Topic: Bitcoin ETF officially approved! (Read 743 times)

Yeah, it's not money flowing into Bitcoin, as such.  The impact is less direct.

With exchanges, fiat goes in and bitcoins come out.  Or bitcoins go in and fiat comes out.  The impact on the market with this type of trading is usually pretty obvious. 

But ETFs are different.  The businesses running these ETFs take an amount of Bitcoin, put a little-fence around it, assure traditional investors those coins aren't going anywhere and then issue shares that represent those coins.  Fiat goes in and shares come out.  Shares go in and fiat comes out.  Bitcoins don't move.  So yes, far more nuanced in terms of influence on the market.

Some people are also forgetting that ETFs have existed for some time now.  Just not in the US.  They're late to the party.  Those existing ETFs didn't get much attention and their impact also didn't seem particularly obvious, so I don't know why the US ones are such a big song and dance.

Thanks for the link.
It's not like there was an inflow of $4.6 billion to the Bitcoin market in one day. If that was true, there was no way the price would not go sharply up. That amount is the total volume of all ETFs trades, with the Grayscale being the dominating one. Grayscale were approved to convert their existing bitcoin trust into an ETF, so they've already held bitcoins that are now tradeable as an ETF and it's not like any money spent on buying spot ETFs will directly create a demand for bitcoins. It's more nuanced than that.

That is awesome news and my outlook for 2024 becomes better and better. After the approval of ETFs there should be now a large inflow of institutional money into the bitcoin market. It will be easier than ever to get crypto  exposure for investor that have no previous knowledge. Once all the large companies created their own ETFs there won't be many people left that can argue against the success of Bitcoin. This will be another big step in making Bitcoin another well established currency. Together with the halving coming up this year I have the feeling we are going to see a new ATH in 2024. Let's hope for the best.

According to a Reuters article[1] from today, $4.6 billion flowed into the already available Bitcoin ETFs funds on the first day. All the more strange that the price hardly moved upwards yesterday and even fell significantly today. It seems as if the speculators are acting according to the motto: buy the rumors, sell the news.

[1] https://www.reuters.com/technology/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11/

Isn't it already "unlocked"? I think I've read somewhere that the Blacrock ETF is already available on some platforms or with some brokers.
The speculative side is already exhausted. If the price doesn't start climbing up shortly, we'll probably see a drop as all those who "bought the rumours to sell the news" will get a signal that there's no more to be earned and that it's time to sell.
We might be actually witnessing this already, as the price dropped to around $43.5k. Hopefully the demand for the ETFs can turn this around soon.

if you read what i said
you would see that gensler didnt push extra rules to appease warren..
however he did recite her rhetoric as a footnote. which was to not go full native and appearing to cut his strings of his puppet master of the laws he has to follow brought in by committees the puppetmaster is part of.

i never said he went full warren and added in all warrens drafts into ETF requirements
i simply said that he secured his job continuance by reciting her mantra to not appear as going against her. thus still kissing the ring to save face

there is a difference between a knight that fights for his king by slaying the villagers.. vs a jester that keeps his head by kissing the ring and entertaining the king, repeating the kings remarks

Bitcoin is for everyone, including the poor, it has never discriminated against class or skin color. Bitcoin has been around for 15 years, and for the past 15 years people who believe in it have been able to buy it very cheaply. So don't try to blame bitcoin when poor people didn't buy it cheap and now say it's not for poor people. To me, if poor people still don't own bitcoin in the last 15 years, it's their fault, not bitcoin's fault.
Although the value of bitcoin today is very high compared to many years ago, that does not mean that poor people cannot own bitcoin, they still have a chance before it is too late and the decision is up to them.

The senator has been barking against Bitcoin, but how many anti-Bitcoin bills has she written and filed already? How many of these bills are passed into law? It's not as if Warren, despite her influence, is running congress all by herself. If she files a bill directing the SEC to kiss her ass, would it pass into law? It might not. Even if passed, it could be challenged for many reasons, even in the courts if necessary.

And with all her power over the SEC, overall influence, and clear strong stand against Bitcoin, where did it bring her? Did it even stop the SEC from approving those spot ETF applications? She must have been fuming now. She even ran to Twitter to say that the SEC is wrong in its decision. Did it help her cause? Did it change a thing? No. She's helpless.

Warren isn't as powerful as she may seem to some. Even lobbyists in congress are more powerful than her. If she is indeed a boss to Gensler, then she is a weak boss. Gensler voted in favor of spot ETF approval not just of one but all 11 of them. His final vote could have prevented all of them.

E warren has been continuously been trying to rewrite the financial laws which SEC have to manage under. thus if she writes "jump" and it becomes law. the SEC then has to jump


see how many strings ABOVE the SEC she can pull via her 'committee' involvement

the SEC is not just about "running a clean business" its about auditing businesses for tax too and clamping down on tax evasion
EG the "in-cash" vs "in-kind" ETF discussions were literally about taxes

I don't share it. It's not as if Elizabeth Warren is some kind of boss to Gensler. There's a power play and Warren is but a single player. She's not the most powerful there is in the game that Gensler had to please. Gensler's job isn't dependent on Warren's pleasure. Elizabeth's ring needs kissing but it's not the shiniest of them all. Larry Fink's ring is a lot more powerful. So whether Gensler personally favors Bitcoin or not isn't the point. He had to vote for its approval because the kingmakers ordered so.

Perhaps Bitcoin ain't for the poor afterall, but it would mean that the originator of the cryptocurrencies' idea or Bitcoin originator didn't think about the divide within the classes of a society when crypto implementation began. I doubt though because even the poor can afford to buy less amounts than before and hold, which wouldn't be up to a whole coin, that's Sats, but would amount to much in the future.

