that’s right after over a year of
deliberating it looks like the SEC could
be very close to approving the Bitcoin
ETF but the question remains does it
really matter we’re going to be taking a
look at that and some words from the SEC
chair J Clayton after this welcome to
bit boy crypto your one-stop shop for
all things Bitcoin and cryptocurrency
today we’re gonna be taking a look at
this news from the SEC we’re also gonna
be taking a look at Twitter announcing
it’s not making a coin and a couple
other stories but let’s check the
markets first right now we got the
market coming at 260 almost 261
billion dollars down 1.2% Bitcoin
dominance continuing to fall all season
y’all 69.3% Bitcoin did have a pretty
big dip today is around 10,100
some exchanges show it trading around
10,000 so ok guys let’s check this out
Jake Layton states progress has been
made for a Bitcoin ETF what we’re
gonna do now is we’re gonna show you the
clip from the interview that this came
from because this is coming directly
from the SEC chair so let’s let him go
ahead and say what he’s gonna say
now your realm here is a Bitcoin ETF it
will be any closer has the people
involved in the Bitcoin businesses and
any way come closer to satisfying your
concerns the short answer is yes but
there’s there’s work left to be done
though those were not trivial questions
how do we know that we can custody and
and have a hold of these crypto assets
that’s a key question and an even harder
question given that they trade on
largely unregulated exchanges is how can
we be sure that those prices aren’t
subject to significant manipulation now
progress is being made but people needed
to answer those hard questions for us to
be comfortable that this was the
appropriate type of product
so the key thing here is that he is
saying that we are closer are we closer
to getting this he says yes now that’s
great news because I don’t know if he
would have said that last year now he
says there’s still more work to be done
and it begs the question are a lot of
the bigger players in crypto doing
things right now in order to get the SEC
to approve this ETF and I’ll tell you
what I mean by this a lot of the
exchanges are really trying to get rid
of their fake volume is this some kind
of larger move in cryptocurrency to try
to get the more institutional investors
in now why would they want to do that
well once the institutional investors
come in we could see a rush like Bitcoin
has never seen before we can make 2017
look like child’s play now for your
retail investor we don’t have that much
money to invest right we don’t have
millions of dollars or even hundreds of
thousands of dollars to invest at one
time into cryptocurrency that’s why
we’re retail investors right the people
that win are the institutional investors
and the people who are already at the
top of the crypto pyramid those people
that already have huge amounts of
Bitcoin the whales also the companies at
the top of crypto namely coin market cap
twenty to thirty million dollars a year
they’re making and and they are bear
bull you know they’re bear market proof
I guess a better way to say that they’re
bear market proof it doesn’t matter if
it’s a bear market or a bull market they
are still going to be making money kind
of like you’re leveraged trading
platforms they also are going to be
making money whether it is a bear or a
bull market so some of these companies
could be working together to try to
purge the fake data we do know that coin
market cap recently tried to put
together where they did put together you
know what they call their data exchange
partners that are approved where the
volumes supposed to be real now if
you’re in crypto you know it’s still not
real however they are trying to do that
now is that part of a larger move in
crypto to move to this more professional
more institutional level now it’s great
for people that already have money but
unfortunately it just isn’t that great
for the retail
investor unless you just happen to be in
have enough and we get the pump but
sometimes we see these institutions want
to extend these pumps out for longer so
who knows we might not get the parabolic
movement that we saw before cuz they can
basically afford to sit and wait
everyone else out now here’s a question
does it even matter
three days after launch the van at
Bitcoin trust for institutional
investors has managed to issue a
whopping one basket it has four bitcoins
or forty-one thousand dollars under
asset management know so basically the
Vanek Bitcoin trust is kind of part one
to the ETF that they have coming later
or it’s kind of like a soft lodges in
the right word I’m having trouble coming
up with the right word for what it is
right now
but there’s not a lot of excitement
about it now however we do understand
that this is does not necessarily this
isn’t something that’s going to happen
overnight it’s not like all these
institutional investors are just waiting
and as soon as they get the first chance
to get in they’re gonna get in I think
the true judge of this van egg bitcoin
trust you know the true test of it
could be let’s give it a month or two
months and then we can kind of see
what’s going on with that I’m not sure
if it’s gonna gonna happen or not but
it’s gonna really make a big dent but
you gotta say this is pretty
embarrassing it’s got four bitcoins in
it so okay guys big boy crypto calm here
we have a story you guys check out bevel
white crypto comet is my new news
website it’s new news so I want to check
out this article here Twitter not
interested in developing its own crypto
now what the heck why would they want to
develop their own crypto well we do know
that Facebook is developing Libra or at
least they’re trying to develop it if
they can we don’t know if that’s
actually gonna happen or not but Twitter
has come out Jack Dorsey of Bitcoin
maximalist his came out and he said look
we are not doing this so he said banks
control authority and practices are a
global phenomenon but I think it’s
really acute here in America
we’re always heading into a recession
and we’re always heading out of one
anyone who offers an opinion on this is
fooling them selves there is no person
on this planet that understands the
global economy I thought that was a
pretty interesting quote by him
regarding the world economy because
that’s really what Lieber is trying to
chase after so he did say they’re not
interested in doing that and why would
he he’s the founder and CEO of square
app they’re making 125 million dollars a
quarter on Bitcoin so check out a little
I owe st news you guys know I announced
the iOSt Global Alliance that I’m part
of a few weeks ago or maybe last week
with subtler ventures with Q from seller
Avengers week or subtler ventures we
talked about this launch I didn’t want
to let you guys know about this um we
are actually having a public meeting on
September 24th at 5:00 p.m. so anyone
will be allowed to join this meeting you
can see what we talked about if you’re
in the iOS team community you kind of
want to see the behind the scenes come
on and check that out excited to share
that with you guys and you guys can
check out the website the website iostglobalalliance.com so hope you
guys enjoyed this video hope I didn’t
give you too much hopium for the ETF
trying to balance it with some reality
that’s so far the Bitcoin trust the fan
deck has isn’t doing great we don’t know
what this institutional world is gonna
look like in the future and for me
personally I would rather it stay kind
of just not institutional I would rather
it stay where it’s the retail investors
the people the decentralized movement
behind this is flourishing so we’ll just
have to see exactly what happens with
that so thank you guys so much for
watching this video
bit boy out