Before and behind the scenes of the US Securities Regulatory Commission's approval of a Bitcoin ETF
Author: Zhu Weisha
1.Ducks are stubborn. Watch the SEC Chairman of the US Securities Regulatory Commission approve the Bitcoin ETF statement
Why is it reasonable to say that the mouth has two pieces of skin
regardingSECChairman Gary Gensler (Gary Gensler)'s statement is a feeling, helpless, and aggrieved when read throughout. There are a lot of issues in the article. The author only snippets the last two paragraphs for analysis:
“Although we are neutral, I would like to point out that the underlying assets of precious metal ETPs (exchange-traded ETPs are equivalent to ETFs in the usual sense) have consumer and industrial uses, while in contrast, Bitcoin is mainly a speculative, highly volatile asset that is also used for illegal activities, including ransomware, money laundering, evasion of sanctions, and terrorist financing.”
This statement contradicts the SEC's approval logic. Since we know that Bitcoin has so many problems, why should futures be approved in 2021. None of these issues existed at the time? What led him to approve futures? Spot ETFs are not approved, and now they are approving spot ETFs?
It's reasonable to say that it's fair to say that there is fraud and market manipulation; approval also makes sense. Grayscale evidence was actually quoted at the time of approval, saying that futures and spot goods are more than 95% similar at the hourly level, which denies spot market manipulation. Where do you place the SEC's credibility?
Power makes people lose their minds: Bitcoin “is also used for numerous illegal activities, including ransomware, money laundering, evasion of sanctions, and terrorist financing.” Is this a matter for the Chairman of the Securities Regulatory Commission to manage?
Lao Zhan can't figure out the difference between consensus assets and fiat assets
“Although we approved the listing and trading of certain spot Bitcoin ETP shares today, we are not approving or endorsing Bitcoin.”
The question with this sentence is: does the value of gold need to be determined and approved by the Securities Regulatory Commission? Not required. Also, bitcoin is not required. Both gold and bitcoin are consensus assets, and their value has been recognized by the market after many years of consensus. SEC Chairman Lao Zhan taught blockchain courses at prestigious schools, and it's hard to imagine that he wouldn't understand the conceptual differences between consensus assets and fiat assets. Fiat currency assets are credit assets, and credit endorsements are required. At this point, the Securities Regulatory Commission's determination plays the role of credit endorsement.
Of course, gold, bitcoin, and fiat are all at the extreme of these two concepts. Among cryptocurrencies, there are many assets, such as Ripple, that have both consensus and the nature of fiat assets, so it's hard to tell them apart without a clear definition. He doesn't know the difference between consensus assets and legal assets. This is probably the reason Lao Zhan is afraid to answer questions from the US Congress positively. Being an ordinary person doesn't matter, but as the helmsman of the SEC, the “tsar” of global securities, uses expert standards to make requirements, it seems that Gensler is still a little worse. Furthermore, there are problems with his understanding that approving Bitcoin futures first reflects the basic professional issues of securities.
Lao Zhan couldn't figure it out. Futures are actually not as important to Bitcoin as spot ETFs
The origin of futures is to balance the problem of unbalanced demand for a wide range of commodities. It is a correct design to lock in profits in advance to avoid the risks caused by the production process being too long. The stock market is not a commodity; do we need to lock in profits in advance? There is a predictive benchmark for stocks, but there is no standard for what is overvalued and what is undervalued, and depends on consensus generated by capital preferences. Currently, the price-earnings ratio (PE) of the Nasdaq 100 Index is 35 times, which is an overestimate of 25 times according to past theories. If 15x PE is the center of value, does futures hedge against this risk?
In the stock market, the advantage of futures is to hedge against the risk of excessive overvaluation of spot prices and is beneficial to stabilizing the market. But do futures play a big role in stabilizing the stock market or are they speculative? The benevolent see the wise see the wise. Generally speaking, the leverage of futures is generally much greater than that of spot goods. The market generally believes that futures are more speculative; in my opinion, it's just one more trading factor. The Chinese stock market is an example. Originally, there were no futures, but futures were added later, and there was no significant improvement in stabilizing the stock market.