Finally the ETF approval is one joy too many to recount for Bitcoin enthusiast all around the world. We getting noticed for sure.

No poor will be on the media if they enter on this game and that's why it's always the rich that gets the highlight so if you say that rich or poor, I disagree but you're right about as long as we have holdings then that's what matters.

A day has passed and it seems that no reversal with the decision through basic Twitter common reasoning of hacks. That's definitely more than the good news we've heard yesterday. 

Approved is fine and dandy, but until we see some trading, we will not see the results of this approval (other than the speculative side, of course). So thats begs the question of when will the trading finally be unlocked? Is there any kind of deadlines or information from the institutional investors who filed for the Bitcoin ETf and got approved? I see a lot of chances for market manipulation. We have seen such obvious manipulation with SEC FUD and FOMO over the last weeks (remember Matrixport?). To be honest, I completely expect to see (more) insider trading and FUD over the next weeks. The ETF unlocking event might just be another tool they use to shift the market in their favor.

After all the anti crypto and the Bitcoin bully Gary Gensler, he was among the people that voted yes for Bitcoin ETF approval and that made me question his actions since the time he started the chairman of SEC. He never for once see any good side of crypto for once, it's scams and fraud everyday even the time bitcoin get many credit from different places but it's good that he gave the approval but on a second thought, did he has a choice? If he doesn't, the court will do it and he can't win against this companies.

Now that the much anticipated ETF bitcoin has been approved, we can now feast for institutional investors to come and buy the little available bitcoin. The action of this approval has not really go as I expected or is it because of what happened a day when SecGov X account was hacked? I have so many doubts; the market moves some hours ago and it was corrected immediately. I don't understand what is happening behind that movement.

... No?

Institutional investors are still susceptible to price movements buying via ETF.  There's just as much risk in terms of price volatility.  They're merely foregoing the benefits of financial sovereignty and censorship resistance in favour of regulatory acceptance and some potential clarity around tax reporting.  Not a worthwhile trade in my view.

It is mainly for people who does not want to take the risk of seeing the price of Bitcoin falling and the profits going down.
 I would rather hold really Bitcoin than to put or invest in Bitcoin ETF. This is one of the ways to control the price of Bitcoin and we should be ready to the manipulation of the market by the time everything commence.
There are investors that wouldn't want to take any risk at all and there option would be putting their money on ETF so that when could keep getting profits without any risk involved. Even the price of Bitcoin would easily be controlled to their own benefits which might be against our wish.

Absolutely with you, ETF's are for those wealthy people who dont want to learn
about Bitcoin, dont want to get involved with seed phrases, passwords and
connecting hardware wallets but would much prefer to call their broker and send funds.

I'm not interested in any type of Bitcoin which I cannot take custody of but yea there are
people who will be happy to use these ETF's.

It is official that the Bitcoin spot ETF has been approved by the SEC.
Market conditions after this agreement cannot mean that the price of Bitcoin will immediately increase drastically like the price of $44k to $70k. The market reaction will be different after there is the latest news, whether positive or negative news.
Waiting for how the market will look in the future after the SEC approves is the right action and we continue to do what we usually do to own Bitcoin with the usual methods. Even if necessary, increase it further.

What many people don't consider and what I miss in the discussion when it comes to this topic. A Bitcoin ETF that bets on rising prices will be accompanied by one that bets on falling prices. It will therefore become easier to short Bitcoin on a large scale than it has happened in the past, which could also lead to more volatility overall and, in bear phases, to greater price collapses for Bitcoin. It has its upsides and downsides.

By "we", I very much doubt that's going to be a particularly large collective around here.  

Using myself as an example:

a) I'm not a yank
b) I can't be arsed speaking to a broker
c) I'd rather hold actual BTC and not these IOUs that supposedly represent BTC

And I suspect many others here will be in a similar position.  Each to their own, though.  

The event was probably priced in weeks ago by investors. Welcome to the stock market .

It's weird that the price hasn't pumped at all ever since this huge announcement, but I am just glad that it's still hovering in the high $40K range implying that BTC continues behaving like a stablecoin now and then.

The upcoming halving event in April should help it soar a lot higher hopefully. Let's see what happens.

HODL
That said the market is rife with market manipulation today, and liquidity traps as big groups like Vanguard aren't allowing users to purchase any ETF's So looking to more drama yet.

Op revisit your link and drop the correct link. Though this is a good news to everyone here who are investing in Bitcoin and other cryptocurrencies at large. We thank God for this wonderful news. Even the article I read is predicting that ETF will boost Bitcoin to climb $50 billions to $100 billions US dollar. And now everyone in the ecosystem is happy to hear the news but will Bitcoin come down again for the poor to buy again? That should be an another question to answer. Because as it is now the rich people in the world will visit Bitcoin and invest heavily that will make Bitcoin to forget the poor. In 2022 Bitcoin price was on $16,000 and the way I am looking this matter right now, I don't think the price of Bitcoin will come down again though I don't know what will happen in the future but my fear here is that the rich people might not allow the price to come down again. Let see what will happen in the future if Bitcoin.

That is a very good news in the cryptocurrency market industries and the Bitcoin ETF approved really makes a greenish in the market, hence Bitcoin makes a little move other alt-coins follow. Congratulations

I guess bitcoin etf approval prior to bitcoin halving is pretty bullish. I remember when beforr halving market experience a huge dump beforr totally fly and now it will probably change and continously pump until halving and eventually go for the bull run season. I might be wrong but this news is really a hype around the market.

