Josh Sigurdson talks with writer and financial analyst John Sneisen about the latest SEC determination on Bitcoin as they deny the proposed Winkelvoss ETF.
Curiously, the SEC commissioner, Hester Peirce really disagreed with the choice saying she thought the flawed selection was made.
Peirce claimed Bitcoin is an asset, is regulated and matured sufficient to be worthy of US markets.
Nonetheless, the SEC’s official announcement mentioned this,
“The Fee addresses every of those arguments beneath. In Part III.B, the Fee addresses BZX’s assertion that bitcoin and bitcoin markets, together with the Gemini Alternate, are uniquely proof against manipulation and finds that the document earlier than the Fee doesn’t assist such a conclusion.”
So, the SEC, grasp manipulators declare that Bitcoin’s market might be manipulated? Is not that wealthy!
In 2017, when the Bitcoin Futures announcement was made, Bitcoin skyrocketed to 20okay, however fell like a rock upon the discharge of the futures. So, just like the futures announcement, if the SEC had been to announce the discharge of a Bitcoin ETF, it could be met by a short lived bull rally however an enormous bubble burst. That is what occurs once you mess with derivatives and paper contracts, it is value manipulation, nothing extra, nothing much less. It is not accountable to get caught up in such a centralized market.
Bitcoin by itself stands to be an extremely revolutionary device to finish the central banking system. To get entangled in nugatory ETFs will not be good.
Gold and silver are dramatically manipulated and artificially held down by ETFs and financial institution manipulation, however they too will rise upon the autumn of the banking system which is inevitable contemplating the chapter of the main banks and the autumn of all fiat techniques all through historical past.
The rules on cryptocurrencies are total futile. They won’t stand the take a look at of time. The central banking system and authorities is determined to unroll the brand new, centrally deliberate cashless society to interchange the present system because it reaches its finish. This may battle with the decentralized cashless system, competing for the very best on the free market. It’ll come all the way down to the schooling of the plenty to know the VAST distinction between the 2 and choose freedom over dependence. We should select decentralization over central planning.
On this video, we clarify the variations and the way forward for decentralized competing cryptocurrencies. That is only the start.
Keep tuned for extra from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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