𝗕𝗶𝘁𝗰𝗼𝗶𝗻’𝘀 𝗣𝗿𝗶𝗰𝗲 𝗖𝗮𝗻 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝙈𝙪𝙘𝙝 𝗙𝗮𝘀𝘁𝗲𝗿 𝗧𝗵𝗮𝗻 𝗬𝗼𝘂 𝗧𝗵𝗶𝗻𝗸 𝘠𝘰𝘶’𝘳𝘦 𝘭𝘪𝘬𝘦𝘭𝘺 𝙛𝙖𝙧 𝘵𝘰𝘰 𝘣𝘦𝘢𝘳𝘪𝘴𝘩. Here’s why.👇 Many analysts and enthusiasts attempt to forecast Bitcoin's future price by dividing Bitcoin’s total potential market capitalization — all the money that will soon flow into Bitcoin — by its maximum supply of 21 million. However, this method overlooks one crucial factor: 𝙏𝙝𝙚 𝙖𝙘𝙩𝙪𝙖𝙡 𝙖𝙢𝙤𝙪𝙣𝙩 𝙤𝙛 𝙗𝙞𝙩𝙘𝙤𝙞𝙣 𝙖𝙫𝙖𝙞𝙡𝙖𝙗𝙡𝙚 𝙤𝙣 𝙚𝙭𝙘𝙝𝙖𝙣𝙜𝙚𝙨 𝙞𝙨 𝙛𝙖𝙧 𝙡𝙚𝙨𝙨 𝙩𝙝𝙖𝙣 𝙩𝙝𝙚 𝙩𝙤𝙩𝙖𝙡 𝙨𝙪𝙥𝙥𝙡𝙮. Estimating the exact number of bitcoin on exchanges is challenging, due to the decentralized and often private nature of transactions. But it's clear that the actual figure is a 𝘴𝘮𝘢𝘭𝘭 𝘧𝘳𝘢𝘤𝘵𝘪𝘰𝘯 of the total supply. This scarcity, coupled with increasing demand, suggests that current estimations of Bitcoin's future price might be extremely conservative. The amount of bitcoin available for sale is important because it represents the supply that can be bought at that time, as long as exchanges are honest and aren’t selling paper bitcoin “IOUs”. 𝗔 𝗹𝗮𝗿𝗴𝗲 𝗽𝗼𝗿𝘁𝗶𝗼𝗻 𝗼𝗳 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝘁𝗼𝘁𝗮𝗹 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝘀 𝗲𝗶𝘁𝗵𝗲𝗿 𝗹𝗼𝘀𝘁, 𝗵𝗲𝗹𝗱 𝗶𝗻 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝘀𝘁𝗼𝗿𝗮𝗴𝗲, 𝗼𝗿 𝗻𝗼𝘁 𝗳𝗼𝗿 𝘀𝗮𝗹𝗲 𝗮𝘁 𝗮𝗻𝘆 𝗽𝗿𝗶𝗰𝗲. This significantly reduces the available supply, and makes any purchase that more effective at moving the price skyward. Bitcoin’s current location on its adoption curve shows that it’s on its way to becoming a predominant store of value and medium of exchange, free from censorship, debasement, and top-down manipulation. If demand for a money with these qualities continues to grow, and if Bitcoin takes even a 𝘧𝘳𝘢𝘤𝘵𝘪𝘰𝘯 of the global monetary base, the valuation could reach astronomical figures. So when considering Bitcoin's future price, 𝘪𝘵'𝘴 𝘦𝘴𝘴𝘦𝘯𝘵𝘪𝘢𝘭 𝘵𝘰 𝘧𝘰𝘤𝘶𝘴 𝘰𝘯 𝘵𝘩𝘦 𝘦𝘧𝘧𝘦𝘤𝘵𝘪𝘷𝘦 𝘴𝘶𝘱𝘱𝘭𝘺 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘰𝘯 𝘦𝘹𝘤𝘩𝘢𝘯𝘨𝘦𝘴 𝘳𝘢𝘵𝘩𝘦𝘳 𝘵𝘩𝘢𝘯 𝘵𝘩𝘦 𝘵𝘰𝘵𝘢𝘭 𝘴𝘶𝘱𝘱𝘭𝘺. This approach paints a much more bullish picture of Bitcoin's potential valuation than most people are willing to see, and demonstrates just how early we all are. Bullish enough for you?😏 Give this a 𝗟𝗶𝗸𝗲🤙 and a 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this to look back on later. Why are 𝘺𝘰𝘶 bullish on Bitcoin? Tell me in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

𝗜𝘀 #Bitcoin 𝗺𝗮𝗶𝗻𝗹𝘆 𝘂𝘀𝗲𝗱 𝗯𝘆 𝗰𝗿𝗶𝗺𝗶𝗻𝗮𝗹𝘀? Of course not. Most criminals prefer to use — and 𝘳𝘶𝘯 — the fiat system. Time for another AI video to clear this up.

