We call that Bitcoin IOU.
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Why do you care so much about something you clearly don’t use? Liquid is never going to be adopted by the plebs. It’s mainly going to be a utility for institutions. I know where I stand and where every one of my sats is.
Even institutions just need to own real #bitcoin not alternatives…
If they cannot because of accounting problem, they would rather buy ETF not liquid even tho they are both IOU.
Why?
At least ETF would have strict regulations applied rather than liquid.