PlanB Leaves The Bitcoin Ship: Here’s Why He Prefers ETFs

The influential crypto analyst PlanB, known for his predictions about bitcoin, surprised the community by announcing on February 15 that he had transferred all of his BTC to spot ETFs. This decision marks a significant turning point, moving away from the bitcoin maximalist ideology.

PlanB sells his Bitcoins for crypto ETFs!

On February 15, PlanB surprised the crypto community by announcing on X (formerly Twitter) that he had transferred all of his bitcoins to spot ETFs. His main motivation? The simplicity of management and the “peace of mind” of no longer having to manage his private keys. “I guess I’m not a maxi anymore”, he declared with a hint of irony, referring to Bitcoin maximalists who advocate for self-custody as a fundamental principle.

This decision comes in a context where the security of digital assets remains a major issue. According to the company Cyvers, specialized in blockchain security, hackers stole over $2.3 billion in assets in 2024, representing a 40% increase compared to 2023, across 165 distinct incidents.

Faced with the controversy generated, PlanB said he was surprised by the extent of the reactions: “Honestly, I didn’t know ETFs were so controversial. In my opinion, ETFs are a logical step in the adoption of bitcoin.” He defends himself by questioning the difference between investing in an ETF or in MicroStrategy, a company holding substantial bitcoin reserves.

A debate that deeply divides the community

The reactions from the community illustrate the deep divisions regarding the future of Bitcoin. Peter Schiff, a notorious critic of Bitcoin, sees it as proof of the crypto’s failure: “Another example of how Bitcoin fails to meet its supposed purpose. It is nothing more than a digital pyramid scheme.”

On the contrary, Ethan Chase offers a more nuanced analysis: “This is a complex balance. ETFs could well make Bitcoin accessible to more people, but they tie it to the very systems it sought to escape. Is the illusion of accessibility worth the potential loss of sovereignty?”

Other community members have expressed their disapproval with irony, like a user under the pseudonym Carla suggesting that PlanB should be renamed “PlanETF,” or more direct critiques pointing out that entrusting one’s bitcoins to third parties represents “the antithesis of Bitcoin” and a “fiduciary mentality.”

Perspectives and implications for the market

From a tax perspective, PlanB clarifies that his residence in the Netherlands allows him to avoid taxation on capital gains realized during the transfer, as the Dutch system instead applies a wealth tax of around 2% on annual net assets.

Projections for Bitcoin ETFs remain optimistic despite the controversy. Matt Hougan, chief investment officer at Bitwise, anticipates inflows exceeding $50 billion for 2025, relying on a promising start to the year with $4.94 billion collected in January 2024.

Lucas Kiely from Yield App offers a balanced perspective, highlighting that spot Bitcoin ETFs, futures, and direct investments offer similar returns, with the main difference lying in management fees. This technical observation contrasts with the philosophical debate on the very nature of Bitcoin and its original mission of financial decentralization.