the Federal Reserve money printer, I’m talking about the string of ETF announcements from Wall Street and the related crypto firms servicing it this week.
I’m talking about today’s hybrid Ethereum-Bitcoin ETF, yesterday’s XRP ETF, and what will likely be 2025’s basket memecoin ETF offering exposure to everything from PEPE to GIGA to HarryPotterObamaSonic10Inu.
If you’re takeaway from the arguably dismal ETH ETF launch is that there won’t be more crypto ETFs, I’m sorry but you’re 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 that’s not an Ethereum ETF. But it’s hard to imagine that in a world where the U.S. regulatory environment continues to become “more advantageous to the industry,” and there aren’t 15 to 20 of these ETFs all pumping in a bull market.
Maybe you’ve 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 that’s according to Blackrock.
Maybe you think all our proselytizing to the likes of Rick Rubin has seeped somehow into the collective consciousness. Maybe you’re betting on Kamala Harris getting elected, and that she will continue to let Gary Gensler and the SEC run roughshod over crypto.
Fair enough. That’s 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 there’s only a Bitcoin ETF anytime soon.
Again, Wall Street is not embracing the tao of Michael Saylor, they don’t see President Nayib Bukele as a developing world savant. They do not believe Bitcoin is a bulwark against money printing, and no it doesn’t 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. There’s a difference.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.