Bitcoin ETF: Win or...?

 

The last two days of the crypto community have been in a state of euphoria. It was a good reason for that, Grayscale won the court case against the great SEC! Now the road to Bitcoin ETF is open. At least it’s almost open.

 

Today, the crypto market is fueled mainly by emotions. Any positive news can be a driver of growth. And so it happened this time. Immediately after receiving news of Grayscale’s legal victory, the Bitcoin Stock Rally began. Bitcoin, as usual, has dragged the entire crypto market behind it. Traders are frozen in anticipation of super growth.

 

Unfortunately, the growth did not last long - until the moment when emotions turned off and logic began. The traders were distracted from the terminals and took the time to think a little. There was a rollback. First of all, the victory is not final - the commission has many opportunities to slow down the licensing process. This is likely, given the SEC management’s particular relationship to cryptocurrencies.

 

This is well understood by experts. The head of Grayscale Michael Sonnenshein paints incredible prospects, but immediately calls for patience. Happiness is bound to come... but not today.

 

In fact, I have no doubt that bitcoin ETF will sooner or later be approved and, I suspect, it will happen in the near future. But why do we think it would affect the entire cryptocurrency market? Who did say that the regulators would stop the pressure on the rest of the crypto?

 

If you expect the market to become freer, all legal barriers will fall, developers will no longer live under the threat of criminal prosecution, you are mistaken.

 

The victory of Grayscale touched Bitcoin and only Bitcoin. On the contrary, administrative pressure will increase on all other market segments. The SEC is going to take control of all cryptocurrency projects.

 

The ETF Bitcoin market will have nothing to do with the crypto markets we are used to know. The ETF addresses regular exchanges under standard rules with full reporting and, of course, a fundamental lack of privacy. It is a one more step towards total control. Bitcoin, of course, will grow up, but whether it will be Satoshi Nakamoto’s initial creation, or it will be transformed into something else? Will the pirates of the Caribbean wear the fracs and go to the House of Lords, or will they still choose to remain free of convention and still swim under the Jolly Roger?

 

#BitcoinETF #licensing #SEC #crypto #Grayscale