So the market that bitcoin was built to disrupt is now getting it’s much coveted Wall Street debut. All the SEC fud and now the $BITO ETF is live for trading. Now we get to see the gamblers in action utilizing their infinite fiat currency yo-yo the bitcoin price into oblivion.
I have mixed emotions pertaining to this offering. Obviously this will not effect my physical SATS holdings. I intend not to trade this issue. Although that won’t stop the “hedgies” from pulling out all the stops.
Of course the excess liquidity will definitely increase the price action in bitcoin. I would not be surprised to see new highs in late Dec. I also wouldn’t be surprised to see some bear raids going into March of 2022. Gamblers be gambling..it’s what they are good at.
Many would say the apex of crypto has arrived. I beg to differ. Although we are seeing some major price action in bitcoin the average person is simply not in this market. Not to mention the major catalyst for user adoption is still in it’s early stages: Play2earn.
Let’s be truthful about Wall Street: They don’t give a shit about crypto or what it stands for. No, quite the contrary. If they really cared much of the bullshit crypto endured by them wouldn’t have happened. The level of arrogance and greed has been witnessed.
So an ETF approval is a nothing burger in my eyes. Not to mention that if you still trust New York to handle your finances then you get what’s coming to you. Some of these individuals couldn’t manage a coffee stand let alone wealth. Sadly, many still believe the old rules apply.
News flash: They don’t. Crypto isn’t what they believe it to be: A gambling mechanism to feed their unbridled greed to manipulate and control people around the world. No, those rules no longer apply.
Instead, crypto is financial way out for billions of people who are tired of being enslaved by the legacy system. And frankly many don’t derive their wealth from the stock market. Or care where the DOW is trading at today.
Many people are concerned about putting food in their stomachs. Or keeping the rent paid so they don’t end up on the streets. They don’t live in the circles that most on Wall Street live in. But they do live in the reality that has been created for them by the legacy system.
And this is the reality that crypto is set out to change. Because the old ways don’t work for everyone. Yet, many are still oblivious to the new ways of blockchain. This will change however.
It is my contention that mainstream adoption is not here yet. Truthfully, many people in our society are broke. And they would much rather invest in food and shelter as opposed to any financial instrument.
This notion alone reveals the importance of earning crypto instead of investing in it. Not to mention the access to inflationary tokens and coins. We need to make things easy for people since the legacy system is so difficult for many. Earning and creating easy value will increase user adoption.
Ultimately this will lead to mass adoption. A bitcoin ETF is good press. However, it will not change the distribution issue with money. All the brightest minds of the world yet they can’t figure out a better distribution model for money. Bright people sometimes make things more difficult then they have to be.
Yet, it is usually the simplest methodology that works the best. And this methodology is play. Everyone has the ability to play. It is something we all share in common. Combining this concept with money is the next evolution of crypto.
And this is where blockchain is headed. Wall Street is merely a stepping stone to a grander plan. So let the money bunnies trade their infinite virtual $ credits. Soon we will be a playing a different game. One where all people can play…and win!