If you’ve spent any time in the Bitcoin space, you’ve probably heard the saying: “Not your keys, not your coins.” It’s a simple but powerful reminder that if you don’t control your private keys, you don’t really own your Bitcoin. That’s why many Bitcoiners were surprised when PlanB, the analyst behind the well-known stock-to-flow model, announced he sold all his Bitcoin and moved into spot Bitcoin ETFs.
Choosing Convenience Over Self-Custody
PlanB made it clear: he no longer wants to deal with the hassle of managing private keys. Instead, he now holds Bitcoin through ETFs, which track the price of Bitcoin without requiring direct ownership.
He shared the news on X, saying he prefers the ease of ETFs over the responsibility of securing his own coins. “Not having to hassle with keys gives me peace of mind,” he said.
For someone who has long been a strong supporter of Bitcoin, this shift came as a surprise. After all, Bitcoin’s core idea is financial independence—removing the need for third parties. When you hold Bitcoin in an ETF, you rely on a fund manager instead of having full control over your coins.
⚠️ Disclosure ⚠️
I have transferred my bitcoin to ETFs.
Yes I know, not your keys not your coins. But it is just easier for me to manage bitcoin the same way as equities and bonds. Also, not having to hassle with keys gives me peace of mind. I guess I am not a maxi anymore.
— PlanB (@100trillionUSD) February 15, 2025
Why ETFs?
PlanB explained that he now wants to manage his Bitcoin holdings the same way he does with stocks and bonds. With ETFs, he no longer worries about security risks, hacks, or losing access to his wallet. Given that hackers stole over €2 billion in crypto just in 2024, his reasoning makes sense for those who prioritize convenience.
However, choosing ETFs means paying fees and trusting an institution to manage his holdings. For many in the Bitcoin community, that goes against the entire purpose of owning Bitcoin in the first place.
Strong Reactions from the Bitcoin Community
His decision sparked mixed reactions among his two million followers. Some understood his choice, while others saw it as a betrayal of Bitcoin’s core principles.
PlanB responded to the criticism by questioning whether people would have reacted the same way if he had bought Strategy (recently rebranded from MicroStrategy) shares instead of an ETF. He seemed surprised by the backlash, even though Bitcoiners have long warned against trusting third parties with their coins.
No Tax Benefit in the Netherlands
Some wondered if his move had anything to do with taxes. But in the Netherlands, where PlanB is based, selling Bitcoin doesn’t trigger a tax bill like in some other countries.
Instead, Dutch tax authorities assume an average retuSells All His Bitcoin.
Bitcoin or “Fake” Bitcoin?
At the end of the day, the debate comes down to what owning Bitcoin really means. Some argue that Bitcoin ETFs are just an easier way to get exposure to Bitcoin. But hardcore Bitcoiners believe that if you don’t hold your private keys, you don’t truly own Bitcoin—you just own a promise that someone else is holding it for you.
For PlanB, convenience won over self-custody. For Bitcoiners who believe in financial independence, his move is a reminder that owning Bitcoin comes with responsibility. The choice is yours.
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