Influential cryptocurrency analyst PlanB said Saturday that they have transferred all their spot Bitcoin BTC/USD to exchange-traded funds, seeking a hassle-free trading experience and “peace of mind.”
What Happened: The influencer, known for creating the popular Stock to Flow price prediction model, was motivated by the convenience of managing Bitcoin in the same manner as equities and bonds.
“Also, not having to hassle with keys gives me peace of mind. I guess I am not a maxi anymore,” the analyst said, pivoting from the “not your keys, not your coins” position, which promotes holding cryptocurrencies in a self-custodial wallet.
“In my view, ETFs are a logical step in Bitcoin adoption, next to holding your own keys,” PlanB added.
Responding to a user's question, PlanB, who is from the Netherlands, said that their decision does not trigger a tax event in the country, where there is no realized capital gains tax.
Peter Schiff, a renowned economist and known Bitcoin critic, chimed in, calling the leading cryptocurrency a “digital pyramid scheme” and one that failed to fulfill its “supposed purpose.”
See Also: Brian Armstrong Wants To Handle Growing Volumes Of Memecoins By Adding DEXes Into Coinbase: ‘A Little Bit Like The Early Days Of The Internet’
Why It Matters: Launched in January last year, spot Bitcoin ETFs have boosted institutional engagement with digital assets, amassing holdings worth nearly 6% of Bitcoin’s total market capitalization as of this writing, according to SoSo Value.
iShares Bitcoin Trust ETF IBIT is the world’s largest cryptocurrency fund, with assets worth over $57 billion.
During a panel at the Benzinga Future of Digital Assets conference, industry leaders highlighted how ETFs have removed barriers that once deterred traditional investors from entering the cryptocurrency market.
While ETFs eliminate the technical complexities of owning cryptocurrencies, such as private keys, they strike at the heart of Bitcoin’s principles as a cypherpunk, crypto-anarchist, and anti-establishment freedom tool by giving control back to the government.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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