Gary is worried that with Bitcoin being volatile, and easily manipulated, he worries about a spot ETF..
As far as he is concerned, everything EXCEPT Bitcoin is a security, and needs to be regulated by the federal government.
He correct about it's volatility, but wrong about it being manipulated...or maybe not.
See, a while back I thought that the price of Bitcoin was being manipulated by the government in some way.
They obviously had their hands in the FTX fiasco, where Gensler himself sat down with SBF.
We know that SVB, and other banks collapsed which hurt the ecosystem, and plunged crypto into a wintery bear market.
These banks were later bought up by larger banks, where USDT depegged along with other stablecoins.
Then the FED came out and in few words, declared war on crypto, as the SEC followed closely behind.
This is how you manipulate a market, by cutting the legs out from under it, with sneak attacks, and shorts, and legislation.
He flat out said that we don't need another digital asset, because we have the dollar.
Everything this guy says will happen, or has happened in crypto, he has caused it, and his cult members in government.
I have no proof, but I believe the whale who dumped their share of LUNA to cause the Terra Luna disaster was a government official.
Let's not forget that the United States has forced coups and destroyed sovereign governments worldwide for decades...so to say they can manipulate a market is not crazy to believe.
I also believe that gold and silver are manipulated as well to keep them artificially low.
Let's not forget that FTX also laundered money for the USA government to Ukraine, and back to US politicians. Both Dems and repubs are guilty of this, yet it isn't in the news.
So yes, Gary, Bitcoin can be manipulated, and guess what, I think you are just as guilty as Brandon when it comes to this manipulation.
There are many more reasons the SEC should deny a spot Bitcoin ETF, because companies like Grayscale, and BlackRock will hold millions of dollars worth of the asset, leaving investors with no real Bitcoin to show for their investment.
But in reality, these companies ALREADY hold Bitcoin.
Knowing that BlackRock is the greediest dirtiest scoundrel out there, you can bet they hold a lot...
Thanks for reading, and don't forget to let me know your thoughts in the comments below...👇🏻👍🏻