Cryptocurrency is becoming increasingly common in investing circles and is arguably an asset class worth including in any long-term portfolio. But crypto is still a Wild West of sorts; there are seemingly endless options, few regulatory guardrails, and highly public instances of fraud that taint crypto’s reputation.

The Grayscale Bitcoin Trust ETF (GBTC 5.18%) is a spot Bitcoin exchange-traded fund (ETF) that addresses many of those concerns.

It’s also a proven millionaire maker; a $10,000 investment at the trust’s inception in mid-2015 would be worth over $1.2 million today. Originally traded over the counter, the ETF was uplisted to the New York Stock Exchange this year.

Can investors still buy in and expect substantial returns? Here is what you need to know.

Bitcoin 101: Understanding the crypto behind the ETF

You must understand Bitcoin if you’re considering owning Grayscale Bitcoin Trust ETF shares. Unlike most ETFs, which typically contain many stocks grouped under one ticker symbol, Grayscale Bitcoin Trust solely invests in Bitcoin. The ETF’s value reflects the value of the Bitcoin it holds. In other words, the ETF offers investors a convenient and regulated way to invest in Bitcoin without worrying about owning or securing it themselves. It’s like the easy button to invest in Bitcoin.

So, why invest in Bitcoin?

Besides its remarkable investment returns over the years, Bitcoin is the world’s first cryptocurrency and addresses a fundamental problem in the U.S. monetary system today: inflation.

The United States backed the dollar with gold until 1971. Since then, the amount of U.S. dollars circulating in the economy has dramatically increased. As more dollars enter the economy, the buying power of a single dollar weakens. In other words, it costs more dollars to buy the same goods and services.

Bitcoin works the opposite way by design. Thanks to halving events, the amount of Bitcoin in circulation grows slower over time and ultimately stops at a maximum supply of 21 million coins. Ideally, more people will hold and use Bitcoin over time, which increases its demand. Rising demand and a fixed supply should increase Bitcoin’s price over time.

There are clues that Bitcoin is gaining traction in society. More merchants accept it as payment; some corporations even hold it on their balance sheets as an alternative to cash. Do you think these trends will continue? If so, having some Bitcoin or Grayscale Bitcoin Trust ETF in your portfolio could be for you.

Pros and cons of investing in the ETF

Next, how do you decide whether to own Bitcoin outright or through the Grayscale ETF?

Frankly, it boils down to some simple choices. Those who want to invest in Bitcoin must choose whether they want the responsibility of owning Bitcoin themselves or paying for the convenience of owning the ETF instead.

Investors can buy Bitcoin on cryptocurrency exchanges and hold it there, but even the most prominent exchanges have run into trouble and even fraud. You can buy Bitcoin and store it on physical devices called cold wallets, but you risk losing the device or the unique password required to access your Bitcoin.

An estimated 7.8 million Bitcoins have been lost, effectively removing them from circulation. The Grayscale Bitcoin Trust is a regulated entity that securely stores all of its Bitcoin in physical storage. Owning shares of the ETF dramatically reduces the risks associated with owning Bitcoin yourself. It’s as easy as buying shares, just like any stock.

Just remember, there is no free lunch. The ETF charges a 1.5% expense fee for its services, which means it will never perform as well as Bitcoin itself. The money paid to fees depletes your investment compounding.

Is Grayscale Bitcoin Trust ETF a millionaire maker?

Despite the fees, the Grayscale Bitcoin Trust ETF can absolutely be a millionaire maker. Some professional investors, like Ark Invest CEO Cathie Wood, believe Bitcoin’s price could rise from $68,000 to $3.8 million by 2030. That’s one person’s guess, but it underlines that nobody knows how high Bitcoin could go in the long term.

That said, investors should keep their expectations grounded and err on the conservative side. Bitcoin’s price will ultimately depend on how society adopts it and how much it drives up demand for it.

Therefore, investors should consider Bitcoin and Grayscale’s Bitcoin Trust ETF as speculative investments. They can add upside as part of a diversified portfolio. Besides, if Bitcoin’s future resembles anything like its past success, you won’t need much exposure to make a significant impact.