Futures also have a role in the stock market. They are really beneficial to large investors who have large positions and are not convenient to trade. Since most retail investors don't use futures, it seems like a fair policy, which is actually unfair to retail investors. What is the principle of protecting small and medium-sized investors?
In fact, the use of futures in the stock market is already very limited.
The biggest difference between Bitcoin and stocks is that there is no cap, no overvaluation or undervaluation; the rise and fall of the price only depends on the amount of capital. Since there is no valuation center or cap, what standards are futures operated according to? What we often see is a double explosion of long and short bursts. Isn't this market manipulation by bookmakers? This double explosion is worse than the stock market.
On the face of it, Bitcoin futures are useful for the production of computing power and equipment manufacturers. The rise in Bitcoin prices will cause an increase in computing power, but it will not lead to an increase in output. It is completely different from the commodity production logic. There are too many detailed explanations. The conclusion is that Bitcoin futures have increased Bitcoin speculation.
Instead, Bitcoin ETF spot has changed the size of Bitcoin's capital. The larger the market, the more scattered the holdings, and the more difficult it is to speculate and manipulate, which naturally stabilizes the market. Therefore, the importance of spot goods is far greater than futures. Approving futures does not approve spot stocks, which is of little help in reducing speculation. At the same time, approving the listing of 11 Bitcoin spot ETF funds is professional and qualified.
Approve futures first without a spot basis. The logic is whether the Chicago Mercantile Exchange (CME) is formal, or whether regulation is a priority, without considering the product characteristics of Bitcoin. From Grayscale to BlackRock, first-line market players often feel more correct than regulators.
Practice has proven that spot ETFs have contributed to regulatory advances
Lao Zhan believes that incorporating cryptocurrency exchanges into the regulatory system is more important than issues such as ETFs and ICOs. Therefore, when he took office, he approved Bitcoin futures and began a crackdown on cryptocurrencies, which did not work well. Bitcoin ETF is launched. Judging from actual operation, Coinbase spot has become the benchmark for pricing, and the capital support of new trading bosses in the coin industry will naturally form. This process can be continuously monitored and iterated to form standards. Obviously, Bitcoin ETFs are more important than the Securities Regulatory Commission's crackdown.
Lao Zhan's reckless regulatory maneuvers hurt ordinary cryptocurrency participants more than any fraud or speculation.
2. Regulation is the biggest reason why cryptocurrencies explode
The slaughter begins
In April 2021, Lao Zhan became the 33rd chairman of the US Securities and Exchange Commission.
In July 2021, Circle said it had received an investigation subpoena from the SEC.CircleThe listing application has also remained unsuccessful.
SEC warned in September 2021CoinbaseDon't launch a loan product or you'll be sued against Coinbase.
In September 2021, the SEC said it was investigatingUniswapLabs gathers information to study how users interact with the platform, and Uniswap's marketing methods.
In an interview in September 2021, Lao Zhan called on cryptocurrency exchanges to register with the SEC and warned that if they did not do so, they would be hit by SEC enforcement actions.
On October 19, 2021, the listing of the first Bitcoin futures ETF: BITO (The ProShares Bitcoin Strategy) was approved.
SEC investigation, November 2021BlockFiUp to 9.5% of the interest-bearing crypto accounts were identified as securities, and in February 2022, BlockFi and the SEC reached a settlement to pay the SEC $50 million.
The US Securities Regulatory Commission is the weather vane. A series of actions had a real negative impact on cryptocurrencies. For a moment, it was full of noise, and finally triggered a series of explosions in the coin industry.
Here are the consequences
Luna exploded in May 2022, and its assets of 40 billion US dollars were destroyed. Cause Three Arrows Capital (Three Arrows Capital),CelsiusA series of explosions on networks, etc.
