Bitcoin ETF officially approved!

[bbc.reporter]

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

[thecodebear]

Thanks for posting screenshot guys. I saw people talking about it live on youtube. They say the SEC website crashed at some point under traffic
Also, there was a surprisingly large amount of dumps on exchanges when the approval was announced, I guess the non-believers thought it's another fake announcement.
Once they confirm it there's going to be a wave of buybacks.

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.

[Fundamentals Of]

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

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.

[thecodebear]

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

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.

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.

[franky1]

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

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.

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.

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

[philipma1957]

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

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.

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.

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 rules of regulation (which bitcoiners dont want rules)

so he has actually helped us before by not setting rules and 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

this is a very good guess

[0t3p0t]

Now the rich are on the game. Are we going to be rich as well as their money will flow and come to us too?

I just hope that SEC will never post another update about that their website and approvals have been hacked by somebody and just modified it.

Will wait for the impact of this on the market as it's not that impactful as of the moment.

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.

[NotATether]

darkangel11
JackpotRacer
It went offline. I have the whole PDF, does anyone want it? Btw this image comes from cointelegraph.com

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? 

[legiteum]

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

[Fundamentals Of]

-snip-

-snip

-snip-

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

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.

darkangel11
JackpotRacer
It went offline. I have the whole PDF, does anyone want it? Btw this image comes from cointelegraph.com

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? 

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?

[nelson4lov]

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

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.

[Minor Miner]

my theory
gensler likes bitcoin.

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.

[bbc.reporter]

darkangel11
JackpotRacer
It went offline. I have the whole PDF, does anyone want it? Btw this image comes from cointelegraph.com

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? 

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.

[wxa7115]

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

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.

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.

[bitzizzix]

Now the rich are on the game. Are we going to be rich as well as their money will flow and come to us too?

I just hope that SEC will never post another update about that their website and approvals have been hacked by somebody and just modified it.

Will wait for the impact of this on the market as it's not that impactful as of the moment.

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.

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.

[franky1]

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.

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

[legiteum]

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

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.

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...

[pooya87]

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

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.

The absurdity of @legiteum calling Bitcoin a "meme investment" apart, I have to say "Bitcoin enthusiasts" didn't want ETF, "Fiat enthusiasts" wanted it as they wanted to make money and didn't care what they bought (be it bitcoin, gold, stocks, crap wrapped in a pretty box, etc.).
As for adoption, ETF is not directly affecting adoption since people won't be buying or owning bitcoin through that. The only thing it may do (which is a weak thing) is to battle certain FUD that some "celebrities" spread about bitcoin and help adoption that way (indirectly).

[thecodebear]

Has anyone checked on Mr Gensler?  Is he feeling okay?  Probably went off to find a quiet corner to cry in.  

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.

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.

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

No idea what your obsession with Elizabeth Warren is but she's got nothing to do with Gensler. Like why are you randomly talking about her in your post?? Kinda weird tbh. They are entirely different people.

I know we all thought back when Gensler took the job he would be pro-bitcoin because he taught a blockchain course but he has made it abundantly clear for several years now that he hates Bitcoin. No need to make up a fantasy about some random member of congress controlling him haha.

Gensler has done nothing but attack Bitcoin and the industry since he's been at the SEC. He very clearly has some sort of personal vendetta against Bitcoin. I have no idea why, but he does. Elizabeth Warren obviously does as well but you just randomly brought her up haha. You just randomly name dropping other anti-bitcoiners or something haha??

And I don't understand your need to try say the single person in the US govt who has done the most to attack Bitcoin the past few years is actually secretly on bitcoin's side lol, I've seen other people on these forums make the same claim and it's just super bizarre. Are you next gonna say how much Buffett and Dimon and Schiff secretly love Bitcoin they just can't openly tell us so instead they attack it haha? Let's just be real here. It ain't opposite day. Let's stick to reality

He VERY CLEARLY does not like the fact that he was basically forced by the court decision last year to approve BTC ETFs now. He ain't playing 4D chess as some super secret pro-bitcoin spy playing the long con attacking bitcoin and the industry for years just to make everyone think he hates bitcoin and then suddenly approve ETFs while continuing to say how bad he thinks bitcoin lol. Dude just hates bitcoin. There is literally no reason to think anything else. If you think "he actually helped us" you must honestly be the most optimistic guy in the world! That's the kind of optimism where you thank someone for punching you repeatedly in the face haha.

Anyway, I think we can all just be glad last year the courts basically told Gensler he can't keep rejecting BTC ETFs for nonsense reasons. Otherwise we'd been waiting a few years until Gensler is out of office for this day to come. No doubt Gensler will continue attacking Bitcoin these next few years any chance he gets, but at least the ETF struggle is over now!

[ObscurePen]

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...

How does an ETF make a mockery of decentralisation? Bitcoin is still decentralised. There is no third party vetting transactions.
It is still P2P. It is still deflationary and scarce. So what fundamental have been mocked?
 In essence the ETF allows  institutional and retail investors are more exposed to Bitcoin without having to go to the hassle of buy and storing the coins themselves. The ETF just allows big companies to take people’s money and buy Bitcoin while taking a service fee. And because of the ‘trustworthiness’ and ‘integrity’ of these companies ppl are more likely to engage in crypto