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Hello this is Matt on the moon Lambo Channel did you guys see this headline From yesterday this one's from Bloomberg But there's many like it in the world of Crypto SEC won't appeal court decision Paving way for grayscale spot Bitcoin ETF now this happened about 24 hours ago And so technically even when this was Published there was a possibility that The SEC could Appeal the decision in the grayscale Lawsuit which they disastrously lost Which I'm just thrilled Uh but uh you know the the time elaps The deadline was midnight and they Didn't file so the SEC uh they did not They chose not to and there's no way to Go back on this they did not appeal the The grayscale decision which again was Absolutely disastrous for them like when It comes to crypto I'm telling you like Of course they're still fighting but They're going to have to continue to Retreat and Seed ground over time and so This led to a really fun and interesting Post from attorney Jeremy Hogan in which He said and and I quote and and because Of this he said and I quote you will Probably make a lot of money soon end Quote I'll give you the rest of his Contents and full uh rest of his is a Post and in full context in just a Moment here but it's an interesting Discussion because there's also some
Question marks surrounding this and so Even though I think pretty much all of Us in the world of crypto understand That what's most likely is that there's Going to be way more money flowing into Crypto and because of this uh once spot Bitcoin TFS get approved anyway and as a Result of that with us being here first It can be life-changing for so many People so I think the strong majority of Us get that it doesn't mean it's going To happen at the snap of a finger or Blink of an eye but over over a period Of time yes the amount of money that's Going to flow in will be dramatically Increased because of ultimately multiple Approved spot Bitcoin ETFs but is there A negative to this is there a downside To this is this is this uh destroying You know the the purity of what Bitcoin And crypto in general is supposed to be Uh many people say that the answer is Yes now um even if I were to agree with Some such Arguments um I have a little bit of a Different take and I'm actually not sure If my my personal opinion is in the Minority or the majority um but I have a Feeling if if people hear my perspective Unless I'm missing something I have a Feeling that even if people feel that This is just bad it's a negative if you Just hear me out you might not feel Quite the same by the end of this video
But let me know what you think uh I Before going further though I do want be CLE I do not have a financial background Of any kind I am not offering Financial Advice and you definitely should not buy Or sell anything because of anything I Say or right I'm just an Enthusiast who Enjoys making YouTube videos about Crypto related topics but just as a Hobby and just for fun and so just a Minor bit of table setting uh here's an August 29th headline from coin Telegraph Breaking grayscale wins SEC lawsuit uh For Bitcoin ETF review uh crypto asset Manager grayscale Investments has scored A major victory against the United States Securities and Exchange Commission in its efforts to convert its Over-the-counter grayscale Bitcoin trust Into a listed Bitcoin exchange traded Fund previously the SEC rejected its Gbtc application on the grounds that the Products were not designed to prevent Fraudulent and manipulative acts and Practices grayscale subsequently sued And the decision had has been overturned Okay so that was the big news as of August um and then we get this and this Is from yesterday but technically it Wasn't until midnight we knew for sure That the SEC wasn't going to actually um You know fight back further but here you Have from Bloomberg SEC won't appeal Court decision Paving way for grayscale
Spot Bitcoin ETF the US Securities and Exchange Commission will not ask a federal Appeals court to reconsider a ruling That paves the way for grayscale Investments LLC to launch a spot Bitcoin Exchange traded fund according to a Person familiar with the matter in August the DC Circuit Court of Appeals Overturned the sec's rejection of grce Skills bid to convert its trust into an Exchange traded fund the ruling was made Just three uh uh was made by just three Of the judges on the court and the Regulator could have sought a review by A Full Slate of Judges the agency is not Planning any other appeals in the case Said the person who asked not to be Identified Discussing the ongoing matter and so Folks This is highly consequential and I've talked about how it's been cited by For instance Anthony scaramucci who is The uh the guy I think he's the Co-founder and also the CEO of skybridge Capital managing just a crazy amount of You know Assets in the world of crypto I Think it's to the tune of billions of Dollars I can't remember the exact Figure uh but he stated look when when This gets approved ultimately and you Have you have spot Bitcoin ETFs the the number of investment Advisers were working on Wall Street uh
