ETF Approval, do we have reason to celebrate?

[Rikafip]

The way I see it, we're just getting another big player who will keep a large amount of Bitcoin under his control. Whoever decides on an ETF, will be given Bitcoin for "safekeeping" and in return, they will receive a dividend in Fiat. So, again Fiat, is exactly what we wanted Bitcoin to destroy.

I don't think that anyone thought bitcoin is/will/could destroy fiat. I personally see it as an alternative to the current system that will exist parallel to it and that's about it. After all, it was only a matter of time before the big players start amassing bitcoin.

Second thing, everyone is looking forward to record values, and rising BTC prices, but what happens when it reaches $200k, for example? For us ordinary people, it will be much more difficult to collect a significant amount of Bitcoin, so even from that point of view, I see no reason to celebrate everyone who has less than 30BTC in their wallet.

I don't know about you, but I think that owning few bitcoins at the moment it reaches $200k would solve many people financial problems so I don't think that only those who already have large amounts of bitcoin will benefit from it.

With that being said, I wasn't overly hyped in the period prior to ETH approval and all those rumours and I am not overhyped now.

[Faisal2202]

What are we celebrating here?

I have less than 0.5 BTC or I should say I have less than 0.1 BTC but still I am happy for the time being that ETFs have been approved, the only reason for my joy is more money will flow into BTC, even if this comes with a price like big players will have many BTC into there holdings that they can even manipulate the price. Plus one other benefit I am seeing here is, that these big companies will hold BTC into what few cold wallets, and then they will sell their shares to the people, and people will buy them with fiat, in this process not a single transaction is being made on Blockchain.

This will avoid congestion and high fees (although increasing the price of BTC will still increase the fee for a single TX). As we know BTC blockchain still has scalability issues in that it cannot process huge traffic, so these approvals of ETFs have bought some time for the developers to improve the scalability of the BTC so that when these traditional people using ETFs will fed up with this and will turn to the BTC directly like using components (wallets, Smartcontracts, etc.) they will increase the number of TXs and till then I hope BTC would be ready to manage them.

[bhadz]

It depends from where you are, here in my country having less than 5 is more than enough and could give you significant better life and even just having 0.5 - 1 BTC, that can help you financially already. I think that if it goes to $200k and more, everyone's lives are going to change a lot. We don't even have these etfs and yet, many lives have changed already so whether someone is celebrating this approval or not. It is certain somewhere in the future that you're going to celebrate any event that's significant and relevant to Bitcoin and your benefit from it.

[bitmover]

The way I see it, we're just getting another big player who will keep a large amount of Bitcoin under his control. Whoever decides on an ETF, will be given Bitcoin for "safekeeping" and in return, they will receive a dividend in Fiat. So, again Fiat, is exactly what we wanted Bitcoin to destroy.

I don't think that anyone thought bitcoin is/will/could destroy fiat. I personally see it as an alternative to the current system that will exist parallel to it and that's about it. After all, it was only a matter of time before the big players start amassing bitcoin.

Personally, I think it is much safer to buy an ETF than to keep bitcoin in an exchange.

I wouldn't do neither , but I have no problems if someone prefer to buy an ETF. Let people do whatever they want with their money.

Anyway, more people with lots of money can easily buy a bitcoin etf now.
Price will certainly react to that. Sooner or later. It is inevitable imo

[Baofeng]

The way I see it, we're just getting another big player who will keep a large amount of Bitcoin under his control. Whoever decides on an ETF, will be given Bitcoin for "safekeeping" and in return, they will receive a dividend in Fiat. So, again Fiat, is exactly what we wanted Bitcoin to destroy.

I don't think that anyone thought bitcoin is/will/could destroy fiat. I personally see it as an alternative to the current system that will exist parallel to it and that's about it. After all, it was only a matter of time before the big players start amassing bitcoin.

Personally, I think it is much safer to buy an ETF than to keep bitcoin in an exchange.

I wouldn't do neither , but I have no problems if someone prefer to buy an ETF. Let people do whatever they want with their money.

Anyway, more people with lots of money can easily buy a bitcoin etf now.
Price will certainly react to that. Sooner or later. It is inevitable imo

Lesser of the two evil? Yeah I do agree, it's better to go for ETF as those companies knows how to handle huge clients as compare to exchange which is not safe. Anyhow, have everyone see the effect of the approval though?

It seems that we have a retracement as some point, prices going high as $49k but then move back to $42k when the news of a approval.

So it looks like someone is manipulating the price behind and doesn't want the price to go up and hit $50k as majority have been predicting.

[I-Bit]

Yes, of course we can celebrate Bitcoin ETF approval because Bitcoin ETF approval is very happy news for Bitcoin users and Bitcoin investors. The news of Bitcoin ETF approval hit the cryptocurrency market a lot. We saw Bitcoin go from $44,000 to $48,969 as soon as the Bitcoin ETF was approved. But even if the market doesn't see a peak in Bitcoin ETF approvals, we know the Bitcoin halving isn't much longer. After the Bitcoin halving we may see a peak market for Bitcoin.