𝗪𝗵𝘆 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗶𝘀 𝙉𝙤𝙩 𝗮 𝗦𝗽𝗲𝗰𝘂𝗹𝗮𝘁𝗶𝘃𝗲 𝗔𝘀𝘀𝗲𝘁 You hear it all the time from the Jamie Dimons of the world: “𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘪𝘴 𝘰𝘯𝘭𝘺 𝘨𝘰𝘰𝘥 𝘧𝘰𝘳 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘰𝘯.” Nothing could be farther from the truth. Here’s why👇 @npub1clfj...k28k Many view #bitcoin as merely a speculative asset, believing its value lies solely in trading and price fluctuations. 𝘛𝘩𝘪𝘴 𝘱𝘦𝘳𝘴𝘱𝘦𝘤𝘵𝘪𝘷𝘦 𝘴𝘵𝘦𝘮𝘴 𝘧𝘳𝘰𝘮 𝘢 𝘭𝘢𝘤𝘬 𝘰𝘧 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 — both from the speculators themselves and from Bitcoin critics — 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘳𝘦𝘢𝘭𝘭𝘺 𝘪𝘴. While bitcoin's price movements invite speculation, its core value transcends mere market dynamics. Price action, adoption rates, and protocol enhancements will always be uncertain, but 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗲𝗺𝗯𝗼𝗱𝗶𝗲𝘀 𝗱𝗲𝗳𝗶𝗻𝗶𝘁𝗲, 𝗻𝗼𝗻-𝘀𝗽𝗲𝗰𝘂𝗹𝗮𝘁𝗶𝘃𝗲 𝗾𝘂𝗮𝗹𝗶𝘁𝗶𝗲𝘀 𝘁𝗵𝗮𝘁 𝗮𝗿𝗲 𝗲𝗮𝘀𝗶𝗹𝘆 𝘃𝗲𝗿𝗶𝗳𝗶𝗮𝗯𝗹𝗲, 𝗮𝗻𝗱 𝗳𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝘁𝗼 𝗶𝘁𝘀 𝗲𝘀𝘀𝗲𝗻𝗰𝗲. A prime example is 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝘂𝗻𝗽𝗮𝗿𝗮𝗹𝗹𝗲𝗹𝗲𝗱 𝗱𝗲𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻. It stands as the 𝘰𝘯𝘭𝘺 form of money that is not controlled by any single entity. This was tested and proven during the 2017 Block Size Wars, where user consensus prevailed over the largest miners, wealthiest exchanges, and most influential thought leaders in the Bitcoin space at the time. 𝘕𝘰 𝘰𝘵𝘩𝘦𝘳 𝘤𝘳𝘺𝘱𝘵𝘰𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺 𝘤𝘢𝘯 𝘤𝘭𝘢𝘪𝘮 𝘴𝘶𝘤𝘩 𝘷𝘦𝘳𝘪𝘧𝘪𝘢𝘣𝘭𝘦 𝘥𝘦𝘤𝘦𝘯𝘵𝘳𝘢𝘭𝘪𝘻𝘢𝘵𝘪𝘰𝘯, making any good attributes they may have vulnerable to change. Another concrete fact is 𝗯𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝗳𝗶𝘅𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗰𝗮𝗽 𝗼𝗳 𝗷𝘂𝘀𝘁 𝘂𝗻𝗱𝗲𝗿 𝟮𝟭 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗰𝗼𝗶𝗻𝘀. This scarcity is hardcoded, and can’t change without everyone agreeing to debase their own savings, thus ensuring that 𝘦𝘢𝘤𝘩 𝘣𝘪𝘵𝘤𝘰𝘪𝘯 𝘢𝘭𝘸𝘢𝘺𝘴 𝘳𝘦𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘴 𝘰𝘯𝘦 𝘵𝘸𝘦𝘯𝘵𝘺-𝘰𝘯𝘦 𝘮𝘪𝘭𝘭𝘪𝘰𝘯𝘵𝘩 𝘰𝘧 𝘵𝘩𝘦 𝘵𝘰𝘵𝘢𝘭 𝘴𝘶𝘱𝘱𝘭𝘺. This scarcity principle is a key non-speculative characteristic that underpins its value, independent of market price. Moreover, 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗲𝗻𝗮𝗯𝗹𝗲𝘀 𝗶𝗻𝘀𝘁𝗮𝗻𝘁, 𝗽𝗿𝗶𝘃𝗮𝘁𝗲, 𝗮𝗻𝗱 𝘂𝗻𝗰𝗲𝗻𝘀𝗼𝗿𝗮𝗯𝗹𝗲 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀, making it inherently resistant to control or interference from governments, banks, or military forces. This freedom of transactability is a tangible attribute, not subject to speculation, and upholds the principles of liberty and autonomy. While Bitcoin's price may be a playground for speculators who don’t yet understand what they’re trading, 𝘪𝘵𝘴 𝘮𝘦𝘳𝘦𝘭𝘺 𝘵𝘩𝘦 𝘵𝘪𝘱 𝘰𝘧 𝘵𝘩𝘦 𝘪𝘤𝘦𝘣𝘦𝘳𝘨 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘳𝘦𝘢𝘭𝘭𝘺 𝘪𝘴. Its true value lies in its foundational properties: decentralization, fixed supply, and censorship resistance. 