Tuesday, October 24, 2023


I've vowed to stop posting about Bitcoin (and other crypto) because most people don't have any interest in the subject. Which is fine; this is America; everyone gets to choose how to live their life. I don't want to bore you; I just thought I was being helpful alerting everyone to valuable news. Before I stop, let me issue one last post as I go silent.

Bitcoin is soon going to soar to the Moon and beyond. Ice is thawing in the current "crypto-winter" and first cracks appeared today causing BTC's value to jump significantly. The reason BTC is going to explode are inevitable governmental approvals of "spot ETFs." The first approval might happen this year; several are almost certain next year. (We're talking about U.S. government; ETFs are available in other countries.)

Long story short: the SEC, under lobbying influence from the banking industry, has been opposing crypto-currency by (1) refusing to develop regulations (which have already been adopted in Europe); (2) refusing to approve any of dozens of proposed ETFs over the past five years, and (3) pursuing misguided enforcement actions.

SEC has been suffering judicial losses in those enforcement actions, including a recent major defeat of their core argument (claiming that cryptos are "securities"). While final outcomes in those cases are years away (since SEC vows to appeal its defeats) and, thus, not going to cause change soon, movement on ETFs is going to happen more quickly and will have immense impact.

SEC was sued by one of the largest financial institutions for dragging its heels in reviewing their ETF application. A District Court directed SEC to move forward with the review. SEC did not. Today the same Court ordered SEC to do its job or face contempt sanctions. This is like your parent getting loud and signaling your delay going to bed is over. You realize they're serious this time.

There is no legitimate ground to deny approving spot ETFs. None. SEC, against its desire to continue protecting banks from competition, will have to take this action or face more litigation from a powerful opponent (and others). Lobbying money spent by banks to influence the SEC to neglect doing its job won't be efficacious any more in the face of firm judicial pressure.

Approving ETFs will open a floodgate of investment money which will flow into crypto and pump prices up dramatically. The only question is when. I recommend getting in before this happens. That, of course, is an individual decision and I won't mention the subject again. 

Good luck. Be safe out there.


  1. I still don't really understand Bitcoin and how it works etc, even though I've read this a couple of times but I do thank you for sharing your knowledge!

    1. It can seem complicated but actually it's not. The essence of crypto-currency is software running on multiple computers that creates a "ledger" (or "blockchain") which constantly refreshes and confirms itself on the computer network. The blockchain is de-centralized and protected from unauthorized alteration. Using the blockchain people can acquire "coins" and later sell or transfer them. Once set up, the system runs by itself with nobody controlling or altering it.