Of course, it was for the good of the country...
My biggest fear with the newly issued ETFs is that we end up with a modern day 6102.
Imagine this (very plausible scenario).
Sometime in the next 6 years bitcoin reaches parity with gold. It has a $13 trillion market cap. Times are good!
This $13T is leveraged and spent throughout the economy.
Per bitcoin history, a 75%+ drawdown occurs. $10T is wiped out (roughly 50% of US GDP),
resulting in a credit crunch and widespread asset liquidation.
The Federal Reserve must step in to keep the financial system from collapsing. Bitcoin is blamed.
The-powers-that-be nationalize custodians like Coinbase (which hold the ETFs' bitcoins) and have a mandatory payout to bitcoin
owners for some fixed amount of USD.
Your bitcoin is now their bitcoin. For the good of the country...
The solution, of course, is self-custody.
I even know people who
have dual-residencies specifically because of the possibility of this situation and potential for confiscation. I'm hopeful nothing like this happens, but think it's prudent to be aware of history.