Gary Gensler: All Hell is About to Break Loose in Crypto | Bitcoin Price to $120k?

This is how much has been money Laundered with Bitcoin this is how much This is Bitcoin this is dollar SEC chair Gary Gensler gets destroyed on CNBC live As they argue over Bitcoin I mean I can Go run a car into a parade but that Doesn't mean like we shouldn't have cars As bitcoin's price hits $51,000 and investors give their Reasoning as to why bitcoin's going much Higher is it's a no-brainer on the next Ramp to get to 100 120 and maybe to 170 Or 180 I'll share with you this clip Along with some major altcoin news but Just understand in our Bitcoin ETF Check-in that roughly 70% of the Bitcoin Supply still hasn't moved in at least a Year while the ETFs are now seeing $500 Million of inflows a day and just in Coinbase International Exchange is now Reporting new daily trading volumes of 672 million meaning the biggest crypto Exchange is growing in popularity and Grayscale the only known large entity That was selling those outflows are Slowing you don't need an economics PhD To know what's set to happen next you Can't go to a train station without Seeing a gray scale ad I I don't know How much are you spending on ad you seem To be in a blitz Creek trying to Convince the the country that everybody Should invest in the Bitcoin ETF Seriously anywhere I go I see a great

Scale at ETFs have long democratized Investing they start started with S&P 500 exposure 30 years ago 20 years ago They brought gold to Market this is Another you know point of evolution and Another point of maturity for the ETF Market bringing Bitcoin to the broadest Range of investors in an equitable and Transparent fashion and most Institutions and traditional investors Haven't bought yet can you convince Advisers to buy Bitcoin there's a whole Big program here right now where you're On a blitz Creek to try to convince the Investment advisory community that it's Safe Gary Gensler fired a broad broad Shot across the bow when he admitted Okay we lost the grayscale case but Folks let me remind you this is gendler Talking you required if you are Investment adviser to follow regulation Best interest that has a suitability Requirement that's a warning shot from Gary gendler saying you investment Advisors have better be careful about Recommending Bitcoin and make sure it's Appropriate for the people that you are Advising that seems to be a shot across The B of you saying you could get sued Very easily now let's get to Gary Gensler on NBC this morning and we will Talk about altcoins watch the whole Video but with black rocks Bitcoin ETF Holdings now surpassing 5 billion and

With all Bitcoin ETFs inflows now Outpacing outflows this will continue to Lead to drastically positive price Action and most people still don't Understand a truly scarce asset like Bitcoin if you think about anything that There is in the world higher price will Create will bring in more of it so if Oil was at $500 a barrel we'd be poking For oil everywhere in the you know every Everywhere in the world and someday it Will be there but corn I mean you know You push up the price of something and There is a supply response people make More of it which then brings the price Back down this is a free market free Market right is the only thing or Commodity ever invented that I'm aware Of where a higher price does not affect The supply the supply is capped it's and Therefore it's by it's very nature Deflationary which is Jeff boo point Which fits in with the way the world is Going because everything should be Trending to zero you know as our Productivity increases and you know it's Just that's the thing that I think Causes I mean people have to kind of Grock that they got to actually think That through go hang on a second you're Right there's never there's never really Been anything like this and while we'll Finish with Gary Gensler getting Destroyed check the timestamps keep in

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This CNBC anchor calls out SEC Gary Gensler on live TV about his inaccurate Criticism of Bitcoin Jamie Diamond say That he would close it down that Basically Bitcoin is you've seen the Comments right it's not just that he Closed down that you would say it's you Know used by drug dealers and used by Folks who are doing all sorts of illicit And Terrible Things there's very few Things that trade today that people talk About like that now there are obviously Frauds and things that happen but maybe Not like this like the dollar is like a 100 times more I I know that's your Perspective but I'm just I'm curious how You think about that that's true though This is how much has been money Laundered with Bitcoin this is how much This is Bitcoin this is do this is Dollar yes Joe I look here's the Jamie Diamond quote the only true use case for It is for criminals drug traffickers Money laundering and taxx avoid I know But we have a guess opinion we have a Guest Joe what what what is your opinion And what is your opinion that we have Something trading on the exchange for The public that has this type of use Case at least as as described by the President of one of the lar final inss In the it's the leading market share in Ransomware uh and that's publicly known You know it's the it's the the token of

Choice for red someware and this is Where Gary Gensler starts to push Joe if I can say the US dollar the UR the Yen You have the whole uh Society using it As a medium of exchange we buy our cups Of coffee as I see here um we get paid In dollars or Yen or Euro and you have a Whole Central Bank and and support for One currency generally per economic uh Region that we don't have here so there Is a very real economic difference which Is part of part of the attraction since It's decentralized and and you can't Have you can't have a proplate central Bank it's not that decentralized I I Know you're saying because of the ETFs But but but really it is not Decentralize because look how Finance Tends towards centralization since Antiquity so what do we have we have a Handful of three to six core so-called Crypto the asset itself the way that you Know the the that's how Theer how The Ledger and now how many Times do you have people on this show That say I want to invest in something Because how the books and records are Kept I mean Joe really you it's just an Accounting Ledger a clever it's a Everyone has that everyone has and can't Be double counted it it's it's almost Immutable that's that's why people think It has in you trust it more than an Oracle database or you trust it more

Trust more than a lot the the Bitcoin bu Say they trusted a lot more than than The central bank that that enables the The fiscal authorities to spend money to The tune of $33 Trillion that's that's everybody's Investment choice but and then I think About how many things can be used in a Delerious way of course but that doesn't That has nothing to do with the Underlying thing that you're using Itself I mean I can go run a car into a Parade and and run over you know 40 People that doesn't mean like we Shouldn't have cars does it no no no you You should have cars I wasn't going to Use guns cuz God I don't want to trigger So to speak anyone on the set but but But when the use case of a particular Thing that you're buying and selling as An Investment is just speculative Investment how many of the 90% of the People that own Bitcoin are using it for Ransomware for there must be well there Must be another use case that makes it So attractive to so many people Speculative investing right speculative Investing that's that's what okay now Maybe this debate on bitcoin will never Be solved although the markets proving Gary wrong in real time but I liked this Question from Andrew Ross sorin let me Ask a separate question which is just to

Pivot this because I think the next sort Of order event question is what happens To ethereum for those in the crypto World they all want to know how you're Thinking about that and really if Ethereum is a security you know how does That analysis differ from how you would Think about Bitcoin I I what we did in January was cabin to one set of filing We have other filings you're absolutely Right uh in front of us but I'm I'm not Going to prejudge it for you or the Audience that's something that a five Member commission this is an ongoing Story click subscribe we are so close to 1.4 million people tuning in to learn About crypto like always see you Tomorrow