Topic: Bitcoin ETF officially approved! - page 4. (Read 656 times)

Not implying anything of the sort. Bitcoin is a pure meme to invest in. There is nothing wrong with that. Whether it's the next Gamestop or the next Amazon is up to investors.

And yes, Bitcoin is going to see more adoption as a meme investment because of the ETF. It's not going to change whether people use it for other reasons e.g. paying for stuff at the retail level.

But an ETF makes a mockery of all of the old-school allegedly useful features of Bitcoin e.g. "decentralized" and so forth...

note that final statement as a echo of elizabeth warrens words in his rhetoric to keep his job..  and then it starts to make sense
if he didnt say it, expect harsh backlash from E warren where she would file petitions and such

also note that gensler had over a year to make up new goalposts, minimum standards. heck he could have even said no to 6 of the dozen, to set precedent of higher standards. but by allowing all to be approved shows he didnt want to move goal posts or raise the bar higher compared to traditional ETF standards

heck with all the trolling of "gensler is anti-bitcoin" i was only expecting 1-4 to get accepted as some do have lower standards than others. but by seeing a dozen got accepted shows even with his boss mommy E warren screaming sentiments. he didnt really do much more then a traditional ETF would have been asked to do

Yes, very rich people do play a big role in the Bitcoin movement, but poor people still benefit if they own Bitcoin, whatever the amount and the profits will double if big people buy Bitcoin, so everyone from all walks of life society gets the benefits
And whether it is true or not, we can only wait for the next good news related to the existing news, and I am also happy to hear and see this news on the internet, television and so on.

Governments, even strong governments like the US, still have to respond to the interests of the powerful, and even if they do not like bitcoin due to its characteristics, it is undeniable this market represents a gold mine ready to be exploited, and blackrock was not going to let that opportunity to pass them up.

I am happy this is over, the fake news and the hacks were getting ridiculous, so we can finally move on and wait for the halving to actually take place.

Uncle Gary is coping and he wants to make it feel difficult for crypto natives as it was for him when he begins approving the other applications hehehehe. Also according to some people in social media, uncle Gary's vote was the deciding vote on the first approval. This is for certain a pride swallowing occurrence for him after months of rejection and postponement. However, he has no choice because the real rulers in America like the people behind Blackrock want a spot bitcoin ETF heheheee.

I have the same thoughts as you, I don't think he hates bitcoin as much as we see. But in his position, he cannot publicly support bitcoin, what he does is only for work, and because the government forces him to do so. Not only Gensler, but anyone who has ever spread negative things about bitcoin, I also don't believe it. I like to look at what they do rather than just look at what they tell us. No one hates money, especially billionaires like Warren Buffett or Gates.

This is what majority of Bitcoin enthusiasts wanted from the onset. There's no point to be negative about it. Are you implying that Bitcoin is similar to Gamestop or AMC? It's not, period. These Bitcoin ETFs will catapult Bitcoin to get massive adoption which has been one of the missions of Bitcoin. The ETFs will put Bitcoin on the center stage to get massively adopted in the coming years. These are really exciting times and I'm glad to be alive to see it.

I don't think so.

Teaching Bitcoin doesn't mean liking it. He was a teacher. His job was to teach. Bitcoin started to become relevant and so he had to include it just as he had to include other economic theories, views, paradigms, etc. whether he liked them or not.

Gensler was probably more open-minded as an academic. It comes with the job. All approaches are there to be carefully studied and understood. The environment is perfect for that.

I understand it isn't the same when you're working in the government where power play is at its core. Pleasing certain personalities is probably a must at times.

But you don't have to end your statement about a positive news for something you like by slinging mud at it. This is Bitcoin's day. If you truly support Bitcoin deep inside, do you have to mention that it is used in illicit activity and even go as far as enumerate the likes of ransomware, money laundering, sanction evasion, and terrorist financing? That's even uncalled for.


Gensler mentioned it anyway. I don't know what relevance that has, but he closed his official statement with that. I doubt if he does the same upon approval of another ETP that isn't Bitcoin. Would he also remind the people to be cautious with fiat because it is being overprinted and that it is also used in all kinds of crimes?

Excellent. Bitcoin is now officially a meme investment that has nothing to do with its original ideals .

Maybe the SEC's twitter account got hacked again /s

Jokes aside, now the big guys are going to start buying BTC.

Can you really say that BTC is bad for the environment or is only used by criminals if you are filling your bags with it? 

Rich or poor as long as we have Bitcoins on our wallet there will be a higher chance that it's value might double.

Yeah this is quiet common on the internet space even before. If this is true then it has negative effects on the current status of Bitcoin.

