Breaking News: The SEC Has Approved the First Leveraged Bitcoin ETF
With their recent lawsuits against Coinbase, Binance and several of the largest existing startups/players in the crypto space, people were beginning to thing that the SEC was severely anti-BTC and anti-crypto in general.
News broke last week that Blackrock filed an ETF application. Several other big TradFi names filed right after.
Then we saw a few big TradFi names begin custodial and exchange operations.
Today, news has broke that the SEC approved a Bitcoin Futures ETF with 2x leverage.
This is all adding up as:
- a coordinated effort to shuffle out the startups and existing players in crypto
- bring in the good ol' boys club TradFi players
What The Hell is Happening?
The whipsaw of actions by the SEC has left everyone wondering "what the hell is happening"?
We are all watching as the SEC coordinated with TradFi to shuffle out the existing players and bring in their own players. The home team, if you will.
This is all speculation. It's all conspiracy.
But it's all a little too convenient, isn't it?
They make the game hard to play for the startups that have spent a decade building here but then clear a path for all of their friends - the giant TradFi corporations - to step in and do the exact same business as the previous players.
It's quite disgusting. Anti-American, Anti-Capitalism all come to mind.
Again, we don't know if it's coordinated, but it's all just extremely convenient.
Bitcoin to the Moon?
This news has sent Bitcoin skyrocketing upwards. The positive momentum we're feeling from this sentiment flip and the appearance of TradFi getting into crypto is undoubtedly leading to a lot of people picking up more Bitcoin.
It's pretty incredible to see how fast things shift. It's been an obvious thing in every cycle I've experienced...
Everything is doom and gloom until it suddenly isn't.
Stay frosty out there. I've been talking about DCA'ing throughout this whole bear market. Did you DCA?
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That means countless others will now follow from every major institution which mean we should pretty much be in the start of the next bull run.
I am totally agree with you because I am also thinking about this in the same way like you right now everything is looking good or supportive but it's a cryptocurrency world market can go down as well still there is higher chances of bull market right now
Need moar. I am accumulating as fast as possible lol
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yes exactly
But they’re killing the crypto startups to pave the way for tradfi. A double edged sword here
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Hope you love KYC then.
This is the equivalent of railroad tycoons coming to the western frontier.
THEY WILL.
RUN THINGS.
THEIR WAY.
Not sure I agree about the anti sentiment. Ever since the ending of the Monroe Doctrine in the 30s, this is exactly what the big end of American town has done. Use their power to drive their own profits. Just look at defense spending, war spending, pharmaceuticals, climate change. This is their game.
I tweeted a week ago to that effect. The fact that Blackrock is using Coinbase to do the custody, tells me Blackrock knows Coinbase are safe from the suit (or worse are going to be able to take it over cheaply if the case goes the other way).
Awesome news @khaleelkazi ! !BBH !CTP #ctp
OK I see about the ones they kicked out that wasn't nice at all then let these guys in. Well, I'm glad BTC is going up again but not happy about the others being kicked out.