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Yes, an Australian SMSF can usually hold bitcoin directly if the fund’s deed, investment strategy, custody setup, and records support it.

A bitcoin argument at Milken usually comes down to four issues: use case, valuation, regulation, and where bitcoin fits in a portfolio.

IBIT is not the same as Bitcoin. IBIT gives you fund-share exposure to Bitcoin’s price, while Bitcoin is the underlying on-chain asset.

A practical framework for valuing bitcoin as a substitute for gold: focus on scarcity, demand quality, liquidity, custody, and market acceptance.

A Bitcoin ETF is not the same as Bitcoin. An ETF gives you fund shares, while direct ownership gives you the asset itself and wallet control.

Coinbase is not the same as Bitcoin. Coinbase is a platform and service brand; Bitcoin is a decentralized asset and network.

Buying Bitcoin as an investment depends on your risk tolerance, time horizon, custody choices, and whether losses would disrupt your life.

A Bitcoin ETF usually does not mean you directly own a digital asset. The key question is whether you hold fund shares or Bitcoin you can control.