Yeah I am excited to hear and see this approval on the local television news and it's impact on the price of Bitcoin.

this is a very good guess

my theory
gensler likes bitcoin. in previous years he even taught it at MIT

however politically. he has to save his job so with the likes of Elizabeth Warren and her anti-bitcoin crusade. he has to kiss the ring and call bitcoin out for the risks... whilst legally he let the ETF pass

remember for years he has been saying that businesses need to regulate(kiss the warren ring) but has not been setting new rules of regulation specifically for bitcoin (which bitcoiners dont want rules).. he has instead stuck mostly with existing rules of fiat regulations on the most part

so he has actually helped us before by not setting new rules and so letting businesses run without setting too high a goalpost

him saying things like how bitcoin ETF is not insured (meaning he didnt add a goal post min standard)
him saying "Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. "
again not moving the goal post higher
shows he is not pushing for new laws for crypto specifically. and instead is accepting bitcoin ETF under the same landscape as fiat ETF

yes he washes those sentances with repeats of elizabeth warrens mantra. but i feel thats just protecting his job and kissing the ring

Well yeah of course Gensler would never have approved Bitcoin ETFs if he wasn't under political and legal pressure to do so. He hates the entire cryptocurrency space and has many times made clear his disdain for Bitcoin and Crypto and said they don't need to exist. I'm sure he is quite upset as it is clear one of his goals as head of the SEC has been to try to harm Bitcoin adoption in the US and cause chaos in the market by gaslighting and suing the exchanges constantly, and he ended up having to preside over bridging Bitcoin with mainstream traditional finance lol....poor Gensler indeed!

Also that's a hilarious statement, saying Bitcoin has no underlying asset unlike Gold....Gold doesn't either lol, Gold and Bitcoin ARE the underlying asset. Like, what does he think is the underlying asset for Gold??? haha. And no real life usage is also hilarious haha, dude really doesn't have a clue about Bitcoin. I guess when you are so insulated in the finance world you literally put on blinders to anything novel having value and utility, same way Warren Buffet and Jamie Dimon have infamously and repeated publicly stated their blinders for Bitcoin.

Mr. Gensler sounded defeated and bitter in his statement. He seemed to insinuate that the courts are mainly the reason for this, mentioning how the Court of Appeals favored Grayscale's planned conversion of their Bitcoin trust to ETF. He seemed to suggest that if the agency is to be followed, it would have once again rejected the applications.

He ended his statement by mentioning that Bitcoin, unlike gold, has no underlying asset and has no real-life usage, that it's nothing but a volatile speculative asset that is used in many crimes, and that they are actually not in approval of such a risky asset.

Poor Mr. Gensler! He had to say yes even if he wanted to say no.

I bet just a sizeable amount of the market are contrarian traders. "sell the news" types. On Coinbase the price seesawed between like $44k/$45k and $46k/47k a couple times soon within just an hour or two after the announcement - that is some crazy volatility for Bitcoin. Contrarian traders trying to crash the price but not succeeding as obviously the majority of the market understands this is hugely positive for Bitcoin's price.

I would bet Bitcoin doesn't spend very much longer in the $40,000s now that ETFs are approved. People are gonna want to get in before ETFs start buying up billions of dollars of bitcoin, and then of course the direct effect of billions of dollars of bitcoin being bought up for the ETFs.

Definitely most of the ETF inflow is going to be over the long term as millions of regular TradFi investors slowly decide they should put a little bit of their money in a Bitcoin ETF once they get used to the idea of Bitcoin being a more normalized investment, but I would guess there will be at least a couple billion dollars of inflows into these ETFs in the first days or weeks of their offering, coming probably mostly from investment funds and stuff like that (or just finance guys who are too engrained in TradFi to invest in something outside their realm) that has to follow rules about what they can invest in and never came up for rules about investing in cryptocurrencies, but no rules for them against putting money in ETFs.

Gensler the coping clown.



While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin.

Source https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

He makes it sound like he was forced into it. He definitely didn't want them approved. I guess he put up a good fight. But too much pressure from giants ... cough cough Blackrock

Now that the ETF is approved I guess Bitcoin might seem a bit more legitimate to ppl when they see names like Blackrock, Fidelity ARK and the like. Although spot ETF's have been approved in other countries like Australia and it didn't have much effect. But I guess the SEC approval has been publicised and built up much more and thus we hopefully see new ppl investing in crypto. So hope for big bull runs!

Gray Gensler himself made the statement and declared Bitcoin EPF officially approved. I'm sharing a screenshot pic below and the link I took from Twitter(X) .


https://twitter.com/BitcoinMagazine/status/1745198148862046507?t=z7OILSoFKrp96kHW1DiQSA&s=19

This is indeed a historic moment for Bitcoin and the cryptocurrency market. The U.S. SEC officially approved the listing of Bitcoin Spot ETFs on Wednesday, January 10, 2024. This approval will likely open the door to a new wave of institutional investment. Trading could start as early as Thursday morning. This move marks a significant milestone in the evolution of Bitcoin adoption within traditional financial markets.
Please note that while the original document might be temporarily inaccessible, the key details have been widely reported and confirmed by multiple sources.

https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals
https://www.msn.com/en-us/money/savingandinvesting/sec-officially-approves-bitcoin-etf-proposals-for-real-this-time/ar-AA1mLSQg
https://www.fxempire.com/forecasts/article/bitcoin-spot-etf-officially-approved-by-sec-bullish-btc-price-reaction-to-follow-1401469
https://www.investors.com/news/sec-officially-approves-bitcoin-etf-proposals-for-real-this-time
https://www.kitco.com/news/article/2024-01-10/sec-approves-11-spot-bitcoin-etfs

If you need more specific details from the original document, I recommend checking the news outlets for updates. They will likely provide access to the document once it’s available again.
Remember, always verify information from reliable sources. Happy investing!