Behind the scenes of SEC approval of Bitcoin ETF

1. A dead duck has a harsh mouth. See the SEC Chairman’s statement approving the Bitcoin ETF

No matter what, you’re right.

Regarding SEC Chairman Gary Gensler’s statement, reading the entire statement leaves one with a feeling of helplessness and grievance. There are many problems in the article, so I only excerpted the last two paragraphs for analysis:

“Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast, bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware,[4] money laundering,[5] sanction evasion,[6] and terrorist financing.[7].”

This sentence contradicts the logic of the SEC’s approval. Since we know that Bitcoin has so many problems, why should we approve futures in 2021 when these problems did not exist? What led him to approve futures? But the spot was not approved. Is the spot ETF approved now?

You’re all right, no matter what. The reasons for disapproval are fraud and market manipulation; approval is also reasonable. Grayscale’s evidence was cited when approved, saying that futures and spot prices are more than 95% similar at the hourly level, denying market manipulation of spot prices. Where does this put the SEC’s credibility?

Power can make you mad: Bitcoin “is also used  for illicit activity including ransomware,[4] money laundering,[5] sanction evasion,[6] and terrorist financing.[7]” Is this a matter for the Chairman of the Securities and Exchange Commission?

Gensler can’t figure out the difference between consensus assets and legal assets

“While we approved the listing and trading of specific spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the risks associated with Bitcoin and products whose value is tied to crypto.[8]”

The question in this sentence is: Does the value of gold need to be determined and approved by the SEC? Unnecessary. The same goes for Bitcoin. Both gold and Bitcoin are consensus assets, and the market has recognized their value after many years of consensus. SEC Chairman Gensler has taught blockchain courses at a prestigious school. It is hard to imagine that he would not be unclear about the conceptual difference between consensus assets and legal assets. Legal assets are credit assets and require credit endorsement. At this time, the determination of the SEC plays the role of credit endorsement.

Of course, gold, Bitcoin, and legal currency are all extreme positions in these two concepts. There are many assets among cryptocurrencies, such as Ripple, which have both consensus and legal properties. Without a clear definition, it isn’t easy to distinguish them clearly. He cannot differentiate between consensus assets and legal assets. It is probably why Gensler did not dare to answer questions directly from the U.S. Congress. As an ordinary person, it doesn’t matter, but as the helmsman of the SEC and the “czar” of global securities, using expert standards, it seems that Gensler is still not entirely up to standard. His approval of Bitcoin futures in the first place reflects his lack of understanding of fundamental professional issues in securities.

Gensler doesn’t understand that futures are actually not than important to Bitcoin spot ETFs.

The origin of futures is to balance the imbalance of demand for bulk commodities. It is the correct design to lock in profits in advance to avoid risks caused by a long production process. The stock market is not a bulk commodity. Can’t lock in profits in advance. There is a prediction benchmark for stocks, but there is no standard for what is overvalued and undervalued, and it depends on the consensus generated by the preferences of funds. The current price-to-earnings ratio (P.E.) of the Nasdaq 100 Index is 35 times. According to past theory, 25 times is overvalued. If 15 times P.E. is the center of value, do futures hedge this risk?

In the stock market, the advantage of futures is to hedge against the risk of excessive overvaluation of spot prices, which is beneficial to stabilizing the market. But do futures play a more significant role in stabilizing the stock market or in speculating? Historically, there have been different views. Generally speaking, the leverage of futures is much greater than that of spot, and the market considers futures more speculative. It adds one more trading factor. China’s stock market is an example. It originally had no futures but later added futures, but the effect of stabilizing the stock market has not visibly improved.

Futures also play a role in the stock market. They are indeed beneficial to large investors who have large positions and are inconvenient to trade. Since most retail investors do not buy futures, a seemingly fair policy is actually unfair to retail investors. Where is the principle of protecting small and medium investors?

In fact, applying futures in the stock market is not a very suitable tool.

The biggest difference between Bitcoin and stocks is that there is no top, no overestimation or underestimation; the price rises and falls only depending on the amount of funds. Since there is no center or top of valuation, under what standards are futures operated? What we often see is a double explosion of long and short prices. Isn’t this market manipulation by market makers? This double explosion phenomenon is more severe than the stock market.

On the surface, Bitcoin futures help compute power and equipment manufacturers. The rise in Bitcoin prices will increase computing power but not expand output. It is entirely different from the production logic of commodities. There are too many detailed descriptions, and the conclusion is that Bitcoin futures increase speculation in Bitcoin.