𝗧𝗵𝗲𝘀𝗲 𝗾𝘂𝗮𝗹𝗶𝘁𝗶𝗲𝘀 𝗮𝗿𝗲 𝗰𝗲𝗿𝘁𝗮𝗶𝗻, 𝘃𝗲𝗿𝗶𝗳𝗶𝗮𝗯𝗹𝗲, 𝗮𝗻𝗱 𝗳𝗮𝗿 𝗺𝗼𝗿𝗲 𝘃𝗮𝗹𝘂𝗮𝗯𝗹𝗲 𝘁𝗵𝗮𝗻 𝗮𝗻𝘆 𝗺𝗼𝗻𝗲𝘁𝗮𝗿𝘆 𝗽𝗿𝗶𝗰𝗲. Hence, bitcoin is arguably the 𝘭𝘦𝘢𝘴𝘵 speculative asset in history, with its value rooted in absolute, immutable principles. Next time you hear someone say that bitcoin is a speculative asset, 𝗦𝗵𝗮𝗿𝗲🔄 this with them. Remember to 𝗟𝗶𝗸𝗲🤙 and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this, too! What are some other verifiable qualities of Bitcoin that require no speculation? Tell me in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

Exactly 15 years ago today, Hal Finney tweeted that he was “Running bitcoin”. This was the 𝘧𝘪𝘳𝘴𝘵 time that #Bitcoin would be mentioned on Twitter, shortly after Hal started running the Bitcoin protocol on his computer. He was the first person to do so, other than Satoshi Nakamoto. And no, it’s 𝘷𝘦𝘳𝘺 unlikely that Hal Finney was Satoshi Nakamoto. Recently, evidence has come to light in the form of a timestamped email conversation between Satoshi and Mike Hearn, which show they were sent 𝘄𝗵𝗶𝗹𝗲 𝗛𝗮𝗹 𝘄𝗮𝘀 𝗿𝘂𝗻𝗻𝗶𝗻𝗴 𝗮 𝟭𝟬 𝗺𝗶𝗹𝗲 𝗿𝗮𝗰𝗲. This, along with Hal’s repeated denials of being Satoshi, his reputation for 𝗵𝗼𝗻𝗲𝘀𝘁𝘆 𝗮𝗻𝗱 𝘀𝗶𝗻𝗰𝗲𝗿𝗶𝘁𝘆, and his coding style being *notably different* from Satoshi’s, make it 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹𝗹𝘆 𝗶𝗺𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝗛𝗮𝗹 𝗙𝗶𝗻𝗻𝗲𝘆 𝘁𝗼 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝗦𝗮𝘁𝗼𝘀𝗵𝗶. Today, untold thousands are running Bitcoin on their personal computers, just like Hal. 𝘛𝘩𝘪𝘴 𝘧𝘶𝘳𝘵𝘩𝘦𝘳 𝘥𝘦𝘤𝘦𝘯𝘵𝘳𝘢𝘭𝘪𝘻𝘦𝘴 𝘵𝘩𝘦 𝘯𝘦𝘵𝘸𝘰𝘳𝘬, and improves the robustness of a money that enables individual empowerment for all who use it. 𝗧𝗵𝗮𝗻𝗸 𝘆𝗼𝘂, 𝗛𝗮𝗹, 𝗳𝗼𝗿 𝗿𝘂𝗻𝗻𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻. Had you not chosen to assist Satoshi Nakamoto when no one else would, we may not be where we are today.🧡

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Running bitcoin

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝘁𝗼 𝘁𝗵𝗲…𝗠𝗲𝗿𝗰𝘂𝗿𝘆? 𝘠𝘰𝘶𝘳 𝘨𝘶𝘪𝘥𝘦 𝘵𝘰 𝘵𝘩𝘪𝘴 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘷𝘦 𝘭𝘢𝘺𝘦𝘳 2 𝘱𝘳𝘰𝘵𝘰𝘤𝘰𝘭 A new scaling and privacy layer for #Bitcoin has been released: 𝗠𝗲𝗿𝗰𝘂𝗿𝘆 𝗟𝗮𝘆𝗲𝗿 Here’s what you should know about it👇 The Mercury Layer is a relatively new system designed to streamline Bitcoin transactions, making them faster and more cost-effective. Functioning as a 'second layer' over Bitcoin's base layer, it offers a way to transfer bitcoin 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘵𝘩𝘦 𝘶𝘴𝘶𝘢𝘭 𝘤𝘰𝘯𝘧𝘪𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘵𝘪𝘮𝘦𝘴 𝘰𝘳 𝘧𝘦𝘦𝘴, much like other layer 2 protocols like Lightning, Liquid, and ARK. When you transact in Bitcoin, you're essentially exchanging digital units of bitcoin called UTXOs (Unspent Transaction Outputs). Think of a UTXO as a digital version of cash, except it can be any amount, and not limited to 1s, 5s, 10s, etc. 