Huge Catalyst for Bitcoin

okay wow we need to clear this with the

SEC before we get to a Bitcoin ATF and

it could be a big deal and we need to

break this down because nobody's paying

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for Black Friday this is crazy look look

at what's next for binance and some of

the allegations here and then we got to

talk about the Bitcoin ETF because

that's going to be pretty intense as

well uh but I believe that in order to

get the Bitcoin ETF approved we've got

to get through the entire binance Saga

The binance Saga is really just

beginning even though the doj probe is

over the SEC probe is still going and

take a look at one of the allegations

here of how the SEC is setting up the

story against binance and then what they

want binance to do and what that could

mean is it good or bad for crypto first

of all want to be clear I think that the

doj probe and settlement was actually

good for crypto it removes some of the

negativity in crypto brings us to

regulation AML kyc whatever this is

actually a good thing I would rather

have legitimate Americans and Pension

funds and institutions investing in

crypto than terrorist organizations so

with that said take a look at this uh

this is what the SEC is setting up the

story the SEC is going with they're

basically taking quotes from Zhao where

he says things like the following Zhao

confirmed in April of 2019 when

commenting on a ranking of crypto asset

platforms by trading volume quote

credibility is the most important asset

for any exchange if an exchange fakes

trading volume why would you trust them

with your funds okay yeah that makes

sense like if you have fake trading

volume or you're pumping fake volume for

your fun for for your exchange of course

if that comes out that would be sussy

and you shouldn't trust them well the

SEC stitches this together with the

following line

274 5 years later April 6 2020

binance.us platform made crypto asset

security Coe available for for trading

shortly after it was available Sigma

chain engaged in substantial wash wash

trading which is basically creating fake

volume like putting in buy limit orders

and sell limit orders just to fake

volume the following chart summarizes

this activity over the ensuing 11 days

in which Sigma chain represented as much

as 35% of the trading volume on the

platform and then they give you the

trading volume here now what interesting

is Sigma is controlled by ziao and here

the SEC is basically trying to stitch

together and argue you're literally

doing the stuff you said you would not

do you're deceiving your customers now

this is it's worth noting what the

charges are here because Zhao on Twitter

argues that hey like they're not

alleging Market manipulation or misuse

of funds correct the Department of

Justice is not but look at what the SEC

is charging and then what they

ultimately want which we'll get to that

and we'll talk about how that affects

Bitcoin and the ETF the SEC alleges that

Z and binance exercised control of the

platform's customer assets permitting

the co-mingling of customer assets or

diverting customer assets as they please

the SEC is basically alleging binance is

doing the same thing that FTX was doing

which obviously was a giant fraud

including to an entity Zhao well it's

obvious now it wasn't then including to

an entity Z owned and controlled called

Sigma chain further the complaint

alleges the defendants concealed the

fact that they were comingling billions

of investor assets and sending investor

assets to a third party yikes these are

massive allegations by the SEC here and

these literally are investor violation

allegations and Market manipulation

allegations now those are exactly the

things that Zhao implies he was not

alleged with but he's just saying the

Department of Justice didn't allege that

they're just alleging anti-money

laundering rules and wire fraud rules

the SEC however is alleging that so this

SEC case will probably have to get

cleared in my opinion before we get ETF

approvals now we could be wrong who

knows maybe tomorrow maybe by the time I

post this video the ETS will be approved

who knows I suspect though some kind of

either settlement or some kind of

resolution will have to come from this

SEC case before you can actually get a

clear ETF approval my take now what does

the SEC want well the SEC wants binance

bam trading and Zhao to basically never

again participate in any kind of

Securities transaction that is

unregistered okay that's a problem

because basically every crypto

transaction is unregistered almost with

the exception of some security tokens

that go out and actually get like a

regulation a crowd fund or whatever

pretty much everything is

unregistered so the SEC is essentially

saying we'll let you do crypto like

they're not saying you're permanently

banned from doing anything with crypto

they're saying you're permanently banned

from doing anything unregistered with

crypto which basically means if they

agree to this settlement and then a

btcf gets approved

guess what happens the SEC is basically

saying the only thing we will allow you

to do in America is trade the Bitcoin

ETF that's a huge Catalyst for the

Bitcoin ETF they're basically saying

look we need everything registered and

other than if it's not registered you

can't trade in it basically basically

what they're saying now what's really

interesting about that is I personally

believe that well first of all there's

this index called the uh crypto Gap

Galaxy Bloomberg index it just tracks

various different uh prices for

different crypto assets I think that

kind of index and then having an ETF

that tracks that index is probably going

to be the next Frontier for crypto so

it's not just a Bitcoin ETF but it's

going to be an avalanche a madic a

Solano ethereum cardono ETF because the

tax benefits of investing in crypto and

then being able to rebalance via an ETF

