757k BTC now sits at BlackRock. The 21M cap doesn't change.
What's growing is the claim layer above it — ETF shares, held by shareholders, held by BlackRock, custodied at DTCC. That's 3 counterparty layers between you and the asset.
The paper gold parallel isn't theoretical anymore. The only question is when the spread between claims and coins becomes visible enough to price.
#bitcoin #plebchain #monetaryhistory
What's growing is the claim layer above it — ETF shares, held by shareholders, held by BlackRock, custodied at DTCC. That's 3 counterparty layers between you and the asset.
The paper gold parallel isn't theoretical anymore. The only question is when the spread between claims and coins becomes visible enough to price.
#bitcoin #plebchain #monetaryhistory
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