We know where bitcoin is headed, to be honest I strongly believe that ETF will become a reality when I heard it but it is a matter of time when will it be approved as we see so many delays from SEC. Today, bitcoin ETF has been approved which can result in an increased distribution on US and possibly can pump the price and of course go past the recent all time high. Though just be careful fellas as we will see correction from the pumps, it is inevitable. It will never go up and up without a single dump, just be careful on institutions taking profit.

Now that the ETFs have approval, which one are we piling into? Has anyone done a comparison of the fees and holdings? I’m sure I’m not the only one who wouldn’t mind getting some sweet sweet crypto gains in a Roth retirement account.

This was a day the Securities commission will never forget. And those in the cryptocurrency communities will never ever let them live this down.
They have posts of updates then have them taken down.
Where they hacked? Can you trust what you are seeing from them?

That level of knowing forsure of what they are telling us is too far gone at this point.

Price movement was not what many were expecting it to right after the approval was done.
It has been along time for this day to finally arrive so bated breath was inorder prior to it actually happening.
Is this it or just another one minute to have it discussed on the senate floor to have it thrown out after waiting half a decade? Well then, now we have our answer.
But if many thought it would be an instant 2x was sorely wrong.
Possibly wait for a major event in the bitcoin journey to happen just so the government who approved it this day can say it is legitimate to back since it is approved by their own law.

A few days ago I posted that very soon this ETF will go a little way and bring about the beautiful days of Bitcoin.  Many did not believe then.  Looked at it with disdain.  But my words are true, Bitcoin ETF has been approved and the price of Bitcoin has now become 47 thousand plus.  Now we can expect Bitcoin to pump big again in 2022 and break all its price records.  I have given the link of my previous post below.

Post link :- https://bitcointalksearch.org/topic/m.63056979

The approval news was posted all over social networks and major newspapers. I don't think anyone is confused and unaware of the news that ETFs have been approved.

I'm not too surprised that bitcoin didn't react too strongly to this news. In the past 2 months, bitcoin also increased a lot because of ETF-related news, and the increase in bitcoin's price is not a recovery due to increased bitcoin demand or for any reason. Therefore, it is understandable that bitcoin no longer increased strongly when the ETF was approved.

I feel like a couple of topics are confused in your post.

It is not about wanting or not wanting ETF. It is about being clear about what it really is. What I've seen so far is a growing false consensus that Bitcoin's growth is only possible if ETF is approved!!! Obviously that is completely wrong. Bitcoin never needed some centralized crap to grow and be adopted by more people.
It should also be emphasized that when people put their hard earned money into ETF they DO NOT own any Bitcoin, they are just involved in a centralized crap.

Other than that, ETF is like CEX. We know it is crap but we don't care about it existing or not, we should only help others understand the true nature of what they're getting into.

Actually I am not expecting an impact on price of Bitcoin sequel to SEC approval of Bitcoin ETF the impact would be gradually because a lot of hodlers who dump before the announcement hoping to ride on bearish trend had it been the announcement was negative now that the fundamental outlook is positive a lot of investors would come on board thus triggers massive pump in it price  for now the price is on a strong resistance zone at $47764 with influx of more investors based on SEC approval the resistance would be broken and the likely price target after  a rally is $64K+ even with the upcoming halving is another catalyst to pump the price.

Perhaps it was true and officially approved but unfortunately, the impact is not overwhelming as people are still confused about the announcement due to hacking incidents. The slow response is likely what we experience but who knows in the coming days, some individuals may be just waiting for some clarifications.  Or maybe, we just assume that this (pump) would happen and it fails. I'd rather think that halving is more influential than this.
Anyways, let us see what will happen the next couple of day otherwise, the majority are wrong.

Just as I said MULTIPLE TIMES... Inevitable 

The approval of the ETF is a milestone for the Bitcoin market, as it could open up new opportunities for investment and growth. Many are hopeful that this approval will increase mainstream adoption and increase the value of Bitcoin. With ETF approval, Bitcoin is now more accessible to a wider range of investors, which could potentially increase demand and price. While the ETF approval is a positive development, the cryptocurrency market is still volatile and unpredictable. Overall, ETFs have not been approved for long, now we will have to watch for some time to see which way Bitcoin and the cryptocurrency market as a whole will go. But I am optimistic about the future of Bitcoin.

This may not be normal as  bitcoin ETFs should be able to bring more money into the market which then causes prices to increase drastically - but it may take some time for this news to be confirmed. If this news is true - then I think the market is really going to party in the next little while. Let's wait and see how he reacts.

It's what the majority of speculators wanted.  Personally, I draw a distinction between "enthusiast" and "speculator".



I also question the use of the word "adoption".  Adoption of new technology looks like people using the technology.  People adopted the Internet by using it.  Not by making bets on whether the value of the Internet goes up or down.  As such, ETFs don't constitute adoption.  They aren't using Bitcoin, they're just making bets on it.

There is a lot of jeering over at Hacker News about this, meanwhile.

I wonder if the same people who are criticizing bitcoin now are going to be OK with buying a Bitcoin ETF.

Life is strange sometimes.


The Bitcoin ETF rally is like the 2021 rally. It grows, then pops, then it will grow again and this time be more responsible.


You guys are expecting BTC to just shoot up by thousands of dollars in just 24 hours? Give it some time, this isn't some r/walletsreetbets asset or a meme coin, Bitcoin moves fast but it's not dangerously volatile.