Just pushing this product out there It'll be over 100,000 in investment Advisors on Wall Street and so you can Imagine pushing that to their customers What does that mean because now it's not Just accredited investors buying Grayscales Bitcoin trust you're talking About an ETF available on the New York Stock Exchange and so despite that There's this concern that with Legacy Finance getting in you're going to have All sorts of additional derivatives of Bitcoin and all sorts of nonsense and um You know could dilute what the true Value of Bitcoin is I'm seeing these Types of arguments here and I'm not Saying that all of the arguments are Untrue I'm not saying that they're bad Or wrong or stupid that's not my point U My point more you'll see as I go through The video it's more Like it doesn't matter it doesn't change Anything about the nature of Cryptocurrency or Bitcoin specifically And so just I'll share with you what Attorney uh Jeremy Hogan had to say First which again is perfectly Reasonable and I certainly agree with The you know the monetary implications Of this and then I'll get into my more Nuanced specific take on this which Again I'm not sure if it's a majority or Or minority opinion you guys will have To tell me um whether you whether or not
You agree with me I'm always happy to I Think it's fun to discuss this stuff Like I like debate so if you think I'm Missing something I'm totally Open-minded but I'm just not seeing it At this point I'm I'm just not seeing it But here's what attorney Hogan said you Will probably make a lot of money soon And I hope you do but whatever remained Pure and true about Bitcoin will soon be Gone someone tell me how to feel about This and so he's not the only one that's Expressed concern about this it's and It's so I don't think it's weird or bad Or wacky or stupid or anything of the Sort it's perfectly reasonable to be Talking about this stuff and we should Be talking about it which is why I am Frankly um I just happen to have a Different take because I just don't Share concerns like that that I've seen From many People um and so I responded to him and Again my opinion is no more valuable Than anybody else's but I think the Discussion's fun so I decided to respond And here's what I wrote to attorney Hogan I Said um I'll share my two cents which is Overpriced I admit Bitcoin is Decentralized with any decentralized Cryptocurrency there will be ways it's Utilized that will be different than What some people like the point is to
Not exclude anyone from participating in The Bitcoin ecosystem regardless of how Any of us feel about it on any Individual level to that end Bitcoin Remains just as pure and true as it was Upon Inception I think that's the beauty Of truly decentralized systems but if Your broader point is that you don't Like the way Bitcoin will be utilized by The black rocks of the world that's fair Enough and your point is not lost on me It's perfectly reasonable for Individuals to not like particular use Cases and Adoption of any decentralized Cryptocurrency for any number of reasons What can I say I'm a glass half full Type of guy yeah so I'm an optimist and I'm just saying I don't see this Changing anything about the nature of Bitcoin I simply don't I mean think About this too um you know think about How the Bitcoin Maxis have behaved right Now they've always shouted against Legacy financing down with the banks This and that blah blah blah um which is Part of the reason that they've just Despised Ripple and despised xrp so much Because ripple from the get-go was using Xrp to help Legacy Finance but xrp is Still decentralized and any crypto Including Bitcoin always could also be Used to help Legacy Finance which is a Point that the bitcoiners either didn't Understand or just pretended like it
Wouldn't be the case in the future if Bitcoin can continues to get adopted but Even if you're talking about you know The the use case of xrp as a bridge Currency well as much as the bitcoiners Stated that they hated that over half a Decade ago they seem to not hate it Anymore right see it's it's so Subjective here but you have Jack MERS Who who founded strike which basically Copied Ripple's business model uh except For instead of using a superior text Stack like The xrp Ledger and the Proprietary Ripple net software which Ripple ended up developing instead of That they created a strike with Jack MERS at the helm created their own Proprietary software but utilizing an Inferior Tech stack utilizing Bitcoin And lightning Network and you know They're struggling to scale that They just are and so what I'm saying Though is the reason I even bring that Up it's because whether or not something Is good or bad is rather Subjective with the nature of a Decentralized system it's that you just Let everyone participate and it is what It is if you can kick people out because You don't like it then is it even Decentralized and so here you have you Know the the even the Bitcoin folks Broadly liking what Jack merer is doing I don't really see any to be honest with
