Derivatives/Exposures that are not real BTC Refers to products that do not hold actual Bitcoin but claim to give you exposure to Bitcoin prices, such as: Bitcoin spot ETFs (GBTC, IBIT, etc.), Bitcoin futures, certain platforms' "Bitcoin wealth management," "Bitcoin custody," early Bitcoin trusts, paper gold-like products These products are called "Paper Bitcoin" by some Bitcoin purists, meaning "fake, paper, centralized Bitcoin." They believe that only those who hold the private keys truly own Bitcoin.
Some people say, "With so many Paper Bitcoins from ETFs, Bitcoin's scarcity is gone" — actually, gold has had paper gold and ETFs for many years, and gold prices haven't collapsed.
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Paper Bitcoin
Derivatives/Exposures that are not real BTC
Refers to products that do not hold actual Bitcoin but claim to give you exposure to Bitcoin prices, such as:
Bitcoin spot ETFs (GBTC, IBIT, etc.), Bitcoin futures, certain platforms' "Bitcoin wealth management," "Bitcoin custody," early Bitcoin trusts, paper gold-like products
These products are called "Paper Bitcoin" by some Bitcoin purists, meaning "fake, paper, centralized Bitcoin." They believe that only those who hold the private keys truly own Bitcoin.
Some people say, "With so many Paper Bitcoins from ETFs, Bitcoin's scarcity is gone" — actually, gold has had paper gold and ETFs for many years, and gold prices haven't collapsed.