SEC Greenlights Bitcoin ETFs, Strengthening Prospects for Wider Adoption
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SEC approval of bitcoin ETFs makes it very difficult for the US government to ban bitcoin or restrict its adoption in the future.
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Bitcoin ETFs give major financial institutions large bitcoin holdings, creating influential special interests in favor of bitcoin.
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Bitcoin aims to solve the problem of governments overspending and debasing fiat currencies over time. Its fixed supply could make it a superior long-term store of value.
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If bitcoin rises enough to compete with the dollar as a store of value (perhaps around a $7 trillion market cap), attempts to crack down would likely backfire and erode confidence in the dollar.
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Bitcoin serves as insurance against dollar devaluation from rising US debt and spending. The SEC has ensured this "insurance policy" will be available for the foreseeable future.