What startled me in particular is the candor with which Mr. Giancarlo spoke about the intentions of giving the futures market the go-ahead; to help control something the government deemed was becoming a problem.
Yesterday afternoon, this story passed the Editor's Desk here at Marty's Ƀent and it immediately caught my attention. The tweets above are my immediate reaction to comments made on Monday morning by Christopher Giancarlo, the former Chairman of the CFTC. After a quality slumber and some contemplation I feel pretty confident in standing by the statement.
Yes, the CFTC simply opened the gates for "better" price discovery tools in the form of institutionally traded futures contracts. This should be expected to happen if institutions truly are on the way. What startled me in particular is the candor with which Mr. Giancarlo spoke about the intentions behind giving the futures market the go-ahead; to help control something the government deemed was becoming a problem. Pulling the lever and opening the doorway to futures markets in an attempt to "pop the bubble". Whether or not these actions directly led to the precipitous price plunge and mild recovery we've witnessed since the tail-end of 2017 is something we may never know, but we do know that there seems to be a Bitcoin strategy within the Trump administration.
Whether that strategy is backed by nefarious or well-meaning intentions is yet to be determined as well. Maybe Donnie and crew wanted to make sure average Americans had enough time to stack sats at a reasonable price. Allowing individuals to learn about the humanity-changing technology as they slowly accumulate. Maybe Donnie was hoping Wall Street and the global banking cartel would be able to use this tool to destroy Bitcoin. We'll only be able to tell by the overt actions of the US Government going forward. (There is still plenty of time to add support for retrofitting every natural gas extraction operation in America with Bitcoin miners to the 2020 Presidential platform!)
What I do know is that Maxine Waters and crew are currently grilling The King of the Nerds on Capitol Hill for the mere thought crime of creating a competing currency to the US Dollar. At the same exact time, we have allies and fellow global superpowers adding to their gold stockpiles for the first time in DECADES, which would signal a shift towards a hedge against potential uncertainty regarding the Dollar's status as reserve currency of the world (and also a great way to escape the constant siphoning off of capital caused by NIRP).
Lost an airpod last night. Left my card at the bar. Eating some hearty L's for breakfast this morning.