February 17, 2022
Bitcoin (BTC) at the moment is plagued by fraud, manipulation, wash trading, and overall criminal activity.
Tether (USDT), a highly controversial dollar stablecoin with dubious backing, is responsible for more than 70% of all trading activity in Bitcoin and many other cryptocurrencies. It is these Tether dollars that are most responsible for setting the dollar price of Bitcoin, not real dollars as many falsely assume. However it is much needed real dollars that are sucked in to the cryptocurrency exchanges from new suckers in order to reward the miners and early adopters, much like a pyramid scheme, but worldwide.
Cryptocurrency exchanges and large traders collude with one another with the long term goal of ever higher prices and more suckers constantly brought in, so that the music never stops, and the party keeps going for all involved. The whole space is a house of cards and it needs all the constant promotion and support it can get to keep going, for positive news to keep coming.
Converting the Grayscale Bitcoin Trust to an ETF, or allowing another spot Bitcoin ETF, would be a huge mistake and only make this world's largest ever ponzi scheme, even larger and pose an even greater risk to the financial system for which it is the SEC's job to help protect.
It's just a matter of time before the Bitcoin bubble pops due to any of many reasons, and a lot of people, especially Americans, are going to lose massively.
China and other countries have already acted to protect both their citizens and financial system from these risks by banning Bitcoin and cryptocurrencies completely. It is not too late for the USA to do the same given how corrupt the space has now become. Much positive change in the space is needed before a spot Bitcoin ETF should even be considered.
Thank you for your time and consideration.
Concerned Citizen of the World