You I've never seen seen push back from Even a Bitcoin maximalist in terms of What Jack MERS is doing they support it Now it's the same thing Ripple's doing With xrp it's the same use Case but suddenly it's it's good so it Was bad until it's good it's so Subjective and should it be allowed Should it not be allowed because if you Would have asked a Bitcoin maximalist if They wanted this to be the case if they Wanted this to be allowed in 2015 say Hell no that's antithetical to the point Of Bitcoin but then it comes along and They're they're okay with that and and Then and then there are some bitcoiners That are against they it's just funny You know what happens the more time Passes the more people are okay and Happy that Legacy Finance is getting in But it's not true across the board there Are still a lot of people that think That this is ruining Bitcoin and I'm Just not seeing why so let's expand upon These thought thoughts further there's a Lot more to say about this um my fellow Xrp YouTuber Brad kimes digital Perspectives he reposted that what I Just shared from attorney Hogan and he Seems to agree and so he wrote The Following true story Bitcoin is about to Be kidnapped by the largest institutions In the world whatever anti-bank Establishment hope you had for Bitcoin
The second the Fidelity Black Rock and Vesco vanc get approved for spot Bitcoin ETF it will be over once they are done Pimping it um oh wait actually there's More to this post um oh was almost in Once they are done pimping it out it Will never be the same enjoy the ride uh Now I rather strongly disagree with that Um and So I responded to him and I I Wrote The Following and again Everyone's Entitled their opinion it's perfectly Fine I'm just you know nothing against Anybody personally who um thinks that They're right and I'm wrong like it's Perfectly fine I'm just challenging Ideas here that's it I think it's fun to Talk about this so I wrote If Institutions using a decentralized Crypto however they choose without Permission ruins it then crypto is not The solution it's touted by many to be I Believe believe this will not change Bitcoin in such a way the open source Code is not being modified it will Continue to perform as intended by Satoshi regardless of what the black Rocks of the world choose to do or not Do with it if this negatively changes The nature of Bitcoin then then Decentralized cryptocurrencies are not Resilient I personally do not believe That is the case and so folks think About that perspective this is why I Just have to respectfully disagree if
This is something that ruins it then in Order for it not to be ruined you'd have To have a mechanism in place that Somehow magically prevents uh the black Rocks of the world and Vanek and Fidelity prevents them from doing the Things that apparently they don't want To happen with Bitcoin yet still somehow Would be considered Decentralized is that even possible Because I think the answer is no it's Not possible and I don't think that it's A pro it doesn't ruin Bitcoin it just Doesn't It's it still functions just fine and I'll expand upon the thoughts further Because there's more to be said here um Somebody named Dan wrote to me and said If Black Rock Fidelity and JP Morgan Want to acquire Bitcoin they have enough Power to suppress price through Market Pressure and media influence doesn't Matter what exchange they use Centralized exchange or decentralized Exchange or direct transfer or even what Asset class they target just look at JPM With Metals Market okay and so I'll note That I didn't really dispute any of that But I did have share some additional Thoughts on this I wrote I agree that Market manipulation is real however I do Not believe such manipulation ruins Decentralized cryptocurrencies I believe They are resilient despite manipulation
