The approval of a Bitcoin ETF based upon the spot price has caused a massive shift in the entire ecosystem. While many of the green candle people cheered, it was a turning point for Bbtcoin. From my perspective, the tenets of Satoshi are now dead.
Isn't it ironic that people were waiting on the edge of their seat for approval for a government agency to allow Wall Street institutions to custody BTC and sell derivatives against it? How does this fit into the original bitcoin white paper?
We have to face the reality that Wall Street is now hijacking bitcoin. This should come as no surprise since fixed money always pools. The banks will create an assortment of products based upon this asset, since it is basically a new toy for them to play with. It might be the greatest boom for Wall Street products since the mortgage backed security (MBS). Consider what they can do with digital assets.
Along these lines, the next one up with be Ethereum. That one is targeted for Wall Street control. Again, the plebes applaud the "deflationary" nature that ETH is now taking on.
When will people learn?
There is, however, another hijacking taking place which few are talking about.
Source
USDC = Wall Street
As we can see, Circle, the company behind USDC, is looking to go public. This means that it will have an IPO and people can buy shares in the entity.
Some might think this is a way to decentralize but they should think again. Who do you think holds the most interest in different corporations? To believe it is the retail investor is a mistake. We only need to follow the money and we see names like Blackrock, Fidelity, and State Street.
This means that the same characters, along with the JPMorgan and Goldman are going to be lurking around. What does this mean for USDC?
The writing was on the wall when Circle applied for a banking license in the United States. Since that time, they have received regulatory approval from a number of governments around the world, the latest being France.
So what does this all mean?
The Seizing of Russian Assets
The Biden White House is working on a plan to take Russian asset frozen and divert them to Ukraine. Whatever one's feeling on Russia, this is absurd. It will not destroy Russia but the West. After all, why should any nation trust the U.S. Government and its allies with money?
This is a question that does not only apply to governments.
With USDC being hijacked, who do you think will have a front door entry? The governments. This means that we are really talking about a currency that is no different than one's bank account. In fact, there could be better protections with the banking system as compared to what will befall people with USDC.
Basically, USDC is going to be under the control of the government. If they want your money, for whatever reason, they will simply freeze your account (and possibly take it). They simply have to accuse you of terrorism or some other charge, even without filing. Of course, there are always taxes which is the eternal hunt for politicians throughout history.
It is always the same story.
HBD Stepping Up?
Is this an opportunity for the Hive Backed Dollar (HBD)?
This is something we discussed in the past regarding algorithmic stablecoins. These have so much power because they are money supply outside the commercial banking system. Since there are no ties to the banks, or the government overseers, this is truly capturing the essence of Satoshi's vision.
Whereas bitcoin failed in the endeavor, stablecoins could carry pick up the battle.
The narrative regarding cryptocurrency by politicians such as Elizabeth Warren is that only criminals use it. This is in alignment with their vision since they believe anyone who doesn't agree with them (and threatens their power) is a criminal. Hence, cryptocurrency and other digital assets are targets.
Of course, as shown, their goal is to gain control. Bitcoin is no longer the threat it initially was thought to be since it is now going to be amassed by the usual institutions. Corporations, governments, central banks, and, yes, bankers will have control over it.
USDC is their trojan horse. Most won't notice the difference not that it makes much difference. How often do we see people have their digital lives stolen by a platform, only to happily return once the overseers (Facebook, YouTube, Twitter) deem them worthy?
It happens on a regular basis.
HBD is something they cannot control. Even if they went after it, forking is the option that negates it all. That is something that is not possible with the Bitcoin network, the topic of an upcoming article.
We can remove USDC as a safe haven although it was like that for a long time. However, people should now realize the moves of Wall Street and how they are taking over. The masses in crypto will applaud this since it is likely to send prices higher. That is all 99% of the people care about.
This move will only move them closer to slavery. As these systems start to break down, the aggressiveness of governments (read politicians) will only grow. Just think of Elizabeth Warren on steroids.
HBD is still a safe haven. This is being proven each day when people in countries such as Venezuela start adopting it. That shows how powerful it is.
Wall Street is actually opening the door for those involved in Hive. The "competition" is starting to drop.
Posted Using InLeo Alpha