On the contrary, the Bitcoin ETF spot has changed the scale of Bitcoin funds. The larger the market, the more dispersed the holdings, and the more difficult it is to speculate and manipulate, naturally stabilizing the market. Therefore, the importance of spot prices is far greater than that of futures. Approving futures but not spot goods will not help reduce speculation. Approving the listing of 11 Bitcoin spot ETF funds simultaneously is professional and high-level.

When there is no spot basis to approve futures first, the logic is that the Chicago Mercantile Exchange (CME) is formal, or the idea of ​​prioritizing supervision without considering Bitcoin’s product characteristics. From Grayscale to BlackRock, frontline market personnel often feel more correctly than regulators.

Practice has proven that spot ETFs promote the progress of supervision

Gensler believes that bringing cryptocurrency exchanges into the regulatory system is more important than issues such as ETFs and ICOs. So, he approved Bitcoin futures when he took office and began to encircle and suppress cryptocurrencies, but the effect was not good. The Bitcoin ETF is online, and from the actual operation point of view, the Coinbase spot has become the benchmark for pricing, and the coin’s new deal, Boss, will form naturally with big capital added. In this process, standards can be continuously monitored to iterate. The Bitcoin ETF is more important than the Securities Regulatory Commission’s crackdown.

Gensler’s mindless regulatory operations will harm ordinary cryptocurrency participants more than fraud and speculation.

2. Regulation is the biggest reason for the explosion thunders of cryptocurrency

The killing begins

In April 2021, Gensler served as the 33rd Chairman of the U.S. Securities and Exchange Commission.

In July 2021, Circle stated that it had received a subpoena for investigation from the SEC and that its listing application had been unsuccessful.

In September 2021, the SEC warned Coinbase not to launch lending products. Otherwise, it would file a lawsuit against Coinbase.

In September 2021, the SEC said it was investigating Uniswap Labs, collecting information to study how users interact with the platform and Uniswap’s marketing methods.

In September 2021, Gensler called on cryptocurrency exchanges to register with the SEC in an interview, warning that SEC enforcement actions would hit them if they did not do so.

On October 19, 2021, the first Bitcoin futures ETF, BITO (The ProShares Bitcoin Strategy), was approved for listing.

In November 2021, the SEC investigated BlockFi’s interest-bearing crypto accounts of up to 9.5% and determined them to be securities. In February 2022, BlockFi and the SEC settled and paid the SEC $50 million.

The U.S. Securities and Exchange Commission is a flagship. A series of actions constituted a substantial negative impact on cryptocurrencies, which caused an uproar and finally triggered a series of explosion thunders in the currency circle.

The consequences are come

In May 2022, Luna exploded thunders, and US$40 billion in assets were wiped out. It caused Three Arrows Capital, Celsius Network, and other thunders.

In December 2022, the fire finally burned on Sam Bankman-Fried SBF and his exchange FTX, who were closely related to Gensler, revealing a series of scandals. The rumors involved not only the securities regulatory but also Gensler himself, members of the U.S. Congress, and the Democratic Party.

The action continues

In January 2023, Nexo settled for US$45 million after the SEC accused it of issuing and selling EIPs without registration.

In January 2023, the U.S. Federal Reserve Board (FRB) rejected cryptocurrency-focused custodian bank membership applications.

In February 2023, the SEC accused Kraken of illegally issuing securities, and it soon settled for $30 million.

In February 2023, the SEC accused the U.S. dollar stable currency BUSD of illegally issuing securities.

In June 2023, the Coinbase exchange and Binance US and its founder, Changpeng Zhao, were sued.

direct consequences

Assets in the currency circle dropped from more than 1.2 trillion to around 600 billion. And reached its lowest point in December.

Crypto companies have begun to flee the United States, and even cryptocurrency venture capital companies have run. If Gensler continues to mess around, supervision may succeed, and he will manage an empty square. Gensler kept saying he wanted to protect consumers, but his actions wiped out 600 billion U.S. dollars and bankrupted many people. The biggest losses in the FTX case were ordinary investors. The coin price rose already; investors compensated at the lowest price. Why don’t we see the SEC speaking out for retail investors at this time? Gensler is not interested in protecting consumers. He is not an elected official. His neutrality is only for the market to hear. He is responsible for the forces behind him, and his purpose is to kill cryptocurrency.