In December 2022, the fire finally caught fire on Sam Bankman-Fried (Sam Bankman-Fried) SBF and his exchange FTX, which are closely related to Lao Zhan, and revealed a series of scandals involving not only the Securities Regulatory Commission and Lao Zhan himself, but also members of the US Congress and the Democratic Party.
The action continues
Nexo settled for $45 million in January 2023 after being charged by the SEC for issuing and selling EIPs without registration.
In January 2023, the US Federal Reserve (Fed) decided to decline a crypto-focused custodian bank membership application.
In February 2023, Kraken was charged by the SEC with illegally issuing securities and soon settled for $30 million.
In February 2023, the US dollar stablecoin BUSD was charged by the SEC for illegally issuing securities.
In June 2023, the Coinbase Exchange and Binance US and its founder Changpeng Zhao were sued.
Immediate consequences
The assets in the coin industry fell from over 1.2 trillion dollars to around 600 billion dollars. It also hit its lowest point in December.
Crypto companies have begun to flee the US, and even caused cryptocurrency venture capital firms to flee. As Lao Zhan continues to be organized, supervision may succeed, and he will manage an empty square. Lao Zhan called out to protect consumers. His actions caused 600 billion US dollars to go bankrupt, and how many people went bankrupt. In the FTX case, it was ordinary investors who lost the most. When the price of the currency rose, they used the lowest price at the time to pay compensation. Why can't the SEC speak justice for retail investors at this point? Lao Zhi is not protecting consumers; he is not an elected official; he is neutral; he is only telling the market that he is responsible for the forces behind him; the purpose is to stifle cryptocurrencies.
However, the development of crypto assets is inevitable. Ultimately, the financial market either actively or passively accepts the financial revolution initiated by Bitcoin. America has two choices: lead or follow. Strangling is not an option. The US is actually America; the market spirit is written into the bones. Some are smart people. Although their positions are all about defending America's interests, their methods are much more clever.
Lao Zhan's revolutionary activities have finally come to an end.
3. Big capital is starting to talk
In June 2023, the SEC sued Coinbase, the largest US crypto exchange, and Binance, the world's largest exchange. The market was shrouded in shadows and had not yet recovered. A major event that changed the fate of the coin industry occurred. From June 15 to June 29, 2023, led by BlackRock, six mainstream US capital players applied for a Bitcoin ETF spot fund after Fidelity. However, the market response was lackluster, and the increase in currency prices was not significant. The numb market ignored this important signal. What strength can bring all 6 people together? What are the behind-the-scenes activities?
The court was the first to respond. Ripple (Ripple), the top six established cryptocurrency projects, and the SEC began a three-year lawsuit in December 2020. On July 13, 2023, Ripple won an initial victory in the lawsuit. The SEC filed an interlocutory appeal in the Ripple case due to dissatisfaction with the verdict, which was later rejected by US Federal Judge Analisa Torres (Analisa Torres) for the Southern District of New York. As a last resort, the SEC appealed again, and on October 20, Ripple once again ushered in a three-game winning streak in this lawsuit, and the SEC withdrew the lawsuit. The Ripple case is confusing in terms of reason; the SEC appeal is not unreasonable. Why was the lawsuit withdrawn? We noticed a rise in Bitcoin in October. See Figure 1. From $27,961 on October 1, it has risen all the way up to now. Bitcoin rose first, and the SEC withdrew the lawsuit later, on October 20. Will anyone know about major changes in SEC policy in advance? They say there is no insider information; the devil doesn't believe it. The most interesting thing is that the day before the Bitcoin ETF was approved, a post approving the Bitcoin ETF appeared on X's SEC website, and it was taken down 15 minutes. Immediately after the SEC stated that the official website was stolen, it caused a major shock in the market. Was it really stolen? There has been no news about the incident for two months, which makes people wonder if it was intentional? The SEC owes the market an explanation.
