Thread by @PermissionCEO

Biggest issue in #Crypto is #BITO. People need to know that BITO is a TROJAN HORSE. An important thread, please share:
#BitcoinTrojanHorse #CryptoTwitter #CryptoNews

BITO has nothing to do with owning or demand for #BTC and in my view is 100% deceptive.

It is a Wall St casino product that is a futures bet on the BTC price appreciation for the next 30 days

It should be purchased only by traders who play futures and understand premium destruction

BITO creates absolutely zero demand for BTC and will have zero impact on its price.

BTC can go up dramatically over time and BITO can lose money at the same time.

It is the exact same structure as USO. A short term futures bet on OIL. Uninformed investors think they are buying an ETF based on the Oil price. Since the ETFs inception , Oil has doubled and USO has lost 90%.

You have to ask the very serious question why the #SEC approved a futures bet #ETF which is horrible for investors vs a spot ETF which actually takes possession of BTC.

A spot ETF will be transparent and will rise in price with BTC rise in price. Minimum fees and costs. It will also create serious new demand for BTC.

It seems the SEC approved a product so investors lose not gain confidence in BTC as a store of value.

BITO is the exact opposite of what we stand for in the crypto industry. BITO is deceptive at its core. Crypto stands for transparent, honest money. BITO totally fails in this regard.