However, the development of crypto-assets is inevitable. In the end, financial markets will either actively or passively accept the financial revolution initiated by Bitcoin. The United States has two choices: lead or follow. Stifling is not an option. The United States is the United States; the market spirit is written to the brain core. There are a lot of intelligent people. Although their stance is to safeguard American interests, their methods are much smarter.

Gensler’s revolutionary actions finally came to an end.

3. Big capital has begun to speak.

In June 2023, the SEC sued Coinbase, the largest crypto exchange in the United States, and Binance, the world’s largest exchange. The market was still shrouded in shadow, and a major event happened that changed the fate of the currency circle. From June 15 to June 29, 2023, led by BlackRock and behind the palace by Fidelity, six mainstream capital players in the United States applied for Bitcoin ETF spot funds. However, the market reaction was muted, and the coins didn’t gain much price. And the numb market ignored this critical signal. What is the power that can unite all 6 mainstream capital players? What goes on behind the scenes?

The first to react was the court. Ripple, one of the top six old cryptocurrency projects, and the SEC started a three-year lawsuit in December 2020. On July 13, 2023, Ripple won an initial victory in the lawsuit. The SEC was dissatisfied with the verdict and filed a lawsuit again against Ripple. A request for an interlocutory appeal was filed in the case, which U.S. Federal Judge Analisa Torres later dismissed for the Southern District of New York. As a last resort, the SEC appealed again, and on October 20, Ripple won three consecutive victories in this lawsuit, and the SEC withdrew the lawsuit. Ripple’s case is confusing from a legal point of view, and the SEC’s appeal is not unreasonable. Why was the lawsuit withdrawn? We noticed that Bitcoin opened higher in October. See Figure 1; from $27,961 on October 1, it has risen to now. Bitcoin rose first, but the SEC withdrew its lawsuit later. The lawsuit was withdrawn on October 20. Will anyone know in advance of the major shift in SEC policy? No one would believe it if they said there was no inside information. The most interesting thing is that the day before the Bitcoin ETF was approved, a post approving the Bitcoin ETF appeared on X’s SEC official website, but it was removed within 15 minutes. Immediately afterward, the SEC announced that the official website had been stolen, which caused a major shock in the market. Was it stolen? There has been no news for two months, making people suspicious. Could it be intentional? The SEC owes the market an explanation.

On August 29, the first brother of Bitcoin Trust, Grayscale Fund, which holds 690,000 Bitcoins, sued the SEC, and Grayscale won the lawsuit. Grayscale believes that the logic for approval of futures Bitcoin ETFs should be equal to the logic for approval of spot Bitcoin ETFs. Otherwise, all applications for futures Bitcoin ETFs should be revoked. The judge believed that the SEC’s rejection of Grayscale’s application was arbitrary and unfounded because the SEC failed to explain why it treated similar ETF products differently. The court held that this differential treatment violated administrative law, accepted Grayscale’s evidence and opinions, and revoked the SEC’s executive order rejecting Grayscale’s application. This time, the SEC did not even appeal.

Figure 1 Bitcoin’s monthly trend chart

A lot happened in October, and BlackRock launched a Bitcoin fund. How did he know the foundation was approved? Federal Reserve Chairman Powell told Congress in July 2023 that the United States would develop its digital currency in order to eliminate cryptocurrency. But in early October, Powell changed his subject. According to the Wall Street Journal, Powell said the United States is not motivated to ban Bitcoin. The steering is too fast. At the same time, Yellen no longer attacks Bitcoin. It can be concluded that one month after the victory of the Grayscale lawsuit, the SEC, which initially wanted to continue the appeal, was under pressure from the forces behind it. It was finally decided to give the green light to the Bitcoin ETF, and the Coinbase lawsuit fell silent. It can be seen from Gensler’s statement that his face is full of dissatisfaction. The most interesting thing is that U.S. Congressman Elizabeth Warren, the biggest villain of Bitcoin, signed a bill to raise a flag in Congress to pay tribute to Satoshi Nakamoto in February this year. Some people say that everyone can apply to members of Congress to raise the flag. Do members of Congress have to approve everyone’s application? Obviously not. Warren turned shyly. On February 14, Gensler received a special Valentine’s Day letter. The letter was sent by the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum, asking them to amend Staff Accounting Bulletin (SAB) 121 to improve the situation in which cryptocurrencies are restricted in the banking industry. Compared to January 2023, when the U.S. Federal Reserve Board (FRB) rejected membership applications for cryptocurrency-focused custodian banks, everything seems like a lifetime ago. These are all signs that the forces behind Gensler have turned.

