Prominent cryptocurrency analyst PlanB announced on Saturday that they have shifted all their spot Bitcoin BTC/USD into exchange-traded funds, aiming for a seamless trading experience and “peace of mind.”
What Happened: The analyst, recognized for developing the influential Stock to Flow price prediction model, was driven by the practicality of managing Bitcoin similarly to traditional equities and bonds.
“Additionally, not dealing with keys provides me peace of mind. I suppose I’m no longer a maxi,” the analyst remarked, moving away from the “not your keys, not your coins” philosophy, which advocates for the ownership of cryptocurrencies in a self-custodial wallet.
“In my opinion, ETFs represent a rational progression in Bitcoin adoption, alongside retaining your own keys,” PlanB elaborated.
When prompted by a follower, PlanB, hailing from the Netherlands, indicated that this choice does not trigger a tax event in the country, which does not impose a realized capital gains tax.
Peter Schiff, a well-known economist and critic of Bitcoin, responded by labeling the leading cryptocurrency a “digital pyramid scheme” that has not accomplished its “intended purpose.”
See Also: Brian Armstrong Aims to Manage Growing Memecoin Volumes by Introducing DEXes into Coinbase: ‘A Little Bit Like The Early Days Of The Internet’
Why It Matters: Introduced in January of last year, spot Bitcoin ETFs have increased institutional interest in digital assets, gathering nearly 6% of Bitcoin’s total market capitalization as of the current report, according to SoSo Value.
iShares Bitcoin Trust ETF IBIT stands as the largest cryptocurrency fund globally, boasting assets exceeding $57 billion.
During a discussion at the Benzinga Future of Digital Assets conference, industry experts emphasized how ETFs have dismantled barriers that previously kept traditional investors out of the cryptocurrency market.
While ETFs simplify the technical challenges of owning cryptocurrencies, including private keys, they counteract Bitcoin’s foundational ideals as a cypherpunk, crypto-anarchist, and anti-establishment freedom tool by returning control to governmental entities.
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