It's exhausting to read the ignorance all the time. This time, I read Gensler's statement, “Now you can buy [Bitcoin] through this thing called an exchange-traded product that’s, well, centralized.”

Two things here, either...

(1) Gensler is flat out lying by saying buying the ETF is buying bitcoin. I think everyone here knows it is not...it's buying a receipt from someone else who owns the bitcoin and trusting they'll "pay you back" when you choose. But, due to Genslers own rule, they pay you back in fiat USD! You don't get paid in BTC so how can that be "buying Bitcoin?

(2) Or, he's clueless and doesn't know the difference.

Either way, how is it okay for the SEC head to spread such misinformation?

By the way, I realize bitcoin purists here are anti-ETF. Still, I love the ETFs and feel its uber-bullish going forward. I know an ETF is not owning bitcoin, but for what it is, it's great.

But, dang, the misinformation daily is exhausting.

#bitcoin #etf #plebchain