Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent SEC decision on Bitcoin as they deny the proposed Winkelvoss ETF.
Interestingly, the SEC commissioner, Hester Peirce actually disagreed with the decision saying she thought the wrong choice was made.
Peirce claimed Bitcoin is an asset, is regulated and matured enough to be worthy of US markets.
Nonetheless, the SEC's official announcement said this,
“The Commission addresses each of these arguments below. In Section III.B, the Commission addresses BZX’s assertion that bitcoin and bitcoin markets, including the Gemini Exchange, are uniquely resistant to manipulation and finds that the record before the Commission does not support such a conclusion.”
So, the SEC, master manipulators claim that Bitcoin's market can be manipulated? Isn't that rich!
In 2017, when the Bitcoin Futures announcement was made, Bitcoin skyrocketed to 20k, but fell like a rock upon the release of the futures. So, like the futures announcement, if the SEC were to announce the release of a Bitcoin ETF, it would be met by a temporary bull rally but a massive bubble burst. That's what happens when you mess with derivatives and paper contracts, it's price manipulation, nothing more, nothing less. It's not responsible to get caught up in such a centralized market.
Bitcoin on its own stands to be an incredibly revolutionary tool to end the central banking system. To get involved in worthless ETFs is not smart.
Gold and silver are dramatically manipulated and artificially held down by ETFs and bank manipulation, but they too will rise upon the fall of the banking system which is inevitable considering the bankruptcy of the major banks and the fall of all fiat systems throughout history.
The regulations on cryptocurrencies are overall futile. They will not stand the test of time. The central banking system and government is desperate to unroll the new, centrally planned cashless society to replace the current system as it reaches its end. This will conflict with the decentralized cashless system, competing for the best on the free market. It will come down to the education of the masses to understand the VAST difference between the two and pick freedom over dependence. We must choose decentralization over central planning.
In this video, we explain the differences and the future of decentralized competing cryptocurrencies. This is just the beginning.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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