Gary Gensler and Blackrock have started a new crypto rally
Last Updated on 4 March 2024 by CryptoTips.eu
Ever since its inception, Bitcoin has always positioned itself as some kind of anti-government money, a revolution going up against the classic world of finance. Yet it is exactly that world of classic finance, known as Wall Street, that seems to be setting off a new crypto rally in 2023.
Grayscale
Even though the best-known name of all the companies that have submitted a Bitcoin ETF application is Blackrock, it is likely due to an action by Grayscale that Gary Gensler, the boss of the American stock market watchdog SEC, will change tack and approve an ETF for crypto soon. If Bloomberg analysts are to be believed, there is already a 90% chance that this will happen by the end of January 2024.
In August, an appeals court ruled that the SEC had arbitrarily denied Grayscale’s application for its own ETF, which would have used many of the same market monitoring and security protocols as other funds. Gensler decided last month that he would not appeal the decision, virtually ensuring a Bitcoin ETF in the weeks or months to come.
Memecoin hype
Last week, a single bitcoin was worth $38,000 again, and already we seem ready to go higher, perhaps as high as the 2021 highs. Whether Bitcoin will indeed reach $50,000 before the end of the year is an open question, but what will be more important is whether the scams and hype we experienced in previous rallies will present themselves again.
If crypto is ready for classic Wall Street investors, we should say no to the ICO hype of 2017-2018, the memecoin hype of 2020 and all those NFTs of last year. We should also no longer allow Do Kwon or Sam Bankman-Fried personalities to screw things up afterwards.
Whether that actually happens and we have now seen the last hack or ‘back pull’ seems unlikely. But you can be sure that it will all be a lot of fun. Bring on that end-of-year rally. Or is it perhaps already underway?