By August 29, Bitcoin Trust's brother, Grayscale Fund, which holds 690,000 bitcoins, sued the SEC, and Grayscale won the lawsuit. Moreover, the judge's ruling did not give the SEC any face. Grayscale believes that the logic of futures Bitcoin ETF approval should be equal to the logic of spot Bitcoin ETF approval; otherwise, all future Bitcoin ETF applications should be withdrawn. The judge found that the SEC's rejection of Grayscale's application was arbitrary and unfounded because the SEC failed to explain why it treated similar ETF products differently. The court found that this differential treatment violated administrative law, accepted Grayscale's evidence and opinions, and rescinded the SEC's executive order rejecting Grayscale's application. And this time the SEC didn't even appeal.
Figure 1 Bitcoin monthly chart
A lot happened in October, and BlackRock set up a Bitcoin fund. How did he know the foundation was approved? Federal Reserve Chairman Powell also told Congress in July 2023 that in order to eliminate cryptocurrencies, the US will develop its own digital currency. However, by the beginning of October, Powell's conversation had changed. According to the Wall Street Journal, Powell said the US had no incentive to ban Bitcoin. The steering is too fast, isn't it? Meanwhile, Yellen is no longer attacking Bitcoin. Can it be determined that one month after the Grayscale lawsuit was won, the SEC, which wanted to continue its work, was pressured by the forces behind it? It was finally decided to give the green light to the Bitcoin ETF, and the Coinbase lawsuit went silent. As can be seen from Lao Zhan's statement, his face was full of disapproval. The most interesting thing is that US Congressman Elizabeth Warren (Elizabeth Warren), a major Bitcoin villain, signed in February of this year to raise a flag in Congress in honor of Satoshi Nakamoto. Some people say that everyone can apply to members of the National Assembly to raise the flag; do members of parliament have to approve each application? Obviously not. Warren shyly turned away. On February 14, Lao Zhan received a special Valentine's Day message. The letter was sent by the Banking Policy Research Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum to amend the Employee Accounting Bulletin (SAB) 121 to improve the restrictions on cryptocurrencies in the banking industry. Compared to the US Federal Reserve (Fed) decision in January 2023 to reject crypto-focused custodian bank membership applications, everything seems like a world apart. These are all signs that the forces behind Lao Zhan have turned.
An invisible hand runs through the curtain to run it all. This hand is within reach of politics, finance, law, and regulation, and has huge social influence.
who is it? We need to leave a mark and sort out the timeline of all of this. We can clearly see that all the transformation began in June 2023, when we were immersed in the fight against terror. BlackRock took the lead in bucking the trend and submitted a Bitcoin ETF application on June 15, and set up a Bitcoin fund in October. Following this lead, its people at the helm have this ability and insight to act as an invisible hand.
IV. Changes in Larry Finger
Big Mac's circle of friends
BlackRock manages nearly $10 trillion in assets and is the world's largest asset management company. Larry Fink (Larry Fink), one of BlackRock's founders and current CEO, relies on strong capital and has great influence not only in the business world, but also in politics. In particular, he has a certain voice within the Democratic Party and has the ability to influence the Democratic Party's policies to a certain extent. People often hear him say, “Just like I told Washington...”
Who did the Federal Reserve let manage the problematic assets they took over from Bear Stearns (Bear Stearns) in 2008?
The answer is BlackRock.
Who did the Federal Reserve turn to in 2020 when it wanted to buy some corporate bonds to help support the economy?
The answer is BlackRock.
Who is the Federal Deposit Insurance Corporation (FDIC) looking for to help inventory the assets of signature banks and Silicon Valley banks in 2023?
The answer is BlackRock.
This revealed BlackRock and Powell's relationship with Yellen.
Current US President Joe Biden hired the “BlackRock Gang” to enter Washington. In 2020, Biden successively selected two senior executives from BlackRock to join the Biden administration's finance team, and then in 2021 and 2022, respectively, hired senior officials also from BlackRock to become economic advisors.
