SEC Chairman Gary Gensler Criticizes Bitcoin for Lack of Decentralization
SEC Chairman Gary Gensler recently spoke to CNBC about Bitcoin, expressing his views on its lack of decentralization and the risks it poses to retail investors. Gensler stated that while the SEC has approved Bitcoin spot ETFs, he personally does not endorse the underlying philosophy of Bitcoin. He argued that Bitcoin is not as decentralized as it claims to be, as most trading volumes are generated by a few exchanges. He also highlighted Bitcoin’s use in ransomware attacks and illicit activities.
Bitcoin Continues to Soar Despite Criticism
Despite Gensler’s criticisms, Bitcoin remains unaffected and has experienced a 4.22% increase, surpassing the $52,000 mark. The cryptocurrency is on a bullish rally and aims to reach new highs. The price action of Bitcoin is influenced by the netflow trend on new spot ETFs, with major fund managers accumulating BTC at a high rate. Short-term price analysis shows that BTC is absorbing dips and maintaining its upward trend. However, caution is advised as the asset may be overextended and a correction could occur soon.
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