Gary Gensler’s Confessions: What Will Happen to Bitcoin?


On Friday, Gary Gensler, the head of the SEC, gave a very interesting interview to CNBC.


First, endorsing Bitcoin-ETF does not necessarily mean easing Gensler’s personal position vis-à-vis the crypto business in general, and Bitcoin in particular. He believes Bitcoin’s primary purpose is to fund terrorism, launder money and circumvent sanctions.


I want to comment immediately: I have never seen reliable data on the number of bitcoins sent for these purposes. I am not saying that this is not happening, but I am waiting for an answer to a simple question: how much? Such reasoning is not worth a cent without specifics. And we know for a fact that very bad people use American dollars for their bad purposes. Does this mean that American dollars should be banned? In my opinion, this is an obvious logical discrepancy.



The following statement is more like a confession. Gensler claims that after the launch of the ETF Bitcoin becomes centralized. The statement is paradoxical, but perfectly correct. This is a really elegant solution, which is able to transfer a significant part of bitcoins into a clear and fully controlled zone. Let’s now add to that the control of Binance, the reincarnation of FTX bankruptcy, but also under control. I will not be surprised if there are further attempts to technically and legally limit the uncontrollable turnover of bitcoins.


Everything is perfectly logical, the "power" that felt the real threat in cryptocurrencies had a choice: to go the way of prohibition, or to take control. Obviously, the "power" chose the second option. For crypto-enthusiasts, this is far more dangerous than a direct clash.


What to do in this situation? What I’ve been talking about for a long time is to develop your own blockchain projects and not focus on cryptocurrency trading. Blockchain is a technology that can’t be controlled, use it for your own purposes. Dependence on ready-made solutions is always a risk, and the current situation once again proves this simple issue. 


#GenslerInterview #SEC #CryptoControl #BlockchainProjects #DecentralizeNow

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