A big person has more vision than normal people
BlackRock launched a gold ETF in 2005. The gold ETF market had a market capitalization of only 1 trillion US dollars before BlackRock entered the market, but after BlackRock entered the market, the market gradually grew to 13 trillion US dollars.
There is a process for Larry Finger to be optimistic about Bitcoin.
He once called Bitcoin a market in 2017”Money Laundering Metrics” (Index of Money Deposits), there is no other real use other than that. Larry accepts CNBC in 2021visitsAt the time, it was said that BlackRock's customers have very little demand for crypto assets, but they have begun to study whether crypto assets are a good long-term investment target. He's learning and improving. These traditional capital institutions don't make decisions from the head. They have mature internal processes, which often take time. In 2022, BlackRock's company began testing the waters of cryptocurrencies and cooperated with Coinbase. These helped Larry understand Bitcoin up close. As I said to Satonobu Nakamoto, “Only when the Bitcoin system is so mature can it be recognized by big people who understand finance and products from outside the currency industry as a tool to transform the financial system.” Larry is such a leading figure. It shows that Bitcoin is already a “good long-term investment target” that they recognize. He saw a new financial future. The next step is to convince Lao Zhan. Public reports during that period were that BlackRock had many talks with the SEC; only God knows what was going on behind it. We can only reasonably speculate on the scene behind the scenes, so the next section uses the term “joke” and simplified it into two characters who have rewritten history.
5. A conversation that changed history
Larry: L Lao Zhan: G
L: You lost the Grayscale lawsuit. What are you going to do?
G I won't give up. It's not difficult to get another reason.
L: Do you consider the consequences? What's the point of enterprises having run away from regulation? Besides, it's not easy to control everything. For example, can you control Bitcoin? There is also no legal possibility for the US to block Bitcoin mining.
G: You're right, I understand Bitcoin. Bitcoin's purpose is to replace the central bank, destroy fiat currency, and influence the hegemony of the US dollar. I know it can't be destroyed, but we have to tame it.
L: How do you do that? I also advocate maintaining America's status, but your strangulation policy is ineffective and harmful. You did a good job as chairman of the US Commodity Futures Trading Commission (CFTC), but that set of conditions suitable for a closed environment is not suitable for a global financial project. The two are different in nature, and you cannot use the same prescription. This is a brand new situation for us. I couldn't understand it at first, but after a few years I seemed to understand quite a bit. Bitcoin cannot fit into a traditional financial framework, and you don't have a clear definition of cryptocurrency in your position as chairman. A new project must have a new framework, and without a new framework, it is necessary to isolate risks one by one. This is a basic idea. When FTX exploded this time, the Americans suffered a huge loss, while Japan and others did a good job of regulation, they didn't suffer any major losses. You've been in office for more than two years. Watching the hustle and bustle, the supervision has had little effect.
G: Meditating.
L: Actually, what moved me the most was that Hong Kong issued a policy declaration on Hong Kong's virtual asset development in October 2022. It's a huge challenge for us to maintain our leading position in cryptocurrencies. What kind of gold standard should China and Russia use blockchain technology? They have eaten up so much gold. Can't you see their layout? If designed well, it's a huge threat to us.
G: Yes. However, gold has natural flaws, otherwise fiat money would not appear.
L: That's great, but if no better design comes out, it's probably going to be popular. Even our Congress has proposed a new type of gold standard, and once it becomes popular, no one can stop it. We are not without crises.
G: Do you mean to compete with Bitcoin for gold?
L: They are competing with Bitcoin and they want to get to the gold standard. My assistant told me that there is a Bitcoin-based viable solution on the market now. Looking at the current Bitcoin standard, the US dollar is still the yardstick. It can't be changed for a while; it will only be better, not worse, for us. With the Bitcoin standard, the gold standard can't compete.
G: I've always had a question. If Bitcoin wins, without a central bank, what will happen to the US?
