The cryptocurrency world awaits the decision by the Securities and Exchange Commission (SEC) on whether it will approve a Spot ETF for Bitcoin or reject it.
This is something that has the Bitcoin maxis on the edge of their seat. Of course, they really do not understand what is taking place. This is the hijacking of Bitcoin. It is what Wall Street does and the green candle people are falling for it hook, line, and sinker.
Bitcoin, even if a dream, will officially have any tenets of Satoshi's vision destroyed with this one decision. If Gary Gensler approves it, Bitcoin, as we know it is no more. Perhaps we will see maxis end up scurrying away in shame.
All hinges on the decision this week.
Bitcoin Independence
At stake is the independence of Bitcoin. This is in question with the mining takeover but that is another story on its own.
What do you think will happen if there is approval? Do you think money will roll into these products?
It is likely the financial institutions that are seeking approval will roll their clients into the ETFs. This means we will see a large chunk of money entering the space.
On the surface this sounds like a positive. After all, wouldn't that help the industry?
The answer is no.
What will happen is Wall Street firms will use client money to pull Bitcoin into its clutches. Someone is going to have to custody the BTC and it will be the usual suspects. In other words, the independence of Bitcoin disappears.
Instead, large portions of the coins will end up held by Wall Street institutions. Was that Satoshi's vision?
Not in the least.
Rejection Will Upset The Crypto World
What is ironic is crypto people will lose their you know what if there is a rejection. These people are so clueless they believe this is a good thing. The upset at Gensler if the SEC does not approve it will be legendary.
Isn't it funny how things change?
We go from wanting to replace the existing financial system to hoping said system approves a product that will have the coinage to the same banks that repeatedly cause the problems.
Obviously, the approval could be a benefit to the price action. The markets might end up seeing lots of green. This just shows how crypto people are really full of it. Few care about freedom, financial solvency, or independence. Their only concern is to appease their greed.
Ultimately, they are no different than the bankers with the exception being the latter are much smarter. At least the banks know what they are doing unlike crypto. We simply believe we are involved in a different game when we are really just replicating the same behavior.
If Gensler approves the Spot ETF, the beginning of the end for Bitcoin independence will be on hand. We then can watch as Ethereum becomes the next target. Naturally, since they are doing all they can to go deflationary, they are playing right into the hands of Wall Street.
The entire network will be in the hands of the banks within 2 years. Ethereum will be treated the same way, with steps taken to place it in the hands of Wall Street. We already see ETF applications for that coin being used.
People get upset when it is pointed out how, when it comes to money and financial issues, their thinking is completely backwards. Here is another example of how it is obvious, yet most are going along with it.
Michael Saylor is a small fish when it comes to the sharks on Wall Street. The forces that will be unleashed in terms of capital will be overwhelming. In short, the Bitcoin will be scooped up and taken off the market. People will only get some BTC with the approval of the banks since they will decide when it is released.
We will know this week.