𝗧𝗵𝗲 𝗠𝗲𝗿𝗰𝘂𝗿𝘆 𝗟𝗮𝘆𝗲𝗿 𝗲𝗻𝗮𝗯𝗹𝗲𝘀 𝘆𝗼𝘂 𝘁𝗼 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘁𝗵𝗲𝘀𝗲 𝗨𝗧𝗫𝗢𝘀 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆, akin to handing cash to a friend, without recording every transaction on Bitcoin's timechain. What makes Mercury stand out is its method for changing ownership of UTXOs. It cleverly uses divided parts of a digital key, akin to a shared secret. This key is essential for a user to prove their ownership of the UTXO. By altering parts of this key, 𝘆𝗼𝘂 𝗰𝗮𝗻 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝘀𝗺𝗼𝗼𝘁𝗵𝗹𝘆, avoiding the need to broadcast the transaction to the world. Mercury also incorporates backup transactions as a safety net. These act like emergency measures, allowing you to reclaim your Bitcoin, 𝗲𝘃𝗲𝗻 𝗶𝗳 𝘁𝗵𝗲 𝗦𝘁𝗮𝘁𝗲𝗰𝗵𝗮𝗶𝗻 𝗘𝗻𝘁𝗶𝘁𝘆, 𝗼𝗿 𝗦𝗘, 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗰𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗲. This system ensures that only the current owner can use these backup measures, thereby preventing any fraudulent claims to your bitcoin. The process of using Mercury begins with an on-chain transaction of sending your UTXO to an address where 𝘣𝘰𝘵𝘩 𝘺𝘰𝘶 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘚𝘌 have shared private key control. When transferring your UTXOs within the system, Mercury updates the secret key. Each time it's transferred, an updated emergency plan is created for the new owner. Mercury ensures transaction integrity by counting how many times it assists in transfers. However, it does not delve into transaction details, 𝘁𝗵𝘂𝘀 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗿𝗶𝘃𝗮𝗰𝘆 𝘄𝗵𝗶𝗹𝗲 𝘀𝘁𝗶𝗹𝗹 𝘃𝗲𝗿𝗶𝗳𝘆𝗶𝗻𝗴 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗹𝗲𝗴𝗶𝘁𝗶𝗺𝗮𝗰𝘆. When you're ready to exit Mercury back to Bitcoin’s base layer, you can close your transaction at will, finalizing it on Bitcoin's timechain. This closure 𝘦𝘯𝘴𝘶𝘳𝘦𝘴 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦 𝘜𝘛𝘟𝘖 𝘤𝘢𝘯'𝘵 𝘣𝘦 𝘤𝘪𝘳𝘤𝘶𝘭𝘢𝘵𝘦𝘥 𝘸𝘪𝘵𝘩𝘪𝘯 𝘔𝘦𝘳𝘤𝘶𝘳𝘺 𝘢𝘨𝘢𝘪𝘯, keeping the process orderly and secure. However, 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗰𝗼𝗺𝗲𝘀 𝘄𝗶𝘁𝗵 𝘁𝗿𝗮𝗱𝗲𝗼𝗳𝗳𝘀, so it should be noted that Mercury requires 𝘴𝘰𝘮𝘦 trust in the system’s main coordinators, the Statechain Entities. While 𝘚𝘌𝘴 𝘤𝘢𝘯'𝘵 𝘮𝘰𝘷𝘦 𝘧𝘶𝘯𝘥𝘴 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯, their role is crucial, and their security and integrity are paramount. Another tradeoff is 𝘁𝗵𝗲 𝗿𝗶𝘀𝗸 𝗼𝗳 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻. If a few SEs begin to dominate the Mercury system, it could