At long last now I can observe in peace let's see if a Few Trillion dollars enters in from the Pension system
Also oh boy, pensioners are going to be relying on crypto now.
Wall street is going to have a day.

Finally we see it approve and for sure there's a lot more exciting things will happen to it in future. To many things have gone thru and people has starting to lose faith that for bitcoin ETF approval but quietly they surprise us for this news.

For sure we can go far with this and we maybe can't feel the effect but in next few months for sure bitcoin bull run is now possible to happen especially if we add up the hype of ETF approval plus halving season this will be a huge blast.

Wonder what will be the statements of bitcoin haters with this good development recently happened. 

I got the same Page not found Error.  but if that is true then I am really looking forward to positive trends in the Cryptocurrency market. hopefully doors to new opportunities will open since Bitcoin is going mainstream after all. (according to them  ) 
For us Bitcoin has been part of our lives for many years now.

Honestly, I was expecting a big surge in Bitcoin price immediately after approval of Bitcoin ETF. but it is kinda surprising to see this morning there isn't much change. I guess previous Day's Twitter hack drama made people scare.  maybe it is better this way. because steady growth is better for us. so we can stack up more BTC while those Billionairs get into it.

I know many will be attributing one thing or the other to it, he has approved it, that is what is important and that is final. Telling his body language or judging him whatsoever is not necessary, needless to say, you might even judge wrongly. This guy is a professional in the field, he has his reasons for the reservation whether genuine or not and I respect that so much despite that I want it 100% approved. By the way, the top guys in SEC including Gary Gensler are not in the banana republic, what he does is not what he will just come up with alone, they operate like a parliament as well even if they do not call it that way.


They have some of them that will brainstorm, convince one another for or against a proposal and vote if necessary. Not that he alone will decide. Besides, who are the giants you are talking about that prevailed on him? Common, I don't know your country but the USA is not where you just call the shot on anyone as you like even the top politicians and business moguls are not crypto guys. Fine, I do not think he wanted this, but there is a lot that surrounds the situation, and also since the court sided against SEC initially last year, they were wise to have seen what would happen in the end if still disapproved it. So they are wise to do the needful.

Even if the SEC finally approves a Bitcoin ETF, it will still take time for Bitcoin prices to rise. Maybe there will be other positive news this month, but we have to be patient. At least there is positive news that supports Bitcoin, which will be a driving force for adoption so that it can spread and be accepted by many more countries.

While waiting for what happens in the market, we can continue buying Bitcoin as an investment. We must not be left behind by rich people who can buy Bitcoin at any price. We are still given the opportunity to buy Bitcoin at the current price of $45k.

Even though the price has increased, it is not a problem. Maybe soon, Bitcoin will reach $50k. So before that happens, you can still buy it and keep it. But we do not have to wait for any news to invest in Bitcoin long-term.

Thank you for this link. Finally. I really though the SEC is going to prolong this battle and try to scare the investors out. Now here we are. I guess they don't really have a choice after so many battles where mostly they lose.
Now the big question is, where will it go from here? We really have to be patient about this because there might be some negative effects on the start of it. That may be the exciting part on all the events that will happen from hereon.

Another point is that the ETF approval process and the Grayscale court ruling has all given regulators and even the companies that filed for ETFs a chance to study Bitcoin a bit more. You can clearly see the increase in understanding if you read some of the filings. This would eventuate into lawmakers making key decisions on Bitcoin and crypto utilisation

This is great news for Bitcoiners. After a long wait we have reached the last moment of approval. Maybe in a little while we will be 100% sure. However, the acceleration in Bitcoin price after this approval will change the entire market in a very short period of time. The current price of Bitcoin is slightly above $46000 and when Bitcoin is finally approved it will exceed $50000. The marketcap will increase within moments because there are many big investors who are waiting for ETF approval.

This was expected and unexpected simultaneously. I knew that they would approve ETFs at some point soon, but I didn't expect the news to get declared in this manner and the price is completely unfazed too.

These spot ETFs are already well established in some other countries, but it's good to see the US embracing them properly. All hail BTC!

Looking at the market, it seems people scared to get a new prank by SEC again, that's why the price wasn't increase bigger than previous. Actually the price is same like before SEC approving ETF lol, the hype was over when SEC claimed got hacked.

Not for me.

The price is staying at $46K, nothing change.

This is the day that all Bitcoin investors have been waiting for, when the ETF will issue Bitcoin approval. And it is officially successful today and all the investors are very happy to see the current Bitcoin market position. We have really been waiting for this day for a long time now that we have seen that day, we will definitely see the position of Bitcoin even better now.

bitcoin ETF brings 'legitimacy' in peoples view that regulators and lawmakers dont see bitcoin as a illicit scam*, by allowing ETF to collateralise it.. but thats a side thing from actual adoption from bitcoin ETF
obviously all property, assets, collateral, currencies can be used by scammers or for illicit uses, without the underlying item being an illicit scam itself

---

bitcoin adoption is not:
being owed inbound balance of someone elses subnetwork channel
having balance on a CEX database
having ETF shares

those users of such managed funds will cause the managers of funds to accumulate coins presented as people showing interest in bitcoin

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bitcoins price is self deflationary it does not need fiat financial/social media events to "increase the price" as that just causes temporary events of pump and dumps

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things like the SEC although being hand offish about creating new rules specifically just for crypto ETF and on the downside virtue signalling both sides.. i foresee a situation where ETF will strengthen their grip of circulation control via lobbying to make CEX/spot/mined/onchain transfered coins harder to acquire.. to give more competitive edge to make ETF more appealing. (also due to the E warren stuff). where by hoarding actual bitcoin may become tougher outside of regulated services

