It’s only a matter of time for bitcoin

It’s only a matter of time for bitcoin

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The writing is on the wall. Bitcoin ETFs are queued at the SEC and it is now just a matter of time before bitcoin explodes higher.

SEC Gensler in a tough place

The anti-crypto chairman of the SEC, Gary Gensler, is in between a rock and a hard place. He has the biggest asset management company in the world (Blackrock) as well as several other financial giants, awaiting his decision.

To buy himself time Gensler could put his decision back as much as 240 days, but the chances of the environment changing as far as granting a Spot Bitcoin ETF would likely be very small.

The SEC chair could continue to back himself and just turn the ETF applications down en masse. However, he is really running out of grounds for doing so, and the political pressure he must already be facing would ratchet up to insufferable levels.

Poor SEC decisions

Gensler would need to be a man of iron in order to continue steering his anti-crypto course, but his performances so far do not indicate that he has the backbone to do this.

Under his leadership the SEC has changed from its role as cop on the beat, that makes sure markets run smoothly, and that investors have proper protections, into a vehicle that is carrying out a hostile crusade against the crypto industry.

Gensler’s decision to attack Coinbase now seems to have been a very poorly judged move, especially in the light of the recent SEC/Ripple case court decision that ruled that secondary sales of XRP on exchanges did not constitute the transaction of a security.

Therefore, continuing to spend millions of taxpayer dollars on trying to bring Coinbase down, a company that is seen to have made every effort to be compliant, looks to be folly, and might be regarded as the SEC making a perverse effort to destroy all the crypto exchanges in order to prevent retail investors from using them.

A power that transcends government

It might very well be argued that it’s not just Gensler using the SEC as an armament against crypto. The decision to bring crypto down may well have come from much higher up, and possibly from the very highest echelon. 

However, there is still one power in the US that continues to transcend politics and government, and that is the power of money, and this comes in the form of institutional companies that own a piece of just about everything. Blackrock is the company at the pinnacle of all of them, and it will have the inside contacts and the resources to get what it wants, and that is a Spot Bitcoin ETF.

Whether it’s good that such a company should have its fingers inside the Bitcoin pie is another thing, but given that Bitcoin is for everyone, those who are able to fully understand it and invest in it first will be those who profit the most.

Just a matter of time

Therefore, it is just a matter of time now before an ETF is granted and bitcoin is shot skywards on a wave of institutional buying. And if the SEC wins the day and somehow comes up with a reason for not approving an ETF, the institutions will still find a way to eventually get the job done.

That Bitcoin has begun its bull market there can be little doubt. Institutions or no institutions, if 75% of BTC holders are not selling, and with the halving approaching next year, bitcoin will still do its thing.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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