BEWARE of the Bitcoin ETF! It'll Eventually Destroy BTC!! - YouTube

Guess who’s back, back again!?

Chico’s back, tell Kennedy your girlfriend.

Yes I am back and feeling the research burn inside of me...you know what that means!?

Some of the best crypto content on the tube...you know my drill.

It’s time for Chico Crypto!

BNY Mellon, there was some BIG news yesterday for one of America’s biggest and oldest

banks in the crypto space….the largest institutional Bitcoin Fund, Grayscale forged an agreement

with them so they could provide asset servicing and ETF services for the Grayscale Bitcoin

Trust!!

From the press release, it says asset servicing begins in October of this year & it’s anticipated

that BNY Mellon will provide transfer agency and ETF Services for the Grayscale Bitcoin

Trust upon its conversion to an ETF…

Upon it’s conversion to an ETF….this isn’t an IF anymore my friends, it’s a matter

of when….But what’s an ETF?

That stands for Exchange traded fund.

It’s hailed as the grand poobah of institutional products for Bitcoin.

Everyone one has been waiting for it, as rumors started of ETFs coming back in 2017

And the CEO of Grayscale, Micheal Sonnenshien, confirmed that they were nearing one nearly

6 months ago...

He was asked about their plans by the Block’s Frank Chapparoo.

Let’s listen to his response….

Well obviously the winds are blowing in the favor of a Bitcoin ETF, as BNY Mellon as an

ETF service provider, for over 20 years has helped serve the widest range of ETF products,

including their own, low cost and no fee ETFs, becoming an issuer last year.

Thus, BNY is in the perfect position to help Grayscale issue their first ETF...building

it to be low cost, and maybe even feeless.

Outshining those gold ETFs….

And guess what?

Micheal Sonnenshien spoke about a BTC versus gold in that interview with regards to an

ETF like environment..let’s listen in once again…

Sovereign nations are the next investor type going for BTC accumulation.

And as we know, since that chat in February, a sovereign nation has went gungho on BTC.

El Salvador has committed to adding BTC to their balance sheet.

Other countries are now joining the fun, with Paraguay to release their Bitcoin Bill today!

Like Mike of grayscale said in his interview...BTC is replacing gold, central banks will eventually

rotate out and the tides are slowly but surely turning that way…

Smaller South American countries are moving towards BTC and not gold.

What will it take to get a european country to do it?

Or possibly even the United States government??

It will take an ETF to get launched….which gives those institutions, wall st, the elite,

the 1 percenters.. the ability to control the asset…..

An ETF is good in the short to mid term, but it is devastating to Bitcoin in the long-term…

Why do I think this?

Well

it

happened to GOLD….and pretty much any asset that gets an ETF launched against it...

The first “gold backed” ETF or ETF like products came out in 2003 and as we can see

it was Australia and Canada who were the culprits.

After the success of this, the United States and the UK launched their own in 2004, Gold

Bullion Securities and SPDR Gold Shares...and shortly after the world joined the party,

and gold ETFs started exploding left and right throughout the decade….

What happened to the price of Gold during this time?

Well for the next 9 years it went parabolic, a growth from April 2003 to its peak in 2012

of 476 percent.

As you can see Money started flowing into these ETFs like a madman, by the billions

upon billions, reaching the peaks in 2009 and 2012…

But look at the outflows in 2013, GOLD got dumped and dumped hard, and this was reflected

in the price...gold struggled to recover...for years upon years, almost another decade, but

looking at recent price data, we have finally got back to those peak levels...but it hasn’t

been able to break out...even with the craziness going on in the world...it seems like GOLD

is purposely being held back...

So obviously initially, this ETF was great for the price of gold….it caused the parabolic

runup.

But you want to know who was the one’s cashing out big time on it initially?

Institutions, Wall St & the elite.

Especially the central banks, they started dumping early….in 2011, and continued to

dump crashing the price down!

Now it took years for these ETFs to be on the markets, accepted, and put into 401ks...retirement

accounts.

AKA the majority of wealth held within the 99 percent of America…

The 401ks got in late from 2007 on... they bought the top, and most got rekted with crashing

prices, fueled by banks, wall st. and the elite….

And if you know anything about the GOLD markets, there is major fear that the paper gold being

traded isn’t fully backed by actual gold.

They are inflating the true supply...these ETFs and funds...

So here we go...once again...the United States is readying their first Bitcoin ETF...through

who we mentioned earlier, Grayscale...and they even put out a blog, detailing their

plans further, titled “Grayscale’s Intentions for a Bitcoin ETF”...

In this Blog they showed the lifecycle of a grayscale product...first is private placement,

2nd is obtaining public quotation on secondary markets, 3rd is reporting to the SEC, and

finally you get the ETF, and just below that we can see where each Grayscale product is

in this life cycle with only Bitcoin & Ethereum being at the SEC reporting stage.

Could Grayscale be getting ready to launch an Ethereum ETF too!?

Well it’s not only Grayscale who is coming with a US Based ETF.

There may be another that beats them to the punch...Remember Cathie Wood of Ark Invest!?

Well her ETF, ArkB, was the first to list the Fees…which means, they are getting really

close to approval…

The US institutions are coming for Bitcoin & it’s very possible we get one this year!.And

what's funny to me?

It’s playing out almost exactly like gold….

Remember it was Canada & Australia who launched a GOLD ETF before the United States, it was

one year later that the US joined in on the party with SPDR…

Well, isn’t that just convenient….Canada launched their first bitcoin ETF in February,

and in 2 days it had nearly half a billion AUM….and just like the United States Australia

is getting ready to launch it’s first Bitcoin ETF…..

All I have to say is this…. the more things change….the more they stay the same...BTC

is getting institutionalized….but unlike gold, we have a fully public ledger & we can

see everything these ETFs just might be doing.

Cheers I’ll see you next time!