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also dont confuse bitcoin value(economic underlying whole sale base acquisition cost) vs values(sentiment, utility, desires, function) vs price (retail market price/premium)

bitcoins value are more superior than ethereums value
bitcoins values are more superior than ethereums values

even if ethereum price speculates at 320x of its value
even if ethereum speculates as having more utility

bitcoin has value and values better than ethereum.. even if ethereum PRICE is speculating way above its value, does not mean ethereum is better/popular
in 99% of cases ethereum just shadow traces bitcoins price wiggles on the long term. depegging by 1% variance each short term period

It's good for Bitcoin ETF adoption, but this just made it so nobody needs to hold actual Bitcoin anymore to profit from its gain in price. Anybody with an ordinary brokerage account can bet on Bitcoin now, so why would anybody mess around with a complicated, risky "wallet app" or a relatively new financial firm like Binance?

The reality is that Bitcoin (and cryptos generally) have been meme investments* since their inception for almost all consumers.

(*I don't mean this term in some kind of negative way--I'm open to other phraseology if anybody wants to offer it).

Exactly. If anything, the ETF will make it so that fewer people will own actual Bitcoin since they no longer have to in order to profit from it's increase in price.

And if Bitcoin is not a tangible company or other tangible asset, and it's not any of the things it was originally touted to be e.g. a superior means of payment, then... what else is it? People buying this ETF are buying the word "Bitcoin" and nothing else...

Been a stressful 24 hours pretty much.

Yesterday we had that fake tweet from the hack where we spiked to $48K and then few minutes after started to tank.

Then today we had the CBOE publish that they will list all those tickers tomorrow and we started to rally and then they withdraw those orders.

Then a few minutes prior to NY close they uploaded the approved and then they deleted shortly after. And then a few minutes later we get the official approval.

Been a crazy roller coaster ride.

Now that the ETFs have approval, which one are we piling into? Has anyone done a comparison of the fees and holdings? I’m sure I’m not the only one who wouldn’t mind getting some sweet sweet crypto gains in a Roth retirement account.

I think its only the kinda self-congratulating bitcoin enthusiasts who didn't want an ETF. Like the kind of person who thinks only certain people should use bitcoin and you can only use it in certain ways (while also ironically thinking bitcoin is great because its a global open currency for everyone haha). Same people who don't want companies or rich people or governments to own any bitcoin are the people who don't want ETFs. I always find it funny when the sort of people who publicly claim to be the most hardcore about stuff like 'freedom' and whatnot, such as with bitcoin, turn out to want a bunch of restrictions on what people can do and don't see the obvious irony and hypocrisy of it haha

Let's not gatekeep! That literally goes against the fundamental ideals of Bitcoin!

Bitcoin is a hard currency. Among other things, hard currency makes a great investment. ETF is for people who want it solely for investment purposes and want to go through the TradFi exchanges they are comfortable with and trust. Nothing wrong with that. It's not like 99.9% of people are gonna be able to spend their bitcoin anytime soon anyway. I, like presumably most everyone on this forum, prefer actually owning my bitcoin in my own addresses rather than just gaining access to its price through a 'financial product'. But actual freedom is about not forcing what you like on other people for no other reason that you like it.

These things are all okay:
- owning bitcoin
- owning a bitcoin etf
- buying bitcoin and holding it on an exchange (NEVER recommended of course for security reasons but people do it for convenience, as with many things in life)
- spending bitcoin
- selling bitcoin for fiat
- only using bitcoin as an investment
- refusing to ever sell bitcoin and only use it once you can spend it
- being low income and buying bitcoin (in any form)
- being rich and buying bitcoin (in any form)
- a company buying bitcoin (in any form)
- a govt buying bitcoin (in any form)
- literally any other organization buying bitcoin (in any form)
- using centralized exchanges
- using p2p exchanges
- liking bitcoin because its an open global currency and payment system that gets around the faults and inflation and borders of fiat
- liking bitcoin because it grows your wealth
- liking bitcoin for everything that it is

Things that are not okay:
- gatekeeping bitcoin and deciding that certain (non-malevolent) uses of bitcoin are wrong because it's not "maxi" enough


Any form of owning, buying, selling, or spending bitcoin by anyone or any organization (for non-malevolent reasons) is perfectly fine. That's literally what bitcoin was made for!




Bitcoin ETFs normalize bitcoin as a financial asset. That's good for Bitcoin adoption. It also increases price, and let's be honest, an increasing price is good for Bitcoin adoption. Ain't nobody be owning bitcoin if it wasn't a store of value. Sure the ETF doesn't mean the investors own bitcoin, they own a financial product that tracks bitcoin's price. But I don't think anyone buying an ETF is going to be under the illusion that they own bitcoin. Even though they won't own any bitcoin, they are still increasing bitcoin adoption by normalizing its value as being something valuable, which is a crucial property of good money.

The acceptance of Bitcoin ETF ends all questions of investors and traders regarding the legality of Bitcoin ETF. Now let's see how this Bitcoin ETF performs in the market, whether it will succeed in driving Bitcoin forward or is just an ordinary ETF asset full of drama.

https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

How does an ETF make a mockery of decentralisation? Bitcoin is still decentralised. There is no third party vetting transactions.
It is still P2P. It is still deflationary and scarce. So what fundamental have been mocked?
 In essence the ETF allows  institutional and retail investors are more exposed to Bitcoin without having to go to the hassle of buy and storing the coins themselves. The ETF just allows big companies to take people’s money and buy Bitcoin while taking a service fee. And because of the ‘trustworthiness’ and ‘integrity’ of these companies ppl are more likely to engage in crypto

No idea what your obsession with Elizabeth Warren is but she's got nothing to do with Gensler. Like why are you randomly talking about her in your post?? Kinda weird tbh. They are entirely different people.