L: The US is rich in wealth, and the government has no money. Americans have more than 50% of Bitcoin, and it is still growing. If Bitcoin is successful, or if Americans' wealth increases, Bitcoin has a long way to success. The first step is to expand the user base. There is nothing more convenient to achieve than using a Bitcoin ETF, so Bitcoin will rise dramatically. Absorb the more dollars that have been sent out. We send a lot of money, so we must have a reservoir. China has used real estate as a reservoir for more than 30 years, leading to high economic growth and low inflation. US stocks are our reservoirs, but do we still dare to rise in US stocks? Economic growth is in single digits, and the growth of the stock market is also limited by this. The stock market has always been overvalued, and risks are accumulating. If the stock market crashes, it will be far more scary than real estate in China. Bitcoin has no cap, and any amount of capital can be absorbed. It is the best target for relieving inflationary pressure.
G: If Bitcoin is too popular and large amounts of money flow into Bitcoin, what about the stock market?
L: Bitcoin ETF funds are also stocks. They are listed on stock exchanges. When other stocks are undervalued, people will sell Bitcoin Fund shares and buy other stocks. In an investment portfolio, the amount of Bitcoin is always small. We recommend various types of customers according to asset allocation to absorb their additional capital.
G: What's your strategy for Bitcoin ETFs?
L: We have close to 10 trillion dollars in assets, 1% is 100 billion dollars. The first step is to look at it from the perspective of asset allocation.
G: What do you think about the future of Bitcoin?
L: Bitcoin's computing power is now the largest in the US, and the programmers are also from the US. If we control most of the chips, we will control the entire chain of Bitcoin and gain the final say, and we will win and not lose. It's impossible to have a second Bitcoin. Bitcoin is the best stored currency than gold. The current development of the Bitcoin ecosystem has made new progress, but the Bitcoin system has remained stable. This is the security I am most interested in. Even if something goes wrong with fiat money, we have prepared an alternative plan ahead of time.
G: Bitcoin is still in chaos; money laundering and supporting terrorism cannot be regulated.
L: Control the interface between Bitcoin and fiat money. Supervising stablecoins is more important than monitoring Bitcoin. This seems like Yellen's job.
G: Do you mean putting Bitcoin ETFs ahead of regulation?
L: Bitcoin accounts for more than 50%-70% of the market share in the crypto market. In fact, seizing the Bitcoin ETF grasps the crux of the problem and controls cryptocurrencies in disguise. Management, my opinion is chunking. We have mature experience in regulating ETFs, and we also have mature experience in regulating exchanges. This is just a question of “supervising sharing agreements”. Specifically, how to do it, you are more experienced than me. Risk is a human problem; no one is without a problem. It turned out that centralized exchanges were not regulated enough because they were global. If it's an American exchange, you can manage it. Every business may have specific regulatory measures.
G: This is a development idea, not a restrictive one. It's risky. What do you think our chances of winning?
L: America is a financial powerhouse. Who can beat us at home?
G: Another question. Assuming that Satoshi Nakamoto's bubble-free financial system is realized, what would happen if credit was lost?
L: Economic development depends on technological development and credit. Credit bubbles form. If the world doesn't have credit, it depends on productivity progress. America is a science and technology powerhouse. Are you worried that we will lose?
G: It seems possible, but how is Congress going to deal with it?
L: I'll tell them that I have no opinion with you anymore. This is a new moment in history, and we, America, are once again ahead of our rivals. It's something they can understand, and they love to hear it.
L: The main thing that impressed them was the sharp rise in Bitcoin ETFs, which garnered votes from young people. It doesn't cost money to change their impression of the Democratic Party. They're happier.
6. The advent of a new era
conclusions
Through the above analysis, we can conclude that the US political community and business community reached a consensus. When the development of crypto assets was inevitable, they finally chose to lead the financial revolution initiated by Bitcoin. This is the financial revolution led by BlackRock, which has ushered in a new financial era. That's the story behind the Bitcoin ETF. I've also written four articles on this subject,”How high can Bitcoin rise after the US approves the ETF?”,”What is the basis for Bitcoin's rise to $3.3 trillion?”,”Why Bitcoin ETFs are the best wealth management products”,”How to value Bitcoin”, all published on the chainless.hk website (chainless.hk), separately discussing the characteristics of Bitcoin ETFs.
