BlackRock’s New Bitcoin ETF Is a Derivative of a Derivative | Adam O'Brien
Bitcoin Well PodcastBitcoin is holding above $80,000 heading into this conversation, 916 days past the halving, and the spot ETFs just bled more than $600 million in a single day without the price barely flinching. Q is joined by Bitcoin Well CEO Adam O'Brien, back from Bitcoin for Financial Services in Denver, to explain why the bigger story is what Wall Street is building on top of bitcoin.
Q argues that BlackRock's newly filed PBIT, a buffer ETF that trades options against IBIT to absorb roughly the first 10% of losses while capping your upside, is the mortgage-backed security of bitcoin: a derivative of a derivative, and the kind of product that could drive the next big crash. Adam walks through why Larry Fink came out of 2008 more powerful than he went in, what JPMorgan's first-ever bitcoin forecast (10% a year in the bear case, roughly 17% in the bull case) really tells you about bank incentives, and why a lowball forecast might one day carry legal risk. We get into Jamie Dimon's pivot from threatening to fire bitcoin buyers to pricing bitcoin into his long-term outlook, why ETF outflows aren't moving the price the way the headlines claim, and why every asset except bitcoin sits on the first rung of the counterparty ladder, including the option to hold real bitcoin in your IRA instead of the ETF.
This is a sharp conversation about Wall Street, ETFs, and counterparty risk, for anyone trying to understand who actually stands between them and their money.
Sign up for Bitcoin Well: https://bitcoinwell.com/signup
Learn about Bitcoin Well Infinite: http://bitcoinwell.com/infinite
Follow Adam O'Brien on X: https://x.com/adamobrien
Watch Adam on YouTube: https://www.youtube.com/@adamobrienirl
Subscribe to Bitcoin Well for bitcoin news, financial sovereignty, and how to buy, sell, and use bitcoin.
Bitcoin Well is Canada's non-custodial bitcoin company, established in 2013 and publicly traded since 2021 ($BTCW.V). We offer Bitcoin ATMs, personal bitcoin services, and an online bitcoin platform.
Future-proof your money.
Bitcoin #BlackRock #BitcoinWellPodcast
RESOURCES & LINKS:
🚀 Buy Bitcoin/Freedom: https://bitcoinwell.com
📧 Join the Mission (Newsletter): https://bitcoinwell.com/newsletter
📊 Take the Bitcoin Survey: https://bitcoinwell.com/survey
📈 Investor Relations: https://bitcoinwell.com/investors
CONNECT WITH US:
🕊️ X (Twitter): https://twitter.com/thebitcoinwell
📸 Instagram: https://instagram.com/thebitcoinwell
⚡ Nostr: npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 (https://bitcoinwell.com/nostr)