I know we all thought back when Gensler took the job he would be pro-bitcoin because he taught a blockchain course but he has made it abundantly clear for several years now that he hates Bitcoin. No need to make up a fantasy about some random member of congress controlling him haha.

Gensler has done nothing but attack Bitcoin and the industry since he's been at the SEC. He very clearly has some sort of personal vendetta against Bitcoin. I have no idea why, but he does. Elizabeth Warren obviously does as well but you just randomly brought her up haha. You just randomly name dropping other anti-bitcoiners or something haha??

And I don't understand your need to try say the single person in the US govt who has done the most to attack Bitcoin the past few years is actually secretly on bitcoin's side lol, I've seen other people on these forums make the same claim and it's just super bizarre. Are you next gonna say how much Buffett and Dimon and Schiff secretly love Bitcoin they just can't openly tell us so instead they attack it haha? Let's just be real here. It ain't opposite day. Let's stick to reality

He VERY CLEARLY does not like the fact that he was basically forced by the court decision last year to approve BTC ETFs now. He ain't playing 4D chess as some super secret pro-bitcoin spy playing the long con attacking bitcoin and the industry for years just to make everyone think he hates bitcoin and then suddenly approve ETFs while continuing to say how bad he thinks bitcoin lol. Dude just hates bitcoin. There is literally no reason to think anything else. If you think "he actually helped us" you must honestly be the most optimistic guy in the world! That's the kind of optimism where you thank someone for punching you repeatedly in the face haha.

Anyway, I think we can all just be glad last year the courts basically told Gensler he can't keep rejecting BTC ETFs for nonsense reasons. Otherwise we'd been waiting a few years until Gensler is out of office for this day to come. No doubt Gensler will continue attacking Bitcoin these next few years any chance he gets, but at least the ETF struggle is over now!

The absurdity of @legiteum calling Bitcoin a "meme investment" apart, I have to say "Bitcoin enthusiasts" didn't want ETF, "Fiat enthusiasts" wanted it as they wanted to make money and didn't care what they bought (be it bitcoin, gold, stocks, crap wrapped in a pretty box, etc.).
As for adoption, ETF is not directly affecting adoption since people won't be buying or owning bitcoin through that. The only thing it may do (which is a weak thing) is to battle certain FUD that some "celebrities" spread about bitcoin and help adoption that way (indirectly).

Not implying anything of the sort. Bitcoin is a pure meme to invest in. There is nothing wrong with that. Whether it's the next Gamestop or the next Amazon is up to investors.

And yes, Bitcoin is going to see more adoption as a meme investment because of the ETF. It's not going to change whether people use it for other reasons e.g. paying for stuff at the retail level.

But an ETF makes a mockery of all of the old-school allegedly useful features of Bitcoin e.g. "decentralized" and so forth...

note that final statement as a echo of elizabeth warrens words in his rhetoric to keep his job..  and then it starts to make sense
if he didnt say it, expect harsh backlash from E warren where she would file petitions and such

also note that gensler had over a year to make up new goalposts, minimum standards. heck he could have even said no to 6 of the dozen, to set precedent of higher standards. but by allowing all to be approved shows he didnt want to move goal posts or raise the bar higher compared to traditional ETF standards

heck with all the trolling of "gensler is anti-bitcoin" i was only expecting 1-4 to get accepted as some do have lower standards than others. but by seeing a dozen got accepted shows even with his boss mommy E warren screaming sentiments. he didnt really do much more then a traditional ETF would have been asked to do

Yes, very rich people do play a big role in the Bitcoin movement, but poor people still benefit if they own Bitcoin, whatever the amount and the profits will double if big people buy Bitcoin, so everyone from all walks of life society gets the benefits
And whether it is true or not, we can only wait for the next good news related to the existing news, and I am also happy to hear and see this news on the internet, television and so on.

Governments, even strong governments like the US, still have to respond to the interests of the powerful, and even if they do not like bitcoin due to its characteristics, it is undeniable this market represents a gold mine ready to be exploited, and blackrock was not going to let that opportunity to pass them up.

I am happy this is over, the fake news and the hacks were getting ridiculous, so we can finally move on and wait for the halving to actually take place.

Uncle Gary is coping and he wants to make it feel difficult for crypto natives as it was for him when he begins approving the other applications hehehehe. Also according to some people in social media, uncle Gary's vote was the deciding vote on the first approval. This is for certain a pride swallowing occurrence for him after months of rejection and postponement. However, he has no choice because the real rulers in America like the people behind Blackrock want a spot bitcoin ETF heheheee.

I have the same thoughts as you, I don't think he hates bitcoin as much as we see. But in his position, he cannot publicly support bitcoin, what he does is only for work, and because the government forces him to do so. Not only Gensler, but anyone who has ever spread negative things about bitcoin, I also don't believe it. I like to look at what they do rather than just look at what they tell us. No one hates money, especially billionaires like Warren Buffett or Gates.

This is what majority of Bitcoin enthusiasts wanted from the onset. There's no point to be negative about it. Are you implying that Bitcoin is similar to Gamestop or AMC? It's not, period. These Bitcoin ETFs will catapult Bitcoin to get massive adoption which has been one of the missions of Bitcoin. The ETFs will put Bitcoin on the center stage to get massively adopted in the coming years. These are really exciting times and I'm glad to be alive to see it.

