Demise of Winklevoss ETF might be Boosting Bitcoin
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.
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