If they're not then we should just Abandon the crypto asset class right now Then there was uh this post from a lady Of crypto who I'm not familiar with but Has a massive following 41 15,100 Followers on social media platform form X and um she described as crypto Investor plus Trader focus on Undervalued alts always take profit Don't be a dumb ass there you go and she Said something that I just think and Again nothing against sir I just I'm Challenging the idea I think the idea is Disastrously wrong and completely misses The Mark um so Lady of crypto with 415,000 followers and this has been seen 13,000 times so far just a just a short Period of time wrote The Following and and and by the way she she Wrote this to attorney Hogan she said I Say this a lot but 90% of people in Crypto do not care all they care about Is making money now the reality is that Black rock and their ilk will sterilize Crypto and then they will take control Over it people say the blockchain is Decentralized without understanding that The entity which controls everything Around the chain controls the chain okay And so uh a lot of people find that Perspective persuasive and compelling I Do not um and so I challenge the idea And here's what I wrote and I think that My myos just makes infinitely more sense
But if I'm missing something again just Let me know I'm not seeing it though so Here's what I wrote to Lady of crypto I Said I said you said quote The Entity Which controls everything around the Chain controls the chain end quote but That's not right in order to control Control Bitcoin a person or entity would Need to control over 50% of the Network's mining hash rate if they don't Then they have no power over who can or Can't transact on the Bitcoin Blockchain so even if a ton of Banks and Asset managers from the world of Legacy Finance utilize Bitcoin for purposes we May find on saory it won't matter in the Least in terms of control I'll still be A able to do whatever I want with my Bitcoin and so will you so will Everyone do you believe Legacy finance Will successfully 51% attack Bitcoin if So you're telling me all it takes to Ruin crypto is for legacy Finance inst Financial institutions to jump in and Quote sterilize it and then quote Control It if this is true then Satoshi Nakamoto Was an idiot and we need to abandon the Entire crypto asset class Immediately in a decentralized system Which Bitcoin certainly is we're not Going to agree with what all Participants of the system are doing That's a feature of the system not a bug
The point of Bitcoin is to not be Exclusionary and so that's what I wrote So think about if if we can continue to Do what we're doing within the Decentralized ecosystem of Bitcoin this Is true of xrp is as well Pi pick your Decentralized platform if we can Continue to do that and then other People get to do what they do even if we Don't like it isn't that good isn't that The point like is is that not the point And shouldn't you have known if you're Satoshi nakam mono shouldn't you have Known in 2009 that in a decentralized System that's exactly the point that's Exactly how things would unfold if this Is adopted at scale if shouldn't you Have known that Satoshi yes of course of Course you would have known that in 2009 When this thing was Released of course so the fact that We're now seeing this come to further Evolution we're seeing the fruition of This why why are people so why are so Many people caught off guard why do so Many people think that this is bad or Wrong I just I just I think it's Whatever people want to do with their Bitcoin however they want to do it and You know further up Various uh you know use cases or EOS Within I whatever they want to do I Don't care why should I because if what They're doing harms what I'm doing then
We have a broken platform but the truth Is what they're doing doesn't harm what I'm doing with my Bitcoin doesn't harm What you're doing with your Bitcoin Right and even if you want to make Arguments in terms of what it does in Terms of price manipulation and Market Volatility that's outside of the code of Bitcoin that's not the point and in a Mature asset class it'll just even out Because I'll tell you what you want to Talk about volatility arguably bitcoin's Be be become been becoming less volatile Over time as more participants jump in So even if there's going to be Volatility that otherwise wouldn't exist Because of these entities I'm just I'm Not even seating the ground but I'm Saying even if that's the case the Amount of volatility there was for the First half a decade of the existence of Bitcoin was way more wild than what We'll see with that and that was without Legacy Finance it was still Buck Wild Volatility all over the place because There almost no Participants the more participants we Have jump in the more things are going To get evened out and if you don't like The manipulation again I'm not even Arguing that all of your the things you Don't like are unreasonable to not like In fact i' probably agree with a lot of Stuff I'd say yeah I don't like the
