So is it reasonable to think that if MSTR never went all in on Bitcoin & the US ETFs never went live, that Bitcoin would be trading at like $15k right now?
This is a fun thought experiment!
If there’s no MSTR we’d also have to assume in this hypothetical that there’s no leveraged bitcoin security or basket of securities. Easy enough.
So in this alternate timeline we’re assuming no ETFs but also a “bitcoin friendly” administration. If that’s the case we’d have seen bigger buildout of institutional custody then rolled out to consumers.
So your Coinbase, Gemini, Kraken, Fidelity see more adoption of their custody solutions along with the smaller exchanges seeing more pleb activity as it relates to self custody.
One could also make counter argument we might have gone higher this past bullrun without all the paper corn.
If there’s no MSTR we’d also have to assume in this hypothetical that there’s no leveraged bitcoin security or basket of securities. Easy enough.
So in this alternate timeline we’re assuming no ETFs but also a “bitcoin friendly” administration. If that’s the case we’d have seen bigger buildout of institutional custody then rolled out to consumers.
So your Coinbase, Gemini, Kraken, Fidelity see more adoption of their custody solutions along with the smaller exchanges seeing more pleb activity as it relates to self custody.
One could also make counter argument we might have gone higher this past bullrun without all the paper corn.