centralize a significant portion of transaction facilitation. This would diverge from Bitcoin's decentralized ethos, so 𝘪𝘵’𝘴 𝘪𝘮𝘱𝘦𝘳𝘢𝘵𝘪𝘷𝘦 𝘵𝘩𝘦𝘳𝘦 𝘣𝘦 𝘢𝘴 𝘮𝘢𝘯𝘺 𝘚𝘌𝘴 𝘢𝘴 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦. The Mercury Layer introduces simplicity and enhanced security to Bitcoin transactions. It makes transferring bitcoin 𝘢𝘴 𝘦𝘢𝘴𝘺 𝘢𝘴 𝘦𝘹𝘤𝘩𝘢𝘯𝘨𝘪𝘯𝘨 𝘤𝘢𝘴𝘩, as long as concerns around trust, privacy, and centralization are mitigated. Mercury highlights Bitcoin's ongoing evolution, and is a further reminder that we're all still very, 𝘷𝘦𝘳𝘺 early. Remember to 𝗟𝗶𝗸𝗲🤙, 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this for later. What do 𝘺𝘰𝘶 think of the 𝗠𝗲𝗿𝗰𝘂𝗿𝘆 𝗟𝗮𝘆𝗲𝗿? Let me know in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 = 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗜𝗢𝗨 𝘈𝘷𝘰𝘪𝘥 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘳𝘶𝘨-𝘱𝘶𝘭𝘭𝘦𝘥 𝘣𝘺 𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘱𝘳𝘪𝘷𝘢𝘵𝘦 𝘬𝘦𝘺𝘴 Some are saying that owning a #Bitcoin ETF equates to owning actual Bitcoin, but this is misleading at best. While it's true ETFs are 𝘭𝘪𝘯𝘬𝘦𝘥 to the underlying asset, the investor does not possess the actual bitcoin or their private keys. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗶𝘀 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝗹𝘆 𝗱𝗲𝗳𝗶𝗻𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗶𝘁 𝘃𝗶𝗮 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗸𝗲𝘆𝘀. ETFs provide exposure to Bitcoin's price movements, but not the asset itself. This structure suits those preferring indirect investment, but 𝗶𝘁 𝗹𝗮𝗰𝗸𝘀 𝘁𝗵𝗲 𝗮𝘂𝘁𝗼𝗻𝗼𝗺𝘆, 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆, 𝗮𝗻𝗱 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗳 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆. It's a trade-off between 𝘤𝘰𝘯𝘷𝘦𝘯𝘪𝘦𝘯𝘤𝘦 and 𝘵𝘩𝘦 𝘤𝘰𝘳𝘦 𝘱𝘳𝘪𝘯𝘤𝘪𝘱𝘭𝘦𝘴 of Bitcoin ownership. It’s argued by some that ETFs offer “depository receipts” for Bitcoin, but this drastically oversimplifies the relationship. The 𝘤𝘶𝘴𝘵𝘰𝘥𝘪𝘢𝘯 holds the Bitcoin, not the investor. This setup 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝘀 𝗹𝗮𝘆𝗲𝗿𝘀 𝗼𝗳 𝗿𝗶𝘀𝗸, including counterparty and regulatory risks, which are absent in direct Bitcoin ownership. The essence of Bitcoin's value proposition is in its decentralization and resistance to censorship, which 𝗶𝘀 𝗼𝗻𝗹𝘆 𝗴𝘂𝗮𝗿𝗮𝗻𝘁𝗲𝗲𝗱 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗱𝗶𝗿𝗲𝗰𝘁 𝗽𝗼𝘀𝘀𝗲𝘀𝘀𝗶𝗼𝗻. Holding an ETF strips away these fundamental benefits, leaving investors with a 𝘥𝘪𝘭𝘶𝘵𝘦𝘥 version of Bitcoin's revolutionary potential. Remember to 𝗟𝗶𝗸𝗲🤙 and 𝗦𝗵𝗮𝗿𝗲🔄 this so more people can be reminded to hold their own private keys, not an ETF. And 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it so you can share it with anyone who thinks owning a Bitcoin ETF is the same as owning Bitcoin itself.