Things those guys over there are Doing but I'll also again say that Doesn't hurt what we are doing over here And that's the point of a decentralized System you can't have a decentralized System and then say no those guys Shouldn't be able to do that or they Shouldn't be like because even if you Don't like it fine but they should be Able to do it don't say they shouldn't Be able to do it they should be able to Do it even if we don't like it and then If they're doing anything especially if It's something that's illegal then let Let uh let you know the authorities in Various Geographic re regions tackle That but you need to have the template Of it just is and people can do that's It then there was this I also reposted Attorney Hogan's post because again he Said and I quote you will probably make A lot of money soon and I hope you do Yeah spot on and I do think that so it's Like even if you think that the black Rocks of the world jumping in is a net Negative for the world of crypto which I'm just not convinced of even if I Don't like everything they're doing I'm Not like I think it's going to be over On the whole a net plus even though I'd Probably agree with some arguments made Because I've read some like yeah I don't Really like all this all the stuff and The you know the the paper versions of
Bitcoin and this and that now if it's Backed by Bitcoin that's you know if There's something that's back by Bitcoin Then I I don't see the issue there but Anyway I wrote I 100% agree with this Uh I'm sorry let me I read my own post Wrong I 100% agree this will ultimately In all likelihood make many of us Regular folks a lot of money there is Life-changing opportunity here and so it It does seem to be the case that even People that don't like this what's going On uh we still recognize that it's good For us here in crypto the the especially We who are here before all this Additional institutional adoption Unfolds yeah good for us um I also Posted the following I'm seeing a lot of People expressing concern about approval Of spot Bitcoin ETFs bastardizing crypto Even if some of the complaints are Reasonable which they may be I have to Ask where was this outrage when Bitcoin Futures were approved in the US back in 2017 at least with a Bitcoin ETF actual Bitcoin will be required to back it with Futures that's not the case and so I'm Assuming most of you are aware of this But this happened actually just a few Weeks after I jumped into crypto here's A headline from CNBC uh December 1st 2017 CME to launch Bitcoin Futures in 3 Weeks after green light from regulator Bitcoin jumps and so there you go right
Towards the tail end of that crazy Bull Run that gigantic bubble I get this news Everybody's excited about it I didn't See any critiques of it at the time Everybody's thrilled about it and this Is arguably a worse product than a spot Bitcoin ETF because again when you're Talking about Futures there is no Bitcoin underline it with Bitcoin Futures part of the deal is if if you're The entity that's that's managing that ETF you created it and you created it And you're managing it you have to Actually hold Bitcoin for all the Customers that jump into the the ETF Which is awesome in terms of supply and Demand so I actually and look I can be Persuaded if you've got a good reason But I don't see why that derivative Product is bad now there there are other Things that may be because look I think That frankly Legacy Finance it's silly AF a lot of stuff is and a lot of paper This or that and then manipulation of Markets and just a just seems stupid as Hell and it's overly complex and people Are just trying to find ways to make Money on various Investments and schemes And so on and so forth well all of that Already exists and even if you don't Like it yes of course it's coming to Bitcoin it's a decentralized system and People should be able to do whatever They want but it doesn't mean that
Bitcoin's less Pure or true it doesn't Mean any of that stuff it just means That it's a decentralized system and Bitcoins if anything it's proving the Purity of Bitcoin because it's Decentralized and people get to do Whatever the hell they want with it it's Proving the Purity and the tress of it The code just works it just does yeah It's slowly it's slow and you know Transaction fees are unreasonable Because it's the first crypto ever Created but it's doing what it was Designed to do so to that point I just Don't see I just I'm not seeing the Issue here so if I'm missing the mark on Something again totally willing to be Persuaded but I think that people need To just think um a little bit further About what the purpose of Bitcoin is and Is it doing that and I say the answer is Yes it's performing as coded um you know As intended it just just is it's it's You know technologically pretty inferior But it's it's still existing and doing Its thing and it's continuing to get Adopted and it does have first mover Advantage so people seem to not care That it's technologically not the Best but that's okay I'm not a financial Adviser you should not buy or sell Anything because of anything I say or Right that would be a very very very bad Idea until next time to the Moon Lambo
