This week has seen the SEC take another step in its war against the cryptocurrency industry. After months of stalling and failing to respond to requests from exchange platforms such as Coinbase and Binance, Gary “Security” Gensler's SEC has decided to sue these exchange platforms for non-compliance with America's securities rules.
In doing so, the SEC has revealed a list of cryptocurrencies it considers to be “securities”. This list is far from exhaustive. You can expect other crypto-currencies to be qualified as “securities” by the SEC in the future.
I'm thinking in particular of Ethereum ... to name the most famous.
So the SEC Vs. Crypto war has well and truly begun. Coinbase replied that the platform would continue to operate in America come what may. When you consider how long the SEC's case against Ripple has been going on, it's easy to see why Coinbase has chosen this course of action.
Behind all the noise, Bitcoin stands above the crowd for a straightforward reason: Bitcoin is in a class of its own. Bitcoin is different. Bitcoin is superior.
Bitcoin is a commodity in the eyes of Gary “Security” Gensler and the SEC. Bitcoin will be attacked, of course, but not in the same way as the cryptocurrency industry. It will be via a concerted attack by central bankers, banks, and governments, for example.
Either way, Bitcoiners will be ready.
While many of the Sh*tcoins cited by the SEC are seeing their USD value melt away like snow in the sun, Bitcoin is moderately affected. Its price is currently between $25K and $26K. The price of Bitcoin has taken a hit, but Bitcoin will come out of this episode on top.
This type of episode always brings out the real signal. You know what the real signal is: the Bitcoin revolution!
Bitcoin's dominance of the cryptocurrency market, if you consider Bitcoin part of that market, is now around 50%. We can expect this to increase in the future.
As we witness a dip in the price of Bitcoin, many people, including myself, are voicing the idea that we should take advantage of this opportunity. Our shorthand messages are “Buy the dip”. This is simply a repeat of a famous meme from the Bitcoin world. In my book “The Truth About Bitcoin”, I explain the 11 most famous memes from the Bitcoin world to help you get to grips with Bitcoin culture:
If our messages make sense, they often elicit the same reaction from Bitcoin's opponents: “It's in your interest that I buy Bitcoin.”
These people think we're selling them Bitcoin LOL.
These people clearly don't understand the why of Bitcoin... But we were all the same at one point or another in our Bitcoin adventure. So there's no point in blaming them.
When we say “Buy Bitcoin”, we're not selling our Bitcoin. We're not selling anything. We're simply advising people to take control of their destiny and their wealth via the Bitcoin system.
It's in your interest to buy Bitcoin. For those who already own Bitcoin, it won't make a difference. We've already opted for the Bitcoin system. We've already decided to take control of the fruits of our labor. It's up to you to decide whether you want to do the same.
So I think it would be better to stop saying “Buy Bitcoin”, so as not to send a message that could be misinterpreted, and instead say “Own Bitcoin” or “Study Bitcoin”.
Why “Own Bitcoin”?
Because Bitcoin is the only thing you can really own once you have the private keys to your Bitcoin in your possession.
To understand this, you'll need to study Bitcoin and understand its why. Hence “Study Bitcoin”.
These messages may not be as hard-hitting initially, but they are more profound and could enable Bitcoin's opponents to stop taking direct offense and try to get beyond their initial preconceptions.
As always, it's up to you to decide what you need to do to protect the fruits of your labor. At the end of the day, it's always your money that's at stake. Don't blindly listen to others. Take in information, integrate it, but remain in control of your decisions no matter what.
This is the profound meaning of the Bitcoin revolution, whose slogan is: “Don't Trust, Verify”.
So, as always, I invite you to check everything out, study Bitcoin, and then figure out for yourself what you need to do. In my case, it's clear to take advantage of every opportunity to accumulate more BTC to protect the fruits of my labor.
Stay strong, Stay Bitcoin HODLers.
Also published here.