# Do Not Pass Go! I got a bad feeling about this boss!
Yes indeed my anxiety is at an all time high.
It's a pretty weird feeling that I'm not used to honestly. Took me a while to realize that I am simply not in a good headspace right now. Everything feels wrong. This new war rages forward. Straight to zero! Black pill confirmed!
Commence existential crisis.
Nothing matters, dammit!
See? Even Jim Cramer agrees! Bitcoin is in serious trouble.
You guys should probably sell everything and get out while you can!
Because Jim Cramer is never wrong.
Fidelity
So Fidelity Investments has gone on record proclaiming that Bitcoin is the safest and most decentralized crypto asset out there. How does that make you feel? Do you believe it's a true statement? Does it even matter if the statement is true or false?
I personally think it's a pretty accurate statement to make. Many people (including myself) think that Bitcoin is a bit boring. It doesn't do much and it's expensive to use. In fact there's a new technology coming forward called BitVM that's going to leverage the Taproot upgrade into on-chain smart contracts.
Of course maximalists are very excited about all of this, but we all know that Bitcoin is definitively 100% the wrong tool for the job. Many have aptly compared this technology to building a computer inside of Minecraft. It's a simulation within a simulation; aka grossly inefficient for the task at hand.
Point being that Fidelity coming forward and shilling Bitcoin in this way gives a very clear signal. Fidelity sells investments, and Bitcoin is an investment. It becomes quite evident that Fidelity is getting ready to sell BTC. Do they know something we don't? Of course they do, it's just unclear what that something is. I mean they do have a spot EFT on the table so that would be the more straightforward answer but who knows.
Also, what about Bitcoin's skyrocketing hashrate?
Isn't this cause for concern? The security of Bitcoin is becoming more and more centralized. Regular users like you and I are being priced out something fierce. However, the funny thing about that is more centralization is exactly what an institution like Fidelity would want. That's just another selling point; a feature not a bug. When telling a story it is key that one knows their audience.
Friday
Friendly reminder that the SEC only has three more days to respond to their loss in court against Grayscale. My, how time flies. What will they do?
Yield
They might just give up and approve the spot EFT.
Now obviously no one actually expects this to happen so easily.
But you never know.
Ignore
AKA not an option. The SEC must respond within 3 days. It would be totally insane if they didn't.
Appeal
There are two options for appeal. One of them is the supreme court (highly unlikely). Another is a panel of 13 judges that will almost certainly rule against them.
Delay
The SEC could ask the court for more time. Seems likely... they are stalling.
ETF Marketing
Again a spot ETF is a product and that product needs to be sold to clients.
There's a lot that goes in to something like this.
Calls have to be made, shills have to be pitched.
Seeing statements from Blackrock & Fidelity that Bitcoin is awesome is telling.
Unprecedented actions
The SEC has performed two things recently that they have never done before.
Obviously that's a bit weird and might mean something.
- They delayed applications in a weird way before the due date.
- They began contacting spot EFT applicants and opening a dialog after they lost the Grayscale case.
Could that be meaningless noise?
Sure. But it is noteworthy nonetheless.
To appeal or not to appeal the Grayscale ruling — that’s the SEC’s question
many expect the SEC not to appeal
The SEC’s deadline to challenge the decision is Oct. 13. It can seek an appeal to the US Supreme Court — if a certiorari petition is granted — or can request an “en banc” panel of the Court of Appeals to revisit the ruling.
Pantera Capital executives said in a September letter to investors last month that the Supreme Court route is unlikely, noting “this case isn’t that important as a matter of law.”
Compass Point Research & Trading analysts Chase White and Joe Flynn said in a Friday research note that they believe the odds of being granted an en banc hearing or a writ of certiorari are “virtually zero.”
But even if the SEC chooses not to appeal, it could still look “to play obstructionist,” White and Flynn said.
That point in January is indeed poised for “a comprehensive approval or an irrevocable rejection,”
All or nothing
January. Save the date.
Conclusion
Everything's FUBAR and it's all crashing to zero.
Jim Cramer has the inside scoop.
Sell everything and get out while you still can!
Financial advice confirmed.
The best.
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