Do you have any issue with the fact that the "investors" are "exposed" to bitcoin but this may disincentivize them from actually buying and custodying bitcoin themselves? and thus helping to normalize "deriviative products" or their nearby cousins?
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Many bond investors are prohibited from buying equities and commodities, so no issue with that. Anyone who can own and self custody should, but there is so much capital trapped in the tradfi system that ETF's and bitcoin equities are the best option for many and it is a scaling solution. UTXO's are king but they are not for everyone, especially with transaction fees rising in the future.
It's an NGU solution for sure. And NGU is good for adoption (in some ways)... But is it a scaling solution for properly decentralized and properly custodied Bitcoin?
Or does it set up the exact opposite incentives?