Now we’re in the deep bear winter, ohhh boy, how things have changed. Crypto has become more hunted than Osama Bin Laden.
And it will get worse. Here’s why.
This short story will show you how screwed we are
Yesterday I woke up nude and did my normal morning routine.
I grabbed my phone off the ground and went to log in to my banking app to pay a bill. There were loads of notifications.
My banking had been shut down.
Not just my personal accounts, but all my business and investment accounts. Years of work down the drain. I had no clue what happened so I went to call my useless bank.
After 85 minutes on hold with the typical message (due to the bat virus we’re getting more calls than normal), I got through to a human. A dumb one.
Me: “Ahhh yeah, mate, why am I locked out of everything?”
Operator: “It says here you bought crypto.”
Me: “Yep, been buying it since 2013 with this bank account.”
Operator: “Crypto has caused scams to explode so we’re taking harsh measures on any who uses it.”
I had to talk the guy off the ledge and beg him to give my bank accounts and all the money back. He asked me all sorts of invasive questions like what cryptos I was buying and how I traded.
He knew nothing about crypto.
Once he could see I wrote the book on crypto and had it as part of my job for many years, he handed back the keys to my empire. Scumbag. Now I can use my account to buy crypto again, but the nanny police put a 24-hour hold on every transaction and can block transfers to apps like Binance.
So that’s where we are at people.
Anyone who trades crypto is basically a criminal.
Buying crypto could cause you to lose all your money, but it’s still legal to use your credit card to gamble away as much money as you want through betting apps and in-person casinos.
It’s all about protection. Not.
America dropped a bomb on crypto
The US isn’t starting a war in the middle east this time.
No. They’ve started one on home soil with crypto. First the SEC, financial watchdog, has come out saying all cryptos are securities except Bitcoin.
This means if you don’t have the same credentials as a provider who sells stocks, like a bank, then you’ve broken the law and could face jail.
They then went after hometown hero Coinbase. They sell cryptos in America and were listed on the New York Stock Exchange a few years back. To get the listing they had to get the approval of the SEC.
So the SEC says they’re crooks but they approved the criminals to list on the stock exchange and allow moms and dads to buy into their company.
Makes complete sense.
The SEC claim they’re trying to protect Americans but they didn’t prevent the collapse of crypto company FTX, or give the industry a set of fit-for-purpose laws and guidelines to operate within.
So it’s nice thoughts and prayers words with little help behind them.
The SEC isn’t just suing Coinbase. They’re also doing the same to Binance, one of the biggest crypto exchanges in the world.
What the rest of the world is doing
Only American grandpas/grandmas in office don’t understand crypto.
They have so much power and they’ll halt innovation for as long as they can, if it means they get to keep cashing checks from the old finance world.
Meanwhile Hong Kong is now pro crypto. They told Coinbase to come and set up there and welcomed them with open arms and hugs. The UK Prime Minister is also pro crypto.
American investing giant A167, that are massive into crypto, has just set up in London. The big hitters won’t wait for American 80 year olds to figure out how crypto works on their phones.
They’ll just move countries where life is easy for crypto.
People misunderstand crypto
The problem with crypto is it’s like a racehorse track (I used to live near one). There are all these loud voices standing around saying “Bet on my crypto, it’ll make you rich.”
This causes scams and Ponzi schemes to thrive.
So people lose money and crypto gets a bad rap. But crypto isn’t the problem, it’s humans.
Cryptocurrencies sit on top of blockchain technology. This tech is basically a great big ledger that shows who owns what and it’s public. Assets can be transferred in real-time and settlement happens instantly.
That’s the game-changer.
Right now the banking system is old and slow. You can’t send money or transfer assets all around the globe in seconds. You can on blockchain.
Former SEC chairman Jay Clayton even thinks blockchain has enormous value. But even though Bitcoin went live back in 2008, many snail humans still refuse to understand it.
It is difficult to get a man to understand something, when his salary depends on his not understanding it. ― Upton Sinclair
Where to from here for crypto?
This whole article might sound mega depressing.
It’s not. In the short term, everyone knows crypto prices will plummet even further and this will turn into a massive collapse.
We’re in tough economic times and a prolonged bear market. Money doesn’t come easy anymore like it did in the boom times of 2021.
But what drives all markets is liquidity (cash in the system), and the money printers run by governments and central banks are already firing back up again. As they flood the market with more currency, the next bull market will begin.
If you’ve been buying the Nasdaq then you know what I mean (thanks AI stocks). So all I’m doing is investing more money into the no-brainer assets like Bitcoin, Ethereum, and a little Solana.
Crypto doesn’t need America. But it sure would be nice.
This article is for informational purposes only, it should not be considered financial, tax or legal advice. Consult a financial professional before making any major financial decisions.
