Stop Getting Excited About These Daily Announcements of Financial Institutions Buying Bitcoin. The Truth Is Quite Different.
This is false good news that only reinforces the centralization of Bitcoin and the distortion of the deeper meaning of the Bitcoin revolution.
It's often said that numbers don't lie, but in reality, even if the numbers themselves don't lie, it all depends on how you interpret them.
Take a look at this chart.
937 financial institutions reported buying Bitcoin spot ETFs in Q1 2024. By comparison, gold ETFs attracted just 95 financial institutions over the same period, almost 10 times less.
Bitcoin …
