- Bitcoin ends the week in retracement from current yearly highs
- Mixed crypto sentiment as US SEC broadens definition for accredited investors
- More old school finance people say buy Bitcoin now
Bitcoin, along with the rest of the crypto market, does seem to have snagged itself into a minor tailspin over the last few days, retreating from heights of USD 12,400 to around USD 11,200 earlier before trading close to USD 11,500 right now.
Most traders won’t be too worried about this of course, since Bitcoin is still pretty strong on a medium and long term trend, and has pulled up the rest of crypto along with it, particularly those in the Defi sector whose flight to the top does not appear to have abated much.
One of the big items of news this week was the announcement from the US Securities and Exchange Commission (SEC) that has now relaxed the definition of what it views as “accredited investors”. According to them, the definition would be now on the basis of “professional certifications, designations or credentials, or other credentials issued by an accredited educational institution”, instead of the previous rigid definitions which meant you needed to be valued at least USD 1 million in net worth or have an annual stable income of at least USD 200,000.
This SEC rule has in fact long been a matter of discussion especially among the crypto and blockchain community, since this has meant that only very few people were able to invest in regulated security token offerings, among other opportunities in the digital asset ecosystem.
So of course, the new move, on the surface, does appear to open more access to private investors and retail investors to more diversified types of investment. However, the crypto community at large has given a mixed reaction.
Kudos to the SEC for acknowledging that a penniless GenZ’er can be just as sophisticated an investor as a Wall Street Boomer. Wealth does not equal investment acumen, just look at how the Wall Street “experts” missed the #Bitcoin rocket ship. 🤡 https://t.co/tDpeyfjEQ8
— Tyler Winklevoss (@tylerwinklevoss) August 26, 2020
The majority of views from the crypto leaders and shakers have been positive, make no mistake. Praise was forthcoming from the likes of Gemini co-founder Tyler Winklevoss, who happily said that it was high time the regulator recognized that “a penniless GenZ’er could be just as sophisticated an investor as a Wall Street Boomer”.
Zcoin founder Poramin Insom also reacted with positivism, saying that this would mean greater inclusion in future security token offerings, and the effect of additional investment into this market coould help smaller projects get the traction they desire. Trading platform Uphold chief revenue officer Robin O’Connell remarked:
“It’s great to see that the regulators are adapting. It allows for increased opportunity and access to investments that were previously just offered to the privileged few.”
But many others believe this step is not nearly enough, as one comment to Winklevoss’s statement demonstrates:
“It is still a large barrier to entry to expect someone to take an exam, get sponsored by a company, take another exam, then be able to invest. A lot of intelligent enough individuals still do not have the resources to accomplish that while going to school for their careers too.”
Crypto influencer Anthony Pompliano called for “even greater access and broader rules”, while Celsius Network CEO Alex Mashinsky said:
“99% of the population has been excluded from getting access to the best innovation this country has to offer, so the question now is whether the regulators will require accreditation for retail users to do what they already do or will the SEC let what is going on continue.”
SEC Commissioner Hester Peirce herself seemed optimistic but her Tweet certainly implied there was room for improvement, Tweeting: “Americans shouldn’t have to ask the SEC for permission to invest, but today’s accredited investor rule at least offers people a path to ask permission based on their education, rather than simply telling them ‘no, unless you’re rich.'”
Meanwhile, the voices are getting louder telling people to get into Bitcoin and get out of fiat. This time, however, the voices seem to be coming not just from those against the traditional finance and banking system, but also those strictly inside it.
Jerome Powell’s speech today will be for the history books.
Never in the history of mankind was so much stolen from so many by so few.
Opt out with #Bitcoin.
— Andy Yee (@ahkyee) August 27, 2020
Just today, as the US dollar currency index (DXY) is still wondering what hit it when a Federal Reserve speech that brazenly suggested it would allow inflation to pass, shook out large amounts from it, to stand at 92.28, Visa senior director of public policy sent out a Tweet that suggested people should now opt out of fiat by getting into Bitcoin. He said:
“Never in the history of mankind was so much stolen from so many by so few. Opt out with Bitcoin.”
The implications seem severe for a fiat economy that continues to take on repeated and harsh beatings from the Federal Reserve, but the US central bank is unflinching in its monetary policy, printing more dollars with time. As put by Real Vision CEO Raoul Pal:
“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation.”
We definitely agree, but always with the word of caution: never invest what you can’t afford to lose.
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The post Trending Bitcoin News and Market Sentiment, Weekly Edition 28th August, 2020: Bitcoin in Brief Retreat, Mixed Crypto Sentiment As SEC Broadens Accredited Investor Definition, More Buy Bitcoin Signals Emerge appeared first on BitcoinNews.com.
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