Donald Trump was no fan of Bitcoin or cryptocurrencies in 2019. https://twitter.com/realDonaldTrump/status/1149472282584072192?embedable=true In 2021, . he called it a scam In 2024, he’s all for it. https://youtu.be/91W2qqk0HAg?si=Hbfs4u0YC-Mpexe6&embedable=true What changed? He figured out how to make money off of it. In this case, people paid for his sneakers with crypto. We can’t ban it anymore. But that’s not all! Remember his NFTs? Or his personal bag of Ethereum that he picked up last year? If money wasn't enough to get him on the bandwagon, now he can get votes, too. Whether he realizes it or not, Vivek’s people and single-issue voters aren’t exactly simpatico with Biden’s crypto policy. He’s not the first politician to change his mind in exchange for votes and money. It’s not about you Before you start running away with images of Trump tearing down the evil banksters and liberal Wall Street sycophants when he gets into office, remember: he’s one of the biggest beneficiaries of that very system you’re trying to replace. You can say the same for everybody who holds financial power in the US. The US has the most advanced, robust, and sophisticated financial system on earth. It’s so advanced, robust, and sophisticated that its government, businesses, and citizens spend many billions of dollars each year on regulators, courts, lawyers, compliance departments, clearinghouses, accountants, settlement companies, brokers, traders, power companies, cybersecurity experts, and a whole legal and regulatory apparatus designed to keep this system from collapsing. That’s a lot of time and effort, but it pays off. Stable markets and access to capital are true luxuries. What about the billions of people outside the US who don’t have access to this system? In some places, the quality is as good or better than anything they’d get in the US. In other places, it’s almost non-existent. Often, it’s somewhere in between, leading many to seek a better way to build wealth, do business, and manage finances. Cryptocurrency has filled some of these needs with USD stablecoins, DeFi protocols, private money, and other goods and services that run on crypto protocols. Investors (like us) have grown our wealth with tokens and rewards from those crypto protocols. Now, it’s Wall Street’s turn, starting with bitcoin ETFs. It’s only a scam when they can’t sell it Wall Street firms can’t make money off of a decentralized, permissionless, anti-fragile money system that funds itself and is accessible to everybody. They run a totally different business model. They charge people for access to financial opportunities. Crypto gives people those opportunities for free. Their solution? Wrap crypto in a “safe, easy, regulated” product and sell it to people who don’t want to take five minutes to open a Coinbase account. When did Fidelity put a Bitcoin allocation into its “All In One” passive investment portfolios? it launched its ETF. After According to Fidelity, Bitcoin was not worth putting into your portfolio before January 10, 2024. Since then, it’s a must—you need to keep 1-3% in its bitcoin fund (for a small fee). Why let Greyscale or some other Bitcoin fund get a cut of their clients’ money when they can take that cut for themselves? Nobody needs a Bitcoin ETF, but until crypto developers and entrepreneurs figure out how to fund a Bitcoin wallet with one click or deliver easy, trustworthy solutions for pension funds and retirement accounts, ETFs will serve a purpose. Nothing beats the convenience of telling your broker to buy or tapping the “trade” button on your account dashboard. Once crypto developers create interfaces and platforms that offer a material advantage over the legacy financial system, ETFs will fade into obsolescence. We’re a long way from that! Until then, Wall Street will push Bitcoin funds. Maybe other cryptocurrencies, too. They finally have a way to make money off of that. Available as a collectible NFT at . https://mirror.xyz https://mirror.xyz/0x9a6600c7B40801dda9A0Fa4E8DE7b1B99FE524a7/4PeEdhH9okTRCSeelElMVTYqkAf08FQ6X5vHfpHf_DI?embedable=true Mark Helfman publishes the newsletter. He is also the author of three books and a top Bitcoin writer on and . Learn more about him in his and connect with him on or . Crypto is Easy Medium Hacker Noon bio Superpeer Tealfeed

How Much Will Bitcoin’s Price Go Up After This Month’s Halving?

Crypto’s Booming. Buy More Later. 

Crypto is Easy Newsletter

Nominated for 2022 - HackerNoon Contributor of the Year - Cryptocurrency

Nominated for 2022 - HackerNoon Contributor of the Year - Investing

Nominated for 2022 - HackerNoon Contributor of the Year - Bitcoin

Nominated for 2022 - HackerNoon Contributor of the Year - Crypto Trading

Nominated for 2022 - HackerNoon Contributor of the Year - Money

Too Long; Didn't Read

CTA: Download the FREE AI Productivity Shift report

Cryptocurrency: Only a Scam When You Can’t Make Money Off of It

Cryptocurrency: Only a Scam When You Can’t Make Money Off of It

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

Sudden Swing in Bitcoin's Price? It's Leverage, and Lots of It

Tech Bro, Crypto Bro, and NFT Bro - The Evolution of Identity in the Digital World

15 Bitcoin Insights Spock Would've Shared

5 Types of Bitcoin Scaling Solutions You Should Consider

7th US President Andrew Jackson's Thoughts on Cryptocurrency

Sudden Swing in Bitcoin's Price? It's Leverage, and Lots of It

Tech Bro, Crypto Bro, and NFT Bro - The Evolution of Identity in the Digital World

15 Bitcoin Insights Spock Would've Shared

5 Types of Bitcoin Scaling Solutions You Should Consider

7th US President Andrew Jackson's Thoughts on Cryptocurrency

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps