MultiversX Tracker is Live!

Don’t scroll past if you’re giving in to FUD (with links)

All Cryptocurrencies

by COINS NEWS 131 Views

TL;DR - It’s clear FUD is palpable in these parts. Fear, uncertainty and doubt are logical feelings when reading recent headlines. However, please take a step back and realise the root of much of this FUD is power-play posturing, partisan tactics or just loud noise. A lot of it means absolutely nothing

I’ve not posted for a few weeks, but I’ve still been reading some bits on here. More so this last week. Wow, the FUD has gripped …

I’ve read comments and posts saying we are well past the early majority in terms of adoption, and we’re most likely in the late adopters or laggards categories now

I’ve read someone saying there’s no way institutions will invest in crypto now, seeing how many scams there are and how unclear regulatory positions are

There’s fear there’ll be no next bull run. That crypto will sink into obscurity and oblivion. We’ve got folks writing crypto obituaries on a crypto sub

Let me speak frankly. So what if the SEC says x, y or z are securities? For starters, the SEC aren’t even confirmed as the “regulator apparent,” they’re just trying to legislate by enforcement. Gensler kicking up a bunch of dust before emails from former SEC Director Hinman are released 13th June, next Tuesday in the XRP case. Largely expected to undermine current SEC positions

Probably more importantly on this point though, is that we mustn’t disproportionately overstate the impact of idiotic US policy (or lack of it). Yes it’s the largest singular economy.

It’s far from the majority of the pie though.

I’m sorry if it’s news to some, but the world is not American. The EU and China (by proxy through HK) make up a larger combined market, and they are opening the doors to sensible blockchain discourse, engagement and regulation

There are even banks and companies with AUC/AUM (assets under custody/assets under management) which are TWICE the size of the US economy, who are jumping head first into crypto. Oh, and they happen to be American banks and companies …

On that previous point, don’t be fooled by naysayers - nothing happens in Hong Kong without CCP approval. China realised that making a hostile environment for crypto will not kill crypto. They will just lose out on massive gains in a huge and growing sector. The US will eventually realise this too

Notice it’s HK’s Securities and Futures Commission providing the crypto guardrails too. It doesn’t matter if one province classes crypto as a security, a commodity or some whole new regulatory category, it’s just about retail and businesses needing to play by that country’s rules (on which the US is being intentionally opaque about)

For example, you think Polygon will be any less useful and utilised in the EU and HK/China just because the US doesn’t like it? You think if it turned so immensely hostile in the US, like in China when they were fully under their “crypto ban,” that US retail won’t simply use a VPN to purchase crypto?

I could say so much more, but here’s a bunch of links as promised, relative to a lot of what I’ve said here:

BNY Mellon (Bank of New York Mellon, 238 years old, founded by Alexander Hamilton, called the “Bank of Banks”, AUC/AUM at $47T - twice the size of the US and accounts for 20% of global wealth) jumping into crypto:

https://www.bnymellon.com/us/en/about-us/newsroom/press-release/bny-mellon-launches-new-digital-asset-custody-platform-130305.html

China giving the nod to crypto, just prior to HK coming online:

https://cointelegraph.com/news/beijing-releases-white-paper-for-web3-innovation-and-development

Gensler’s Predeccesor as SEC Chair, Jay Clayton, joins crypto firm Fireblocks board with the specific intention of blockchain adoption among institutions:

https://www.forbes.com/sites/stevenehrlich/2021/08/19/former-sec-chairman-jay-clayton-joins-2-billion-bitcoin-and-crypto-custodian

Visa preparing to issue its own crypto wallet and incorporate blockchain tech into legacy financial rails:

https://usa.visa.com/solutions/crypto.html

Fidelity offering “crypto-supplemented pension schemes” and now offering crypto trading services:

https://www.cnbc.com/2022/11/04/fidelity-forusall-offering-401k-investors-access-to-cryptocurrency.html

https://www.fidelity.com/crypto/trading

“Made possible by J. P. Morgan-developed blockchain technology …”:

https://www.jpmorgan.com/onyx/index

Watch what they do, not what they say. Those who have the deepest pockets are running head first into this space

At 300m users, crypto is at about the same point of adoption as the internet post-dotcom crash. It’s also adopting at a 2x faster rate than the internet. Deep capital is about to open the floodgates, and we have only just concluded the very first Act on this massive and transformative crypto epoch

Steady yourselves. Stay close to important news but brush off the FUD and stay safe out there. The mother of all bull runs is imminent

submitted by /u/Pure-Stellar
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments