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    Can an EFT investor ever be a wholecoiner?

    Finally purchased the equivalent of 1 coin via ETF. Reason for using ETF include being able to invest an employer sponsored plan, for security purposes, and ease of tax filing.

    What are your thoughts? Not your wallet not your coin?

    Can an EFT investor ever be a wholecoiner?
    byu/Commercial-Ad90 inBitcoin



    Posted by Commercial-Ad90

    17 Comments

    1. BeginningMost6014 on

      Pragmatically, yes, you like I, own 1 BTC via the ETF. Technically we do not directly own BTC so from a purists standpoint, not our keys, not our BTC. Your question really comes down to semantics and perception – valid arguments can be made both ways.

    4. riscten on

      Nah, that’s like asking if someone who has $66K is a wholecoiner.

      Ultimately, the ETFs are traditional banking instruments, which Bitcoin was created to supplant. You can’t have both the bankers’ incentives and Bitcoin. They are mutually exclusive.

      NYKNYC.

    5. drivingyou17 on

      Hat off for owning the equivalent of a whole coin, but IMHO it’s a paper whole coin.

    7. Villavillacoola on

      If you’re in it for the employer sponsored plan, security, and tax filing, you aren’t a bitcoiner. You’re a retail investor. This is fine for your goals but you aren’t sending or receiving or participating in the network.

    10. wkndatbernardus on

      If someone can use an exchange like Coinbase to hold their coins, and is considered a wholecoiner, someone who invests in a spot ETF in the dollar amount of 1 BTC, is also one.

    11. Astropin on

      Technically you have the equivalent of a whole coin. I wouldn’t say I’m a “whole-coiner” though…just the $ equivalent.

    12. Emergency_Scheme_670 on

      Never. This is pretty dangerous when you think about it. ETF (like Blackrock’s iShares) price tracks BTC but its not a hard peg like stablecoins.

      The relationship can be inverse at any point in time due to institutional risk, bad PR, regulatory action, liquidity crisis.

      Just look at ARKK, still hasn’t recovered after 5 years. Stay away from ETFs.

    13. ys2020 on

      The value of a whole coin yes. 
      Now imagine your gov implements capital control and shuts down trading. Are you a whole coiner? 
      Your country went rogue and you need to leave with your wealth. Are you a whole coiner?

    14. pleebent on

      Well done. ETF that tracks the underlying and are regulated to actually hold and buy Bitcoin is the equivalent IMO. When you buy Blackrock Bitcoin ETF, Blackrock then has to go and buy Bitcoin to match what people buy.

      Yes it’s like the same thing.

      It’s like when you buy an S&P ETF. You are buys shares of all the companies in the S&P weighted accordingly.

    16. Wolverine1850 on

      I wouldn’t call myself a wholecoiner if I only own the equivalent of one Bitcoin in ETFs.

      That said, I don’t think it matters too much and is up to personal preference. Yes, self custody is superior, but there are some people that should not be custodying their own BTC, sorry. Holding in a retirement account and letting Blackrock handle custody risk may be best.

      Before a bunch of you rage at me, are you seriously comfortable with your grandma holding one Bitcoin in self custody on a hardware wallet, exposing her to wrench attack risk? I’m much more comfortable with her holding IBIT in her Roth.

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