I think price will run up, but eventually people will realize that it just means less liquidity. Eventually, you will have smaller miners and traders leave Bitcoin in favor of altcoins, where the trade spread is greater and liquidity is higher, so they can actually make a decent profit.
Bitcoin will eventually become like gold and silver ETFs. You won't be able to get actual Bitcoin trading the paper shares, and to get actual Bitcoin there will be a sizable premium over "spot" to get the actual crypto.
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