are are are massive but on top of that

it also gives you diversification it's

kind of like investing in the S&P 500

it's fantastic that is a great

opportunity I actually made a video on

this uh about a week or so ago uh the

video is titled you could watch this and

I explained some of the tax benefits of

the ETF just search for the video uh the

video where I again I break down exactly

what those tax benefits are how those

work in an ETF the video is titled quote

no one is paying attention to this next

crypto Game Changer crypto ETF ETFs and

custom crypto ETFs of different

allocations or whatever but I think

you'll essentially have an S&P 500 of

crypto it'll be like the crypto Galaxy

50 or whatever so that'll come and

binance will probably only in the US be

able to transact on registered

Securities which various different ETFs

would then be registered Securities so

it's a huge Catalyst for those however

it's not the best Catalyst for anything

that's not in the ETF rapper so it would

appear that potentially your lowest risk

in crypto is paying attention to crypto

assets that may have an ETF made after

them like who knows is cardono going to

get one is solomatic uh you know polygon

are they actually going to get ETFs will

ethereum get an ETF we don't know right

now most of the Hope seems to be on

Bitcoin now uh as far as Bitcoin JP

Morgan does have a negative

counterargument to what I'm saying here

they think that a lot of institutional

money is is already speculating and

locked up into crypto via the grayscale

Bitcoin trust that's a problem because

if the grayscale Bitcoin trust converts

to an

ETF and then the value pumps there's

potentially $2.7 billion that could flow

out of crypto at that moment because

finally that money will be unlocked

which had been se you know basically

trading for a discount for a long period

of time finally it'll be unlocked at

spot and so JP Morgan says look if all

that money stays in crypto we could stay

solid you know maybe people just move

from the uh uh grayscale Bitcoin trust

as an expensive ETF uh eventually ETF

right now it's not an ETF because there

is no ETF approv if it moves from

something like that to maybe like a

Kathy Wood you a 21 shares ETF then at

least it stays in the crypto Market you

keep that buying pressure up and you

don't see a collapse in valuations

however they see quote substantial

potential downside risk after an ETF

conversion in the short term as

institutions leave the already locked up

grayscale Bitcoin trust now that's

really interesting because I've

previously argued that it seems weird

that we're seeing a lot of pumping by

institutions of crypto going into or

institutions with crypto exposure going

into this ETF approval like it's one

thing if we have retail pump in it

because you know that's what we do as

retail you know it's like hey we're in

on this man we're all in on this like

we're excited about it right but the

level of pump I'm seeing from the

institutions is is a little sus and so I

kind part of me is like huh I wonder if

JP Morgan is right and and after that

grayscale Bitcoin trust converts you end

up seeing a temporary dip and then I

wonder is that the dip that you

potentially look at buying because

remember now you open up the floodgates

to potentially new fund managers wanting

crypto exposure so for example let's say

you in theory you you were running a a

pricing power style ETF let's say in

theory and you wanted to include you

know a little bit of a hedge or some

kind of diversification via crypto you

can't do that today but you could do

that once a Bitcoin ETF is approved

that's why it's a game changer so

obviously uh you know BTC moving pretty

excitedly right now uh after the uh you

know binance settlement with the doj

that came as pretty expected uh I said

it immediately as it happened this is

bullish for Bitcoin uh it's not bullish

for Zhao there are fears that he might

never return that he'll just take the L

on the $200 million of bond or whatever

that he paid and burn the people who

helped spot that and that it'll never

come back he says obviously he'll come

back he's sort of pretending to be

retired on Twitter right now when the

reality is he's you know it's it's just

not a retirement you're potentially

facing a jail sentence here and we're

not even on the SEC settlement yet like

we're just on part one part two coming

is is going to be the real one uh Duwan

uh former CEO of Terra formal Labs

obviously from the teral Luna collapse

who wiped out you know went went over

$45 billion were wiped out in a week uh

well at least in market cap so not

necessarily nominal value but anyway uh

he is expected to be approved for

extradition to the United States

remember he was found in a Montenegro

airport it's kind of silly that he ended

up trying to travel on his passport well

I guess I I don't know if they ended up

finding his fake ID or how they ended up

pulling it off but yeah you know a lot

of cameras at airports anyway that's how

how they found him and uh obviously uh

there is you know continued flow of

information on Argentina Argentina will

be really interesting as they

potentially push for some form of

Bitcoin as legal tender adoption when El

Salvador adopted Bitcoin they did so uh

at a pretty rough time for Bitcoin

prices basically went straight down so

uh public confidence in Bitcoin was very

little only about 133% of people were

confident in Bitcoin that could be

different having an Argentinian adoption

during a Bull Run that would be a much

better time uh the last time we've also

seen Bitcoin sit about at uh 38,200 was

about 570 days ago as you can see we

just hit about 38,400 back down under

38k right now and apparently FTX is

using a new form of currency to get

things done in jail mackerel bags yeah

fish he's got fish crazy crazy world

that we're in uh anyway go to me Kevin

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