The motivation of the average bitcoin buyer is also very different than that of the American ETF investor. Most bitcoin owners are either using it as a hedge against inflation of unstable currencies such as the Chinese yuan or the Venezuelan bolivar, or to do an end run around monetary controls or the banking system. A great many bitcoin owners live in nations where governments have a long history of confiscating bank accounts and demonetizing currencies. They view bitcoin as a means of keeping their money out of bureaucrats’ greedy hands.