The web will likely break into two: US-led and BRICS*-led. And that will also affect every asset built on the web. I posit that Binance will likely fade in North America as more lawsuits emerge, pushing the company to give up the region. Once that is done, Coinbase will become the king of the market. But Binance will be expected to power the BRICS world, anchoring their bitcoin and blockchain categories.
The next financial warfare will be fought on the control of BTC and the US has done everything to make major investors confident, ironically, by going after rogue players, and locking them up. If BlackRock gets the spot BTC ETF approved, expect a new dawn in BTC.
People, when two elephants fight, the grass suffers, they say. But on this one, as the US Department of Justice goes after crypto criminals, it is validating the sector, because doing that gives those with money to get closer to the game. Remember my piece last year in which I concluded, “Governments need to save Bitcoin!”. Today, the government has arrived, cleaning the sector, and if that continues, major players will arrive!
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But there is a caution: choose your exchange strategically because the sector will soon break into US-led and BRICS-led domains very soon, and that can affect access to your funds if care is not taken.
*BRICS: Brazil, Russia, India, China and South Africa, plus.
Bitcoin hovered around $41,000 on Monday after briefly topping $42,000 earlier in the day for the first time since April 2022, pushing the cryptocurrency closer to its biggest yearly gain since 2020. Industry “optimists” suggest that the recent U.S. crackdown on crypto — including legal actions against the founders of FTX and Binance— has investors feeling more confident. Another potential factor behind Bitcoin’s boom: the first U.S. spot Bitcoin ETFs, which are expected to be approved by the Securities & Exchange Commission early next year. The cryptocurrency’s growth in 2023 has outpaced more traditional assets such as gold. Despite its $4 billion settlement with the Justice Department last month, Binance is still battling the SEC over a lawsuit the regulatory agency brought in June. (LinkedIn News)
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Where does this leave the decentralization chorus from crypto evangelists and acolytes? Once the few guys who pretty much run the world get involved, BTC becomes one more asset class, any other description is wordplay.
The US doesn’t want to play catch up, so Binance became the scapegoat, as FTX disappeared; the game is the game.
The more things change; the more they remain same.
It’s a rigged world, just ensure that you choose your own stupidity wisely.