PriyaPatelTLDR:
A new cartoon by Iantoons depicts Bitcoin’s recent success due to the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States. However, there are concerns that this success may undermine Bitcoin’s original vision of decentralization and self-custody of assets. The worry is that the ETF may become a co-opted “brand” and that investors will not hold real Bitcoin, but rather a synthetic version.
A new cartoon by Iantoons illustrates the recent success of Bitcoin following the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States by the SEC. This success is attributed to the potential influx of new users and capital into the industry. However, there are concerns that the approval of the ETF may undermine Bitcoin’s original vision of decentralization and self-custody of assets.
The cartoon highlights the potential risk that Bitcoin could become just another ETF product, losing its unique qualities and becoming a “brand.” It also emphasizes the difference between holding real Bitcoin versus holding a synthetic Bitcoin. While an ETF may give ordinary investors exposure to the price moves of Bitcoin, it is not the same as holding the actual cryptoasset.
For Bitcoin to succeed on its own terms, it needs to evolve as a technology and have an ecosystem of developers building new applications on top. The cartoon points out that Bitcoin’s success so far has been overshadowed by other cryptocurrencies like Ethereum and Solana, which have vibrant ecosystems with thousands of developers building new applications.
In conclusion, the cartoon warns that while Bitcoin’s recent success may attract new users and capital, it may not deliver on its original vision of decentralization and self-custody of assets. To truly succeed, Bitcoin needs to evolve as a technology and not just become a store of value.
