Everyone is happy about the Bitcoin ETF, but is there really anything to be cheerful about?

After a journey spanning over a decade, the U.S. Securities and Exchange Commission (SEC) has granted approval for the first Bitcoin Spot ETFs.

Trading begins today, marking a significant milestone for all managers except Pando, which entered the race late, submitting documents only a few weeks ago. This heralds the arrival of a fund accessible to everyone (at least U.S. residents), allowing exposure to physical Bitcoin. Between the commencement of operations and the announcement, the initial purchase of Bitcoin is required as the foundation for the first fund shares to circulate.

This groundbreaking development is poised to forever change financial dynamics related to $BTC, offering exposure to Bitcoin's price for investors ranging from institutions to retail, who had been wary of exchanges until now. The hard-fought SEC approval signals the end of a decade-long journey, marked by abrupt shifts in the regulatory stance and influenced by factors such as BlackRock's entrance and legal pressures, leaving past struggles for product approval consigned to history.

Starting from today, January 11, trading operations are expected to commence, enabling traditional investors and non-accredited participants to access approved fund shares. These ETFs will be traded on major exchanges (NASDAQ, NYSE, CBOE), anticipated by many to trigger a new medium to long-term bullish cycle for Bitcoin.

What does "spot" mean?

It implies that the funds in question must hold actual Bitcoin in their reserves.

In contrast to previous U.S. ETFs, there's a serious commitment here, eliminating the possibility of synthetic price replication. Although Europe has had similar products for some time, direct purchase may be challenging as U.S. ETFs are not traded on European exchanges.

Platforms offering CFDs, like Skilling or eToro, may soon provide alternatives.

And now, what changes? For Bitcoin, not much. The cryptocurrency, symbolizing freedom, peer-to-peer transactions, and openness, has functioned remarkably and will continue to do so with or without ETFs. While some may turn to financial surrogates, particularly those hesitant about holding and utilizing Bitcoin, it remains a unique and unforgettable asset. Despite concerns about BlackRock's involvement, the real concern might be for BlackRock itself – having entered into a pact with the Devil. Once you understand Bitcoin, forgetting it becomes nearly impossible.