Laura Shin is a crypto journalist, host of the Unchained podcast, and author of “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze” (Public Affairs, 2022).
It’s been interesting attending the Sam Bankman-Fried trial at the same time that the industry is gearing up to launch spot bitcoin ETFs.
However, Sam Bankman-Fried was never a true crypto person. He told multiple interviewers that he was an effective altruist, whose main goal was to earn as much money as he could in order to give it away. (Now it seems, through this trial, at least the government alleges that his goal appears to have been slightly different: tothat the way in which he earned the money did not matter.
While the launch of spot bitcoin exchange-trade funds isn’t necessarily the pinnacle of idealistic decentralized building, it does mark the adoption of bitcoin by a different class of investor: not the get-rich-quick-schemer who wants to make as much money as quickly as possible for other means, but long-term investors who plan to hold bitcoin as part of a broader investment mix.
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