I have a feeling that the wide availability of Bitcoin ETFs will herald one of the longest and most stable bull markets for Bitcoin that we have seen to date. I've always invested in BTC using a private wallet but with Fidelity's offering I feel fairly safe and confident putting a portion of my 401k into it. I had to check a few boxes that I accept the risk but other than that Fidelity authorized the transaction.
Could be huge and you're definitely onto something with this 401k retirement fund powered by the crypto titan, but the thing is that since this is an ETF, how secure are you that you're getting your money's worth. I mean, what are the pros and cons that you're looking at cause as far as I know, buying bitcoin outright from users or getting it straight from the people is still a better concept for investments against a paper telling you that you own x amount of bitcoins with nothing to show for it.
At the end of the day you could've done the same thing with buying bitcoin outright and investing through DCA strategy, eventually you'll still get the same amount of money (in theory) and the only thing that you'd really have to worry about is losing your money through belligerent usage or hacking, and perhaps crashes when you're just about to cash it all out. But I reckon you'd deal with the same sets of problems in ETFs as you would've with buying the real thing out, with the teeny tiny added benefit of getting the peace of mind that you can blame someone else besides yourself when it happens.
I see bitcoin ETFs as a sustainable way to really get the whole bitcoin bull run machine running, but I don't see it being very useful to us who are already in the crypto space to begin with. Matter of fact I see it as a way to get those boomers and their coveted millions from destroying the planet and the economy to invest in this technology and possibly give the Gen Zs a chance at life for once.