BITCOIN ETF: REVENGE OF THE DINOSAURS
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The world of finance has a short memory but a persistent obsession: to recover what it first despised. In 2017, major bankers laughed at Bitcoin, in 2020 they compared it to a bubble, in 2022 they still hoped the SEC would bury any attempt at a spot ETF. And yet, here we are in 2025, with historic institutions like US Bancorp proudly announcing the reopening of Bitcoin custody services, now backed by the famous ETFs, while the assets outstanding in these funds almost exceed those of gold. The turnaround is complete. The same dinosaurs who proclaimed Bitcoin was the enemy of monetary stability are now back to serve it up. It's no surprise: the smell of billions always attracts predators, especially when they sense that easy money is no longer found in the old pockets of sovereign debt or inflated real estate.
The Bitcoin ETF phenomenon isn't just another financial product. It marks a shift in the collective perception of Bitcoin. For a long time, owning BTC meant going through a dubious exchange, struggling with a Ledger key, or understanding UTXOs, which 99% of institutional investors had never heard of. Today, thanks to ETFs, buying Bitcoin for a private bank or pension fund is as easy as acquiring a share of the SP500 or an ounce of paper gold. It's an amusing paradox: Bitcoin, conceived as a weapon of individual sovereignty, finds itself absorbed into the most traditional financial machinery. But this is precisely what enables its mass adoption, and it's what makes gold's old guard tremble.
Because yes, gold. This age-old metal, the ultimate safe haven, has always been the standard of comparison. Yellow metal maximalists said that no digital asset would ever shake the barbaric relic. And yet, the numbers are there: nearly $160 billion in assets under management for Bitcoin ETFs, compared to around $180 billion for gold ETFs. The tipping point is approaching. One could almost say that gold still has a few months of respite, but that the outcome is sealed. Once asset managers see that Bitcoin delivers a superior return while being backed by a finite and immutable asset, allocations will automatically rebalance. It's not a question of ideology, it's a question of performance. In the world of funds, only return matters. And when gold stagnates but Bitcoin explodes, the flows follow.
What's fascinating is how quickly the narrative has changed. Just yesterday, American banks were closing accounts of customers who bought Bitcoin. Today, US Bancorp, the country's fourth-largest bank, unashamedly announces the resumption of its institutional crypto custody service, suspended in 2022. And who's behind it? NYDIG, Coinbase... the established players, who see this return of the dinosaurs as a new financial windfall. Clearly, the banks don't want to miss the boat. They've seen BlackRock, Fidelity, Ark Invest gorging themselves on Bitcoin ETF management fees, and they understand they no longer have the luxury of staying on the sidelines. It's a matter of survival. Traditional banking margins are collapsing, interest rates are no longer sufficient to maintain revenues, so they have to seek the windfall where it is: in the best-performing asset of the decade.
Bitcoin maximalists might smile cynically at this reversal. Because deep down, it confirms everything we've been saying for years. The system can't kill Bitcoin. It can ignore it, it can ridicule it, but sooner or later, it will submit to it. It's Gresham's Law applied in the 21st century: bad money drives out good... until good money takes over again by simple economic force. Banks don't believe in Bitcoin out of conviction. They believe in it because they have no choice. And this lack of choice is a silent but total victory for the protocol.
One essential question remains: is this a good thing? Because if Bitcoin enters the banking fold, it loses its original purity. The average investor who buys a BTC ETF possesses nothing but a promise. They have no key, no seed, no sovereignty. They are buying an illusion of Bitcoin, a derivative whose value is only due to the trust placed in the issuer. It is paper Bitcoin, just as there is paper gold. The risk is the same: an artificial multiplication of securities that claim to represent a scarce asset, but which in reality are only accounting lines. The danger is obvious: if ETFs become the norm, Bitcoin could be captured, not technically but economically, by the very system it sought to overtake.
But beware: unlike gold, Bitcoin is verifiable. You can verify on-chain, you can withdraw your BTC, you can choose not to play the paper game. And this is where Bitcoin radically differs. Paper gold has become hegemonic because it is impossible to verify the actual reserve of each bank. With Bitcoin, the proof is mathematical, irrefutable, and accessible to all. This is why, despite the explosion of ETFs, the individual option remains stronger than ever. We can imagine a future where the masses are content with ETFs, but where a lucid minority continues to stack real BTC in self-custody. This minority will be the ones who truly hold the key to sovereignty, while the others play with casino tickets.
So, what should we do about this ETF boom? Maximalists don't need to oppose it head-on. On the contrary, they can use them as a Trojan horse. The massive influx of capital via ETFs propels the price upwards, benefiting all holders, even those who have never touched an ETF in their lives. Institutions pay the bill, and you, the sovereign, benefit from the appreciation. The strategy is simple: let Wall Street pump the air out of the bubble, and you continue to accumulate your real BTC, outside the system. It's the best of both worlds: mainstream adoption and underground reinforcement.
At the same time, we must observe the reaction of governments. Because if banks are getting back into the race, it's also because governments haven't managed to stop the momentum. The United States itself is considering a strategic Bitcoin reserve. Texas has voted for its own reserve. And some more discreet countries are quietly accumulating. In this context, the explosion of ETFs is no coincidence: it's a sign that things are shifting at all levels. Bitcoin is no longer a geek's toy. It has become an essential asset class. And when something becomes essential, even your enemies must serve it.
In 2025, seeing US Bancorp proudly announce its return to the game isn't just an anecdote: it's a capitulation. Those who laughed yesterday must now submit. And while they do, Bitcoin continues on its way, unfazed, block after block. Maximalists know: no matter the facade, the truth is in the protocol. Whether the banks come or not, whether ETFs dominate or not, the real power remains in the hands of those who hold their keys.
So, the next time a banker in a suit tells you that his bank now offers Bitcoin ETFs, remember: he's the one who lost. You already understood. You didn't need permission. You were already sovereign. And the whole world is just catching up with you, late, ridiculous, and constrained. This is the true revenge of the maximalists: not recognition, but the silent capitulation of the system.
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