Sure. It is good news for Bitcoin future and it is for the whole crypto space as well. After the news of Bitcoin ETF approval, surely the price of Bitcoin passed $48k but it looks like in a correction phase now. The price drop is quite large, Bitcoin price dropped to $41k - $42k. I am quite surprised that the price of Bitcoin could drop very significantly after the pump of Bitcoin price yesterday.

[bitterguy28]

Just 2 days after approval here we are in Market dumping , started by Bitcoin and now the whole crypto market is bleeding , it is really a way to Celebrate the approval? 

I am not frustrated and much concern because I have positioned my funds correctly even before the dump so I am confidently holding funds that is ready to buy again once the market dumped according to my target prices.

[joniboini]

But for example, can you give me an explanation why the higher price of Bitcoin will have a positive effect on you? What is the main benefit that you or I or the majority of members from this forum will have from BlackRock or the higher price of Bitcoin?

I mean for some people Bitcoin is just an instrument to increase their wealth. Most of them still use fiat to buy stuff, and if Bitcoin prices increase significantly, they can sell some of them and buy stuff that they need (house, car, land, etc). Not every one of them needs sound money and will stay away from fiat forever, so, understandably, they are happy about it. I still think Bitcoin achieved its goal already whether ETF is approved or not, since people will keep using it to make transactions regardless of what happens on the market. CMIIW.

Just 2 days after approval here we are in Market dumping , started by Bitcoin and now the whole crypto market is bleeding , it is really a way to Celebrate the approval? 

Not really surprising, people are selling on the news as usual. I would be surprised if the price pumped significantly after this. It is not a new behavior on the market, isn't it?

[dekafee79]

it is a good time to celebrate ATF  approved, cheers....
But why after ETF approved, bitcoin goes dump..
almost all of altcoins price is going down now.
I try to buy more several potential to add my coin collection.
Hopefully crypto will  shine again soon.
Because too long to wait bullish season, I have need in my life.

[examplens]

it is a good time to celebrate ATF  approved, cheers....
But why after ETF approved, bitcoin goes dump..
almost all of altcoins price is going down now.

First, the news that the ETF would not be approved was announced, and this caused the value of Bitcoin to rise. However, when the ETF approval is confirmed, the value of Bitcoin drops dramatically in the short term. Sounds twisted, doesn't it?

I try to buy more several potential to add my coin collection.
Hopefully crypto will  shine again soon.
Because too long to wait bullish season, I have need in my life.

Remember, invest only what you can afford to lose. Also, it does not have a profit until the investment cycle is completed.
Be responsible towards your money. 

[Carbitcoin]

It's very good news guys. The legal status of cryptocurrency in the US remains opaque, but a Bitcoin-based ETF allows regulated entities to legally invest in it without having to touch the cryptocurrency.

[Don Pedro Dinero]

The way I see it, we're just getting another big player who will keep a large amount of Bitcoin under his control. Whoever decides on an ETF, will be given Bitcoin for "safekeeping" and in return, they will receive a dividend in Fiat. So, again Fiat, is exactly what we wanted Bitcoin to destroy.

I don't think that anyone thought bitcoin is/will/could destroy fiat. I personally see it as an alternative to the current system that will exist parallel to it and that's about it. After all, it was only a matter of time before the big players start amassing bitcoin.

I do think that at the beginning there were people who thought about it, and even when I got into this, in 2017 I saw several times on BTT people pointing to the possibility of that happening in the future. That was Satoshi's idea. But today bitcoin is mostly used as an investment, and in many cases it goes through centralised entities and KYC. Increasingly so, in fact, with ever stricter regulations in this regard. Spot ETFs are just another step in that direction.

[Aanuoluwatofunmi]

There are many things that has to be understood by the people straight up, bitcoin ETF is not part of the bitcoin network, this is something entirely different from what determine the bitcoin price or value, just as any economic activities can mildly influence the market performance of the currency but on a short time base, we are seeming to be forgetting about halving than how we so much put more pressure on what doesn't even matters to the network, maybe some would have learnt their lesson on ETF approval by now.

[bitterguy28]

Just 2 days after approval here we are in Market dumping , started by Bitcoin and now the whole crypto market is bleeding , it is really a way to Celebrate the approval? 

Not really surprising, people are selling on the news as usual. I would be surprised if the price pumped significantly after this. It is not a new behavior on the market, isn't it?

well nothing that I care actually , what I only knew now is i need to gather as much that I can so if time comes(in which i know will surely come) is that all my crypto assets are more than enough for me to say thank you and I love you Bitcoin (and altcoins as well)

Sometimes we are tend to surprise ourselves from the things we have understand but  forgot to take what it needed learn .

[bounceback]

Looking for bitcoin one week after ETF approval I don't think have essential effort for celebrating this approval because bitcoin keep going on lower price, most close with bad thing after ETF approval bitcoin stuck lower price and difficult for raising to higher price. Comparison before ETF approval bitcoin price stable around $46k but after approving bitcoin get dump drastically and stable around $42k after one week announcement.
I don't know its some thing manage by whale how to make people losses patience waiting for bitcoin raise up again to higher price or ETF approval need several weeks later for bitcoin make new highest price for this year.