I gotta say, I just dont get Gensler's perspective here. Sure, Bitcoin isnt quite the go-to currency yet, but writing it off as unlikely to ever make it happen seems short-sighted. Though I guess trash-talking crypto is part of the SEC commissioner job description.
It will not, objectively speaking, ever happen. There is simply no way Bitcoin could ever scale to anything even within several orders of magnitude of handling the world's daily transactions. Indeed, maybe Gensler... knows more about Bitcoin than a lot of Bitcoin's cheerleaders?
Currently, the world elites are doing everything to devalue Bitcoin, destroying its uniqueness.
It would appear that the world's elites are actually
embracing Bitcoin. Crypto was the #1 industry donor to the 2024 US elections. I really don't know where you are getting that.
Many have already begun to perceive it as one of the ordinary financial products. Meanwhile, Bitcoin is a unique entity, a universal decentralized protocol for transferring value in virtual space.
To almost all users of Bitcoin today, it's just an investment, no different than AAPL or NVDA. This wasn't because of some government conspiracy, it's simple market demand.