A few days ago Gary Gensler gave a speech where he was already talking in the past tense.
It was clear he wouldn’t stay at the SEC for long, and that’s exactly what’s going to happen. He is going to resign on January 20th.
The thing is, Gensler decided to go against crypto, and that’s a mistake. Gensler has been around for a minute, most of his career is in the past, if not all of it, so it doesn’t really matter much what he did.
But it will matter to others.
Betting against crypto is a bad strategy. You’re going to lose.
A friend of mine who runs a YouTube channel on crypto said it best.
He said, “Bitcoin doesn’t need friendly governments. Governments need to get friendly with Bitcoin”.
This is true. Look at what happened.
China tried everything it could to ban Bitcoin and they couldn’t do it.
The US is trying to play catch-up after pushing crypto away for four years.
I think that institutions still can’t categorise crypto.
They think it’s an asset, a product, a service.
It isn’t, Bitcoin is a change of paradigm fueled by technology. It’s like the internet. You can regulate the internet, a bit, and you can exploit it for the benefit of your country, but you can’t shut it off globally, you can’t ban it and you can’t stop it.
Bitcoin is the same. You can’t stop it unless you can shut down the internet for everyone, permanently. And there’s only one way to do that, and if we find ourself in a position where that scenario is reality, well, I don’t even wanna think about that.
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