An invisible hand is running all this. This hand can reach political, financial, legal, and regulatory circles and has vast social influence.

Who is it? They must leave traces when doing things, and to sort out the timeline of all this; we can clearly see that all changes began in June 2023, when we were immersed in the horror of the killings. On June 15, BlackRock took the lead in submitting a Bitcoin ETF application against the trend and established a Bitcoin fund in October. Following this clue, BlackRock’s leader has the ability and knowledge to act as an invisible hand.

4. Changes in Larry Fink

Big Mac’s Circle of Friends

BlackRock manages nearly $10 trillion in assets and is the world’s largest asset management company. Larry Fink, one of the founders of BlackRock and the current CEO, relies on his abundant capital to have great influence in the business world and politics. In particular, he has a specific impact on the Democratic Party. He has the right to speak and can influence the party’s policies. He was often heard saying, “As I told Washington…”

Who did the Fed put in place to manage the troubled assets they took over from Bear Stearns in 2008?

The answer is BlackRock.

Who did the Fed turn to in 2020 when it wanted to buy some corporate bonds to help prop up the economy?

The answer is BlackRock.

Who will the FDIC turn to to help account for the assets of Signature Bank and Silicon Valley Bank in 2023?

The answer is BlackRock.

These reveal the relationship between BlackRock and Powell and Yellen.

The current U.S. President Biden hired the “BlackRock Gang” to enter Washington. In 2020, Biden selected two senior executives from BlackRock to join the Biden administration’s financial team, and then in 2021 and 2022, he hired senior executives also from BlackRock to become economic advisers.

A big man has more vision than ordinary people

BlackRock launched a gold ETF in 2005. The gold ETF market had a market value of only US$1 trillion before BlackRock entered the market, but after BlackRock entered the market, the market gradually grew to US$13 trillion.

There is a process for Larry Fink to be optimistic about Bitcoin.

In 2017, he called Bitcoin the market’s “Index of Money Laundering” and had no other practical uses. In an interview with “CNBC” in 2021, Larry said that BlackRock’s clients have very little demand for crypto assets, but they have begun to study whether crypto assets are good long-term investment targets. He is learning and improving. These traditional capital institutions do not make decisions based on hit their heads. They have mature internal processes, which are often time-consuming. In 2022, BlackRock’s companies began testing cryptocurrency waters and cooperated with Coinbase. These help Larry understand Bitcoin up close. As I said in my letter to Satoshi Nakamoto: “Only when the Bitcoin system is so mature, it can be recognized by big names outside the currency circle who understand finance and products as a tool to transform the financial system.” Larry is such a leader. It shows they have recognized Bitcoin as a “good long-term investment target.” He saw a new financial future. The next step is to convince Gensler. Public reports during that period were that BlackRock had many meetings with the SEC, and only God knows what was behind the scenes. We can only reasonably speculate about the scenes behind the scenes, so the next section is titled “joking” and simplified into two characters who rewrote history.

5. A conversation that changed history

Larry: L; Gensler: G

L: You lost Grayscale’s lawsuit; what will you do?

G, I won’t give up. It’s not hard to find another reason.

L: Do you consider the consequences? What’s the point of regulation if all the companies are gone? Besides, it’s not easy to control everything. For example, can you control Bitcoin? There is no legal possibility for the United States to ban Bitcoin mining.

G: What you said makes sense. I understand Bitcoin. Its purpose is to replace the central bank, destroy legal currency, and affect the hegemony of the U.S. dollar. Bitcoin cannot be destroyed, but it must be tamed.

L: How do you do it? I also advocate maintaining the status of the United States, but your strangulation policy is ineffective and harmful. You have done an excellent job as Chairman of the U.S. Commodity Futures Trading Commission (CFTC). Still, that system suits a closed environment, not a global financial project. The two have different properties and cannot be used in the same prescription. It is an entirely new situation for us. I couldn’t understand it initially, but I began to understand a lot after a few years. Bitcoin can’t fit into the traditional financial framework. As Chairman, you did not give a clear definition of cryptocurrency. Brand-new projects must have a brand-new framework. Without a new framework, risks must be isolated piece by piece. It is a basic idea. This time, FTX exploded, and Americans suffered a big loss, but Japan did not suffer any big losses; they did an excellent job in supervision. You have been in office for over two years, and despite the excitement, your supervision has achieved little.

G: Thinking.

