Bitcoin spot ETF launches, SEC tames the elephant in the room

The revelers are noisy, who is the next stop?

Written by Zuo Ye

Gary Gensler is a good comrade. After Gary first took charge of the SEC, the crypto world was full of expectations for him. This is because he taught classes at MIT and publicly advocated for blockchain technology. It is worth noting that during his lecture Among the recommended books for the “Blockchain And Money” lesson, 3/7 of the books are directly related to Bitcoin.

However, after Gary came to power, he frequently launched lawsuits against crypto companies and repeatedly stated that various tokens were securities. The public accused him of betraying his ideals and original intentions.

Maybe in his opinion, blockchain technology ≠ cryptocurrency, but the currency-free blockchain is a joke. What’s interesting is that Gary finally gave the green light in this round of SEC voting. As for other spot ETFs, they have not passed in the short term. There are signs that the market FOMO sentiment will take time to calm down.

All in all, this is a good start.

The elephant is sitting on the floor, and Bitcoin is entering the room.

For the earliest Bitcoin enthusiasts, Bitcoin represented a kind of chaos, mixed with multiple factors of anarchy, classical liberalism and technology geeks, so that most humans on earth could not understand why private individuals could issue currency. Why binary data is an asset.

The world we are familiar with is quickly leaving us. If we do not want to die in the world of yesterday, we can only hold on to the sails of the future. In the concept of human assets, we will gradually experience the transformation from physical objects to virtual ones, and from the state to private companies. .

In the current asset ranking, gold, silver and Bitcoin have no national ownership, and the remaining FAAMG constitutes everything we yearn for, but it is difficult to say whether Bitcoin is a virtual item or a physical hardware, which is different from The natural scarcity of gold is different from the main business divisions of the Five Evil People. Bitcoin has created trillions of assets only by its own uniqueness, and most of them can be circulated.

Regarding how to classify Bitcoin, both China and foreign countries have either stigmatized it for a long time and criticized it as worthless, or they hope that it will sweep the world and transform all traditional financial systems. This sentiment reached a high point after the adoption of the Bitcoin spot ETF. At this point, the major applicants started a rate war, and GBTC, which had been covered in gray for many years, finally saw the light of day.

Nowadays, everyone realizes that they can no longer turn a blind eye to the existence of Bitcoin. After Bitcoin, there are countless cryptocurrencies waiting in line to be discovered and recognized by the world. In the current cryptocurrency landscape, Bitcoin Although it is expected that ETFs such as ETH will become new hot spots, it is different from the past entertainment of insiders such as DeFi and NFT. The break of traditional financial assets is imminent.

The mainstreaming of subculture, the fate of dragon slayers

Bitcoin is not a currency, but currency is naturally Bitcoin.

Bitcoin has been doubted and denied for many years, but it has gathered a sufficient number of fans. Since 2011, the number of Bitcoin addresses holding assets has climbed all the way to more than 12 million today. Unlike the number of users of the Internet platform, Bitcoin itself It is a symbol of wealth. Just because you are a Facebook user does not mean that Meta will return its own profits to users. However, holding Bitcoin will continue to appreciate, and there is no sign of Pond’s so far.

After Bitcoin enters the market, it will gradually eliminate its anti-authority color and make more peace with real interests. It is also worthy of attention. In the previous inscription war, developers represented by Luke finally gave up restricting inscriptions. After all, Miners need real fees.

In human history, any form of subculture, that is, a cultural type that rebels against the current authority and mainstream, will eventually die as the protagonist grows up. From the hippie movement in the United States to the May Storm in Paris, young people who were once extremely radical Begin to become an active defender of the old system.

Satoshi Nakamoto’s anonymity has fulfilled his mission, and Bitcoin has indeed become a super ledger shared by the world. Next, we will witness another fantastic journey of Bitcoin, how to adapt to life after mainstreaming.

The revelers are noisy, who is the next stop?

In the history of cryptocurrency, there has never been a shortage of challengers to Bitcoin, from BCH and BSV to Vitalik, who was dissatisfied with the conservative nature of Bitcoin and turned to Ethereum in anger. The few words left by Satoshi Nakamoto will be regarded as holy words by believers, or In this way, after Satoshi Nakamoto, the evolution of Bitcoin has leveled off, and it has become difficult to have revolutionary innovations.

This is the best era because it gives other cryptocurrencies a good opportunity to improve themselves, similar to not only Ethereum, but also China’s Ethereum Conflux, Japan’s Ethereum Cardano, South Korea’s Ethereum Terra and India’s Ethereum Polygon.

This is also the worst era. After Bitcoin, almost any type of token has serious centralization tendencies. Vitalik and the Ethereum Foundation guide every move of ETH. Solana is played by FTX and Jump respectively. The former helps SOL achieve Passive lock-up.

It’s time to talk about the next spot ETF.

I still have to bring out Gary. He once listed many tokens such as ADA/SOL/MATIC as securities. However, Gary did not say whether ETH is a security, even at the congressional hearing in April 2023. Persisting in this way has the charm of Chief Ma.

With the approval of the Bitcoin spot ETF, can ETH become the second spot ETF in Gary’s hands?

I remain optimistic about this. Even if it does not pass this year, it will be implemented in the following days. However, except for altcoins other than ETH, there is almost no possibility of being passed in a big way.

This is a relatively successful conclusion to the Bitcoin spot ETF. It can be expected that after the United States nods, the next follow-up is likely to be Hong Kong. The balance of power between the East and the West in crypto assets has been extremely imbalanced, with computing power, exchanges, miners and mines Machinery manufacturers have gradually moved away from the East. Spot ETFs may be able to pull back a little, but the overall situation is already a sigh.

After sanctioning Binance, through the Bitcoin spot ETF, the US government and Wall Street skillfully used red and white face strategies to take away the pricing power of crypto assets, and the next one is Ethereum, so what happens after that.

Conclusion

Before the SEC results came out in the early morning, I suddenly thought of a sentence, “An organization is like a tree full of monkeys. All monkeys are on branches at different levels. The monkeys above look down and see what they see. The tree is full of smiling faces. When the monkey below looks up, all he sees is his buttocks.”

I watched five people from the SEC all night, and the result I got was that yesterday’s day cannot be forgotten. Family members, let’s welcome the new era of Bitcoin together!