Who benefits and who is disappointed in the new era?
The losing side
1. Bitcoin fundamentalists fail. Cryptopunk's crypto-anarchy claims from the beginning of the last century have failed, and anonymity claims have failed.
Fundamentalists are not optimistic about Bitcoin with centralized computing power, don't look at Bitcoin controlled by Bitcoin ETFs, and acknowledge their contributions to Bitcoin's history. Whether you like or hate today's Bitcoin, there is nothing you can do about it, and the era has turned a new page.
2. Traditional regulation has failed. A product with a decentralized concept must have more democratic supervision and supervision under the sun. Lao Zhan Oil Pipeline's performance is more open than traditional officials, but they still don't understand the Bitcoin spirit; Bitcoin requires community supervision. A new era requires new regulation. Lao Zhan's failure was not a personal failure; it was a failure of the system not innovating. The superstructure does not fit into the economic foundation and cannot support the development of cryptocurrencies.
Understanding mistakes can greatly improve things. At the time of approval, Lao Zhan finally cast a critical vote and pressed the button to change history.
Beneficiaries and winners
There are many winners in a new era.
1. Ordinary investors benefit,
2. Big financial institutions benefit,
3. Cryptocurrency benefits,
4. Satoshi Nakamoto benefited,
5. Halfini conjectures victory
What is the Halfini conjecture
In March of last year, I introduced “Please Come Out Satoshi Nakamoto to Welcome the New Era” on Hong Kong Sunshine TV, and I already feel the advent of a new Bitcoin era. Marked by the launch of the Bitcoin ETF, Bitcoin entered the second half, as I had imagined. Stored value will allow financial experts to achieve the ultimate. The application of Bitcoin in the real scenario requires Bitcoin to be equipped with a yardstick — Davidcoin, to achieve Bitcoin's standard. Readers can go to the Unchainless website (chainless.hk) to read numerous articles about Bitcoin's position.
The ETF was approved, and Bitcoin came into the room. In response, Halfini, one of the founders of Bitcoin, commented on Bitcoin two days after its launch: “If Bitcoin succeeds, it will become the world's main payment system. And the total value of money should be equal to the world's wealth. Currently, based on estimates of the total number of households in the world, the wealth I've discovered ranges from $100 trillion to $300 trillion. Corresponding to 20 million bitcoins, the value of the coin is about $10 million”. In addition to Bitcoin's success, Halfini's vision also requires Bitcoin to become the main payment system. Whether Bitcoin can take over the popularity of AI in the future depends on the application of Bitcoin — becoming the world's main payment system.
The Bitcoin-based idea I designed DW20 comes from Halfini's vision, which means that Bitcoin-based will become the main payment system. This idea took shape in 2023. Simply put, it is to equip Bitcoin with the yardstick it lacks, use Bitcoin to measure global economic development, and use DW20 (Davidcoin) to replace stablecoins for everyday transactions. Together, Bitcoin and DavidCoin form an inflation-free Bitcoin-based system. If realized, the price increase is as expected by Halfini, and it may make Bitcoin popular all over the place.
The distribution principle of David Coin is the same as Bitcoin. It is a consensus currency, and it also requires the growth process from air to asset coins (stablecoins). The difference is that DW20 DavidCoin uses an unconditional airdrop method. Anyone who signs up can receive the airdrop for free. The process from air to assets is a process of profiteering. Let's use DavidCoin to get on the Bitcoin shuttle and help Bitcoin at the same time. Today's Davidcoin, like early Bitcoin, is easy to profit only with early participation. The sooner you register, the more likely it is to cross the class. Bitcoin's profiteering era has already been missed. Don't miss out on DW20 DavidCoin again. Give yourself a chance to become rich and receive airdrops at zero cost!
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