L: In fact, what touches me the most is the policy declaration issued by Hong Kong on the development of virtual assets in October 2022. Maintaining the leading position of cryptocurrency is a massive challenge for us. What kind of gold standard will China and Russia use blockchain technology to establish? They have taken in so much gold. Can’t you see their plan? If designed well, it is a massive threat to us.

G: Yes. But gold has natural flaws. Otherwise, legal currency would not appear on the scene.

L: That’s true, but it may become popular if a better design doesn’t come out. Even someone in our Congress has proposed a new gold standard. Once it becomes widespread, no one can stop it. We are not without crises.

G: You mean Bitcoin competes with gold?

L: They are using the Bitcoin standard to compete with the gold standard. My assistant told me there are already viable Bitcoin-based solutions on the market. At present, looking at the Bitcoin standard, the U.S. dollar is still the benchmark, and it cannot be changed for a while. It will only be better for us, not worse. With the Bitcoin standard, the gold standard cannot compete.

G: I have always wondered: What will the United States do if the Bitcoin standard wins and there is no central bank?

L: The United States hides its wealth among the people, and the government has no money. Americans own more than 50% of Bitcoins, which are still growing. If the Bitcoin standard succeeds, the wealth of Americans will increase. The Bitcoin standard has a long way to go. The first step is to expand the user base, and there is no easier way to achieve this than with a Bitcoin ETF so that Bitcoin will rise sharply. Absorb the excess dollars sent out. We have issued a lot of currency, so we must have a reservoir. China has used real estate as a reservoir for over 30 years, resulting in high economic growth and low inflation. U.S. stocks are our reservoir, but do they still dare to rise? Economic growth is in single digits, limiting the stock market’s growth. The stock market has always been overvalued, and risks are accumulating. If the stock market crashes, it will be much scarier than China’s real estate. Bitcoin has no top and can absorb any amount of funds. It is the best target to alleviate inflationary pressure.

G: If Bitcoin is too hot and a lot of money flows into Bitcoin, what will happen to the stock market?

L: Bitcoin ETF funds are also stocks listed on stock exchanges. Some people will sell Bitcoin fund shares and buy other stocks when other stocks are undervalued. In an investment portfolio, the amount of Bitcoin is always tiny. We will recommend asset allocation to various customers to absorb their new funds.

G: What is your strategy for the Bitcoin ETF?

L: We have nearly 10 trillion in assets, and 1% is 100 billion. The first step is to look at it from the asset allocation perspective.

G: What do you think of the future of Bitcoin?

L: The computing power of Bitcoin is now the largest in the United States, and the programmers are also from the United States. If we control most of the Bitcoin, we will control the entire chain and gain the final say. We will only win without losing. There cannot be a second Bitcoin. Bitcoin is the best-stored value currency, surpassing gold. The current Bitcoin ecological development has made new progress, but the Bitcoin system still maintains stability. It is the security that I value most. Even if there is a problem with the fiat currency, we have prepared alternatives in advance.

G: Bitcoin is still chaos, and money laundering and supporting terrorism cannot be regulated.

L: Controlling the interface channel between Bitcoin and legal currency and supervising stablecoins is more critical than supervising Bitcoin. That is Yellen’s job.

G: Do you mean to put Bitcoin ETFs ahead of regulation?

L: Bitcoin occupies more than 50%-70% of the market share in the encryption market. Seizing the Bitcoin ETF will grab the key to the problem and control the cryptocurrency in disguise. We have mature experience supervising ETFs, and we also have mature experience supervising exchanges. It is just a question of a “supervision-sharing agreement.” How do you do it specifically? You have more experience than I do. Risk is a human problem. Without people, there would be no problem. There is not enough regulation on centralized exchanges because they are globalized. If it is an American exchange, you can manage it. Each business may have specific regulatory measures.

G: This is a development idea, not a restriction idea. It is risky. What are our chances of winning?

L: The United States is a powerful financial country. Who can beat us on our home court?

G: There is another question. Suppose Satoshi Nakamoto’s bubble-free financial system is realized, and the power of credit is lost. What will happen?

L: Economic development depends on technological development and credit. Financial credit creates bubbles. Without financial credit, the world depends on productivity progress. The United States is a technological power. Are you worried that we will lose?

G: It seems feasible, but how will Congress explain it?

L: I will tell them you, and I have no problem anymore. It is a new historical moment, and we in the United States are once again in the lead of our opponents. It is what they can understand and like to hear.

