Bitcoin ETFs leave Satoshi Nakamoto rolling in his grave

Bitcoin’s evolution from the peer-to-peer electronic payments system envisaged by its pseudonymous founder Satoshi Nakamoto to an exponentially growing asset price bubble should accelerate next week.Bitcoin doesn’t exist physically but many artists have tried to imagine it.If somebody charged you fees to own an ETF that only tracked the price of Telstra shares, you’d likely think that was stupid on the basis you could just buy Telstra shares yourself.

But it’s also true that physical assets like gold or oil have utility for jewellery or transport. Bitcoin doesn’t have utility in the real world other than as a ticket to get rich quick or offer fee streams to insiders, which is similar to the utility of lotto tickets as a tax on the poor. Despite the problems, crypto has forced its way into the mainstream because public trust in central banks and sound money is the lowest in living memory for most people.

Either way, Satoshi Nakamoto’s vision of a currency free from the tyranny of government and fee-skimming financial intermediaries looks dead.

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