Bitcoin is about to become considered a legitimate asset for the first time in its 15 year existence.

The best part about this spot bitcoin ETF race might not be the inevitable capital inflows it might be the legitimacy aspect.

For 15 years bitcoin has had no legitimacy, as great as it is people still dismiss it out of hand. Theres a great quote in the movie the big short where at the end of the movie Michael Burry says something along the lines of "people want an authority to tell them how to value things, but they choose this authority not based on facts or results, they choose it because it seems authoritative and familiar." People dont care if bitcoin is the best money ever invented or if it has been the best performing asset in history, all they care about is if an authority tells them they should value it.

This US spot bitcoin ETF race with big name brand players like Black Rock and Fidelity might finally be the authoritative and familiar narrative that the masses need in order to believe that bitcoin is valuable. Once all of these spot bitcoin ETFs have been approved and $50 trillion worth of assets under management are recommended to have some bitcoin exposure in order to maximise their sharpe ratios the masses might finally have the authority figure they need to tell them they should value bitcoin.

Once all of the ETFs are approved we might finally enter a reality where Wall st no longer dismisses bitcoin and finally starts acknowledging that it is a valuable asset for society worthy of taking seriously.

It may have taken 15 years but finally bitcoin is about to be taken as seriously as any other traditional asset class and this alone will legitimise bitcoin even in the eyes of gold bugs like Peter Schiff.