After a long wait, much speculation, and expectations in the crypto market, the approval by the SEC of the first Bitcoin ETF was finally confirmed a couple of weeks ago.
For those who defend Bitcoin as an element of freedom and resistance according to their philosophy, the news is not so much news, as it contravenes those principles. For others, less visceral, the SEC's recognition of this digital asset is an important step in the perception and adoption of Bitcoin as a mainstream asset. It is a milestone with a very significant impact; it is not only accepted by institutional investors but also by traditional investors skeptical of Bitcoin.
While we may be staunch advocates of self-custody as a libertarian banner, we must recognize that this is not an easy path for everyone, nor a path that everyone wants to travel. Self-custody requires certain technical knowledge, and cybersecurity habits, and raises the degree of responsibility and self-control, something that not everyone is willing to assume. Lifelong, old-school investors, seasoned in the financial markets, tend to delegate that responsibility to specialist brokers; they are not after freedom, they are after returns on their investments.
The SEC's approval of a Bitcoin ETF means recognizing Bitcoin, bringing it out of hiding, and showing it to everyone, especially to those "financial dinosaurs" who, it must be said, are usually the ones who concentrate the large amounts of capital. The change in mentality that can occur as a result of the approval of ETFs is exceptional, and not only favors the consolidation of Bitcoin but of digital assets in general. It is a breakthrough that brings with it the legitimization of institutional investors, large companies, and funds, marking a new chapter in the crypto industry.
For the most skeptical, those who have disavowed Bitcoin since its inception branding it a scam and a bubble, this approval is more than a new investment vehicle; it is validation by regulatory bodies, something that for them means the legitimacy and reliability of Bitcoin as an asset. The same reason or argument that bitcoiners reject ETFs, paradoxically, is what could make it attractive to its original detractors, since being backed by a regulatory body that monitors and supervises, generates greater security and confidence for them to invest.
These new investors may never be true bitcoiners, but they recognize Bitcoin, they are getting closer to it, and that should ultimately be positive for its future adoption. ETFs bridge and break down a barrier, bring technology closer, and democratize access that seemed to be technically limited to a small group. For the time being, ETFs offer an easier and more accessible gateway for those who wish to participate in the cryptocurrency market without diving into technical complexities or managing self-custody.
ETFs are not the destination, but they can be a pathway. The approval of Bitcoin ETFs represents not only an evolution in institutional adoption but also an opening of possibilities for the more skeptical. That something that seemed unthinkable a few years ago is a reality today is an important step, a big step.