I don't think so.

Teaching Bitcoin doesn't mean liking it. He was a teacher. His job was to teach. Bitcoin started to become relevant and so he had to include it just as he had to include other economic theories, views, paradigms, etc. whether he liked them or not.

Gensler was probably more open-minded as an academic. It comes with the job. All approaches are there to be carefully studied and understood. The environment is perfect for that.

I understand it isn't the same when you're working in the government where power play is at its core. Pleasing certain personalities is probably a must at times.

But you don't have to end your statement about a positive news for something you like by slinging mud at it. This is Bitcoin's day. If you truly support Bitcoin deep inside, do you have to mention that it is used in illicit activity and even go as far as enumerate the likes of ransomware, money laundering, sanction evasion, and terrorist financing? That's even uncalled for.


Gensler mentioned it anyway. I don't know what relevance that has, but he closed his official statement with that. I doubt if he does the same upon approval of another ETP that isn't Bitcoin. Would he also remind the people to be cautious with fiat because it is being overprinted and that it is also used in all kinds of crimes?

Excellent. Bitcoin is now officially a meme investment that has nothing to do with its original ideals .

Maybe the SEC's twitter account got hacked again /s

Jokes aside, now the big guys are going to start buying BTC.

Can you really say that BTC is bad for the environment or is only used by criminals if you are filling your bags with it? 

Rich or poor as long as we have Bitcoins on our wallet there will be a higher chance that it's value might double.

Yeah this is quiet common on the internet space even before. If this is true then it has negative effects on the current status of Bitcoin.

Yeah I am excited to hear and see this approval on the local television news and it's impact on the price of Bitcoin.

this is a very good guess

my theory
gensler likes bitcoin. in previous years he even taught it at MIT

however politically. he has to save his job so with the likes of Elizabeth Warren and her anti-bitcoin crusade. he has to kiss the ring and call bitcoin out for the risks... whilst legally he let the ETF pass

remember for years he has been saying that businesses need to regulate(kiss the warren ring) but has not been setting new rules of regulation specifically for bitcoin (which bitcoiners dont want rules).. he has instead stuck mostly with existing rules of fiat regulations on the most part

so he has actually helped us before by not setting new rules and so letting businesses run without setting too high a goalpost

him saying things like how bitcoin ETF is not insured (meaning he didnt add a goal post min standard)
him saying "Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. "
again not moving the goal post higher
shows he is not pushing for new laws for crypto specifically. and instead is accepting bitcoin ETF under the same landscape as fiat ETF

yes he washes those sentances with repeats of elizabeth warrens mantra. but i feel thats just protecting his job and kissing the ring

Well yeah of course Gensler would never have approved Bitcoin ETFs if he wasn't under political and legal pressure to do so. He hates the entire cryptocurrency space and has many times made clear his disdain for Bitcoin and Crypto and said they don't need to exist. I'm sure he is quite upset as it is clear one of his goals as head of the SEC has been to try to harm Bitcoin adoption in the US and cause chaos in the market by gaslighting and suing the exchanges constantly, and he ended up having to preside over bridging Bitcoin with mainstream traditional finance lol....poor Gensler indeed!

Also that's a hilarious statement, saying Bitcoin has no underlying asset unlike Gold....Gold doesn't either lol, Gold and Bitcoin ARE the underlying asset. Like, what does he think is the underlying asset for Gold??? haha. And no real life usage is also hilarious haha, dude really doesn't have a clue about Bitcoin. I guess when you are so insulated in the finance world you literally put on blinders to anything novel having value and utility, same way Warren Buffet and Jamie Dimon have infamously and repeated publicly stated their blinders for Bitcoin.

Mr. Gensler sounded defeated and bitter in his statement. He seemed to insinuate that the courts are mainly the reason for this, mentioning how the Court of Appeals favored Grayscale's planned conversion of their Bitcoin trust to ETF. He seemed to suggest that if the agency is to be followed, it would have once again rejected the applications.

He ended his statement by mentioning that Bitcoin, unlike gold, has no underlying asset and has no real-life usage, that it's nothing but a volatile speculative asset that is used in many crimes, and that they are actually not in approval of such a risky asset.

Poor Mr. Gensler! He had to say yes even if he wanted to say no.

I bet just a sizeable amount of the market are contrarian traders. "sell the news" types. On Coinbase the price seesawed between like $44k/$45k and $46k/47k a couple times soon within just an hour or two after the announcement - that is some crazy volatility for Bitcoin. Contrarian traders trying to crash the price but not succeeding as obviously the majority of the market understands this is hugely positive for Bitcoin's price.

I would bet Bitcoin doesn't spend very much longer in the $40,000s now that ETFs are approved. People are gonna want to get in before ETFs start buying up billions of dollars of bitcoin, and then of course the direct effect of billions of dollars of bitcoin being bought up for the ETFs.

Definitely most of the ETF inflow is going to be over the long term as millions of regular TradFi investors slowly decide they should put a little bit of their money in a Bitcoin ETF once they get used to the idea of Bitcoin being a more normalized investment, but I would guess there will be at least a couple billion dollars of inflows into these ETFs in the first days or weeks of their offering, coming probably mostly from investment funds and stuff like that (or just finance guys who are too engrained in TradFi to invest in something outside their realm) that has to follow rules about what they can invest in and never came up for rules about investing in cryptocurrencies, but no rules for them against putting money in ETFs.

Gensler the coping clown.



While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin.

