November has been a special month in the Bitcoin and cryptocurrency world for several years now.
ATH in November 2021 with a Bitcoin price just shy of $69K.
Explosion of the FTX scam in November 2022 with a Bear Market bottom hit just above $15K.
Settlement at $4.3B between Binance and the US justice system in November 2023 with the end of CZ's success story. CZ is no longer the CEO of Binance, and Binance's new CEO, Richard Teng, is a man of the current monetary and financial system who will facilitate Binance's total 24/7 surveillance over the next 5 years.
The market will thus have been purged of the excesses of the previous Bull Market.
WSJ published an article on the occasion, explaining how this could benefit Bitcoin:
From the article's headline, you'd think it was something Bullish for Bitcoin.
WSJ explains that all players in the Bitcoin market see the weakening of Binance in a positive light. It will strengthen American exchanges like Coinbase and Kraken, which will open the way for the spot-based Bitcoin ETFs that Wall Street giants are preparing to launch once they get the green light from the SEC.
BlackRock, Fidelity, Invesco, and Franklin Templeton are all in the starting blocks. The narrative surrounding Bitcoin is also changing, making it easier for the general public to invest in these financial products in the future.
What makes everyone on Wall Street so Bullish is also a 2022 Nasdaq survey that found that 72% of financial advisers who were considering investing in crypto would be more likely to do so if a spot ETF were available in the U.S.
For many, a massive influx of new money will arrive on the Bitcoin market as soon as the SEC gives the green light. Assuming the SEC gives the go-ahead. For many, this is a given, but beware of Gary “Security” Gensler, who will be looking for every possible fallacious argument to delay this approval.
This approval should come in the same year as Bitcoin's fourth Halving. This augurs a phenomenal effect on the price of Bitcoin. Demand will explode, while supply will become even more scarce...
If you apply the principles governing the law of supply and demand, you know as well as I do what this will mean for the price of Bitcoin.
So far, the WSJ article has been a genuine article.
Where things change astonishingly is when the article concludes:
“Of course, the fact remains that Bitcoin is essentially useless, its current revival as a vehicle for digital art notwithstanding. This should be a reason for most investors to avoid it. Yet uselessness isn’t necessarily an impediment to speculative value for assets that make a strong cultural impact and are easy to trade.”
Reporter Jon Sindreu then indulges in a surprising digression, saying verbatim that Bitcoin is useless. He's entitled to think that, but then it's an opinion piece. The problem is that Jon Sindreu presents this as fact!
He goes on to say that most investors should avoid Bitcoin... We're still in the realm of personal opinion here. Finally, he concludes by saying that, despite everything, this should not prevent investors from investing in this asset because of its speculative aspect.
Unfortunately, it would take too much time and energy to reply directly to Jon Sindreu on the usefulness of Bitcoin for millions of people around the world daily. Those of you who have been reading me for months, if not years, are well aware that Bitcoin is a monetary revolution that is changing people's relationship with money by giving them back the power over their money.
The others, who continue to propagate opinions of this type, would do better to deepen their knowledge to understand the why of Bitcoin.
If they fail to do so, which is more than likely, time will do its work and the future success of the Bitcoin revolution will force them to open their eyes to a reality they have tried for too long to hide from the general public.
Don't Trust, Verify.