L: The main thing that impressed them was the sharp rise in Bitcoin ETF, which gained the votes of young people. It costs nothing to change their impression of the Democratic Party. They are happier.

6. The arrival of a new era

in conclusion

Through the above analysis, the American political and business circles have reached a consensus that the development of crypto-assets is inevitable and finally chose to lead the financial revolution initiated by Bitcoin. It is the financial revolution led by BlackRock, ushering in a new financial era. It is the story behind the Bitcoin ETF. I have also written four articles on this issue: “How high can Bitcoin rise after the United States approves ETFs?” “, “What is the basis for Bitcoin to rise to 3.3 trillion? “, “Why Bitcoin ETF is the best financial product“, and “How to value Bitcoin” were all published on the chainless website (chainless.hk), respectively, discussing the characteristics of Bitcoin ETF.

Who benefits, and who loses in the new era?

loser

1. Bitcoin fundamentalists fail. The crypto-anarchy claims of the cypherpunks who began in the last century fell, and so did their anonymity claims.

Fundamentalists are not optimistic about Bitcoin with centralized computing power or Bitcoin controlled by Bitcoin ETFs. We acknowledge their contribution to Bitcoin’s history. Regardless of whether you like or hate Bitcoin today, the flowers are gone, and the times have turned. Open a new page.

2. Traditional supervision fails. A product with a decentralized concept needs more democratic supervision and supervision under the sun. Genler’s YouTube performance is more open than that of traditional officials, but he still does not understand the spirit of Bitcoin. Bitcoin needs to be regulated in a community way. The new era requires new supervision. Gensler’s failure is not personal but a system failure without innovation. The superstructure does not adapt to the economic foundation and cannot support the development of cryptocurrency.

Acknowledging mistakes can lead to many improvements. Gensler cast the critical vote and pressed the button that changed history during the approval process.

Gains and Winners

There are many winners in a new era.

  1. Benefits for ordinary investors,
  2. Large financial institutions benefit,
  3. Cryptocurrency gains,
  4. Satoshi Nakamoto benefits,
  5. Halfinney conjecture wins

What is Hal Finney’s conjecture?

In March last year, I introduced “Invite Satoshi Nakamoto to Welcome the New World” on Hong Kong’s Sun T.V. I already felt that a new era of Bitcoin was coming. Marked by the Bitcoin spot ETF launch, Bitcoin enters its second half as I envision it. The stored value will allow financial experts to realize one’s potential. The application of Bitcoin in real-life scenarios requires Bitcoin to be equipped with a ruler – DW Coin, in order to achieve the Bitcoin standard. Readers can move to the chainless website (chainless.hk) and Read many articles about Bitcoin Standard.

ETF was approved, and Bitcoin entered the mainstream market. In this regard, Hal Finney, one of the founders of Bitcoin, commented on Bitcoin two days after its launch: “As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then, the total value of the currency should be equal to the total value of all the world’s wealth. Current estimates of total worldwide household wealth that I have found range from $100 trillion to $300 trillion. With 20 million coins, each coin has a value of about $10 million”. In addition to the need for Bitcoin to succeed, Hal Finney’s vision also calls for Bitcoin to become the dominant payment system. Whether Bitcoin can take over the popularity of A.I. in the future depends on its application – becoming the world’s main payment system.

The idea of ​​the DW20 Bitcoin Standard that I designed comes from Hal Finney’s vision, which means that Bitcoin Standard will become the main payment system. This idea will take shape in 2023. Simply put, it is to equip Bitcoin with the ruler it lacks, use Bitcoin to measure global economic development, and use D.W. (Dai Wei Coin) to replace stablecoins for daily transactions. Bitcoin and D.W. coin together form a non-inflationary Bitcoin-based system. If realized, the price increase expected by Hal Finney may make Bitcoin popular.

The issuance principle of D.W. Coin is the same as that of Bitcoin. It is a consensus currency and requires growth from air to asset currency (stable currency). The difference is that DW20 David Coin adopts an unconditional airdrop method. Anyone can register for free. Receive airdrops. The process from air to asset is a process of huge profits. Let us use Davidcoin to ride the Bitcoin bus and help Bitcoin simultaneously. Today’s D.W. Coin is like early Bitcoin. Only early participation can make profits easily. The earlier you register, the more likely you will achieve a class leap. Bitcoin’s era of huge profits has been missed. Don’t miss out on the DW20 Coin. Please give it to Give yourself a chance to get rich and receive airdrops at 0 cost!

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