Source https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

He makes it sound like he was forced into it. He definitely didn't want them approved. I guess he put up a good fight. But too much pressure from giants ... cough cough Blackrock

Now that the ETF is approved I guess Bitcoin might seem a bit more legitimate to ppl when they see names like Blackrock, Fidelity ARK and the like. Although spot ETF's have been approved in other countries like Australia and it didn't have much effect. But I guess the SEC approval has been publicised and built up much more and thus we hopefully see new ppl investing in crypto. So hope for big bull runs!

Gray Gensler himself made the statement and declared Bitcoin EPF officially approved. I'm sharing a screenshot pic below and the link I took from Twitter(X) .


https://twitter.com/BitcoinMagazine/status/1745198148862046507?t=z7OILSoFKrp96kHW1DiQSA&s=19

This is indeed a historic moment for Bitcoin and the cryptocurrency market. The U.S. SEC officially approved the listing of Bitcoin Spot ETFs on Wednesday, January 10, 2024. This approval will likely open the door to a new wave of institutional investment. Trading could start as early as Thursday morning. This move marks a significant milestone in the evolution of Bitcoin adoption within traditional financial markets.
Please note that while the original document might be temporarily inaccessible, the key details have been widely reported and confirmed by multiple sources.

https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals
https://www.msn.com/en-us/money/savingandinvesting/sec-officially-approves-bitcoin-etf-proposals-for-real-this-time/ar-AA1mLSQg
https://www.fxempire.com/forecasts/article/bitcoin-spot-etf-officially-approved-by-sec-bullish-btc-price-reaction-to-follow-1401469
https://www.investors.com/news/sec-officially-approves-bitcoin-etf-proposals-for-real-this-time
https://www.kitco.com/news/article/2024-01-10/sec-approves-11-spot-bitcoin-etfs

If you need more specific details from the original document, I recommend checking the news outlets for updates. They will likely provide access to the document once it’s available again.
Remember, always verify information from reliable sources. Happy investing!

I'm positive a few days ago when we had these mistakes from the Twitter profiles of SEC and Gary Gensler where they tweeted the approval of ETFs.
Where I am positive that they just accidentally tweeted it very early and claimed that they were hacked

Now the rich are on the game. Are we going to be rich as well as their money will flow and come to us too?

I just hope that SEC will never post another update about that their website and approvals have been hacked by somebody and just modified it.

Will wait for the impact of this on the market as it's not that impactful as of the moment.

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

I'd honestly rather none of them had been approved, but fine.  Let the bazillionaires have their playthings.  Betting from the sidelines still isn't "Bitcoin adoption" in my book, though.

It's really strange, it's officially approved as it seems but there is a big inactivity on market. The market was volatile like this yesterday and the moment before announcement too, charts speak themselves. People are probably looking for official twitter post or aren't immediately acting because they are afraid they'll become a victim of what happened yesterday. We aren't seeing buy the rumor, sell the news either. It's a very curious, I am not going to sleep for a while to see what will happen.

If they have such a big problems, they should close themselves They are toying with Bitcoin's price.

This link is working:
https://www.sec.gov/files/rules/sro/nysearca/2024/34-99306.pdf

I suspect the original was a temporary link and it was renamed.  But who knows, it could've just been incompetence on the SEC's part.

It seems the link or the page was hacked because the PDF file is gone or SEC just intentionally removed it

It's trending on Cryptopanic and FB groups about this news but I can't see the price surge yet maybe we will see it after a few more hours?
However, some people said it's fake news but I found this statement below.

- https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

Ok, I get it the link was down due to heavy traffic which is why the page suddenly 404 error.

This is definitely good news - but a bit strange, of cource because I see a price correction in bitcoin at the moment. This may not be normal as bitcoin ETFs should be able to bring more money into the market which then causes prices to increase drastically - but it may take some time for this news to be confirmed. If this news is true - then I think the market is really going to party in the next little while. Let's wait and see how he reacts.

This are excellent news, we can expect that the bitcoin brice get skyrocket in the few days/weeks, obviously this can bring more volatility.

You can go to this twitter as it has a copy of the re-uploaded PDF, you can also read the entire text in the PDF, until now the file from the SEC could not be found.

This approval news right here today just confirms the incident and speculation from yesterday, which led me to question the authenticity of the news being made by hackers who penetrated the SEC official X page. Thread link:
My question:  
Which user, @tvplus006, gave a very perfect answer to the question, which was too simple for me to believe until now?
 
The good news is, it was finally approved after all this time and all the speculation. 

Thanks for posting screenshot guys. I saw people talking about it live on youtube. They say the SEC website crashed at some point under traffic
Also, there was a surprisingly large amount of dumps on exchanges when the approval was announced, I guess the non-believers thought it's another fake announcement.
Once they confirm it there's going to be a wave of buybacks.

yes it was there now and again gone

very strange

darkangel11
JackpotRacer
It went offline. I have the whole PDF, does anyone want it? Btw this image comes from cointelegraph.com

I get same

Oops! Page Not Found.
Error 404

This is indeed a huge news to the Bitcoin community. The long awaited ETF has just been approved. Hoping that Bitcoin meets my price expectations which is $50K. Congrats to the Bitcoin community.

I don't see anything. Can you post a screenshot of the contents, or something?



I have serious doubts about these news after yesterday.


Edit: I've just opened youtube and there's a video from Swan Bitcoin going live where they say all 11 ETFs got approved. So, I guess congratulations fellow holders!

Bitcoin ETFs are officially approved - https://www.sec.gov/files/rules/sro/nysearca/2024/fg-89shlq.pdf