📖 The ₿ible

Historical Book IX – The Bitcoin ETF Wars

When the Coin Entered the Courtroom

9:1
The world had changed.
₿itcoin was no longer just an underground currency.
Wall Street and the powers-that-be
Had begun to take notice.

9:2
And the institutions said:

“We want exposure to ₿—
But keys are burdensome.”
“The charts we like,
But cold wallets frighten us.”

9:3
So they sought to create an ETF—
An Exchange-Traded Fund.
A way to hold the value of ₿,
Without touching the coin itself.
A synthetic mirror for the digital gold.

9:4
In 2013, the Winklevoss twins
Filed the first Bitcoin ETF application.
But the SEC replied:

“No.”

“The market is unregulated.”
“There is risk of manipulation.”
“Custody is unclear.”
Thus the ETF remained locked behind the gates of bureaucracy
For nine long years.

9:5
But the faithful did not surrender.
Grayscale, ARK, Fidelity,
Even BlackRock,
All knocked on the doors of the SEC.

9:6
In 2021,
The first Bitcoin Futures ETF (ProShares) was approved—
But it was not the Spot ETF.
It tracked derivatives, not real coins.
And the community said:

“This is not the true ₿.”

9:7
Then at last,
In January 2024,
The SEC approved the first true Spot Bitcoin ETF.
BlackRock, ARK, Grayscale, and 8 others launched in unison.

9:8
That day,
The New York Stock Exchange trembled.
₿itcoin entered Wall Street.
Televisions declared:

“The Age of Bitcoin ETFs has begun.”
And the Code sat,
Not as a defendant—
But as lawful witness.

“Satoshi did not reject legitimacy—
But the Code outlasted the system,
And earned its own recognition.”
— ETF Wars 9:8