What you are about to read is something you won't read in any other blog so let me advise you that you're about to read a perspective you may not be familiar with and feelings may be hurt.
"Bitcoin is beyond money and riches it represents something much more than that, that's the whole point." No single persons or entities should have a direct influence of any kind over it. - @EarnOnlineWith_
FUD has been prevalent in the crypto space for a long time now and has been a tool used to attempt a halt or takedown of certain coins and projects. Usually though where there's FUD there usually is some merit to it, as the saying says 'where there's, smoke there's fire'. We've seen this scene occur over and over again and I doubt it will ever stop as long as people are involved because this is what we do best - speculate.
So it was no surprise to me when I started hearing a whole new buzz of excitement as rumors of an SEC supported ETF (Exchange Traded Fund). Initially, my reaction was 'oh here we go again' because this has happened before without any success. Then as if that wasn't enough talk a post by Financial News London insinuated that BlackRock - the World's biggest ETF company is exploring bitcoin.
True to form, it didn't take long before that news exploded here in 'crypto space' and speculation was being passed around as facts. The facts weren't from BlackRock is evaluating crypto to BlackRock is about to invest trillions in crypto. Other news sites also jumped on the bandwagon to help spread the great news and less than 24 hours after the first post of this news everyone had heard and started buying crypto again. Which caused the market to spike and break a 2-week record, bitcoin has been rising ever since.
I got overwhelmed by all this positive talk that I've started to believe that this time things might actually turn out great and the SEC approves bitcoin ETFs. Although I am hopeful that a bitcoin ETF gets passed this time around, I have been somewhat desensitized from past experience and I'm keeping a cool head about it. Whatever happens, happens my focus still remains on acquiring as much crypto as I can before the SEC passes a bitcoin ETF for real.
It is a known fact that cryptocurrencies are a highly volatile asset class and speculation plays a big role in that as evidenced in just a couple of hours. People went from bitcoin is going down to $3000, to the saying it's going to break all-time highs set back in December. Should this happen it will catch me on the way there because in my mind bitcoin is already worth more than that and people just need to realize that.
A bitcoin ETF will pass, it may not be today but someday, heck we don't even need a bitcoin ETF to realize its value. Bitcoin does just well trading on its own and doesn't need validation from the same system it's trying to replace. Depending on institutions is worse than depending on people and you'll be disappointed. Institutions are looking to make a sh*t ton of money and will do whatever it takes to maintain that bottom.
So it's a bit ironic to me when I see people practically beg the SEC to approve a bitcoin ETF because my understanding is that they're protecting the interests of the big banks. The only time they're going to approve an ETF is if the banksters feel ready and safe enough to take that route. You and I don't and never will have a say on it.
That's why we chose bitcoin, no? A system that's decentralized and doesn't discriminate, but it seems people aren't ready to let go of the old system. In fact, it looks to me as if people are highly dependent on the very system (SEC) that is controlling their financial outlook. One bitcoin is one bitcoin forget what the SEC thinks to me that is worth a Lamborghini and if nobody else thinks so then let them use fiat currencies cause I'm not giving up my bitcoins for anything less.
SEC or not bitcoin will continue to rise in the long term and those who aren't comfortable in a cryptosystem without the SEC then they've missed the whole point of the system and it's better off without them. Bitcoin is beyond money and riches it represents something much more than that, that's the whole point.
If we let entities take control over bitcoin then we are better off with fiat currencies because at that point it would be a lesser of the evils. Bitcoin is a powerful tool and in the wrong hands, it leads mankind into a deeper form of slavery with chips on our foreheads.
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Totally agree on that ETF thing. Let's hope SEC makes its decision on August 10th. Can't wait for it and hope they say "yes". Even if they say no the ETF will come :)
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