Gensler’s Galactic Bitcoin Revelation: The Meme Tokens Are Doomed! 🚀

by

In a rather explosive return to the public eye, Gary Gensler, the man who once held the keys to the SEC kingdom, has finally emerged from his two-month hibernation. He graced CNBC’s Squawk Box with his presence, much like a long-lost sock reappearing in the laundry, to share his thoughts on Bitcoin. In a riveting 17-minute tête-à-tête with Andrew Ross Sorkin, Gensler praised Bitcoin’s remarkable ability to stick around, while dismissing most other cryptocurrencies as mere “sentiment-driven memes.” Yes, you heard that right—memes! 😂

As the SEC, now under the watchful eye of acting chair Mark T. Uyeda, tiptoes away from the enforcement spotlight that defined Gensler’s reign, he chose to dodge specifics about individual cases. Instead, he emphasized that the crypto universe is fundamentally devoid of fundamentals. Quite the revelation, wouldn’t you say? 🤔

Gensler’s Bitcoin Maximalism: A Cosmic Shift

“I’m going to step back a little bit from any individual cases and just say this again to your viewing public,” Gensler declared, as if addressing a crowd of intergalactic travelers. “This is a very small part of the financial markets. But if you were interested in this, think about every financial asset sort of trading on a bit of fundamentals and sentiment. But this field is almost *99 percent – or maybe one might say 100 percent – sentiment and very little on fundamentals,” he gestured dramatically, as if the market outside Bitcoin was a vast, empty void. 🌌

“And while something like Bitcoin may persist for a long time because there are seven billion people around the globe with a keen interest in it, there are ten or fifteen thousand other tokens… and if this is just about sentiment, then generally those don’t end up well and most then go down,” he added, sounding like a wise sage warning against the perils of overindulgence in digital trinkets.

When co-host Joe Kernen pressed him on whether Bitcoin should be treated differently, Gensler finally relented, likening Bitcoin to precious metals. “I think the distinction is similar to in metals; there are only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold. I don’t think we humans will have a fascination with ten or fifteen thousand meme or sentiment tokens trading over the years,” he mused, as if pondering the mysteries of the universe. 🪙

//bitcoinist.com/wp-content/uploads/2025/04/BTCUSDT_2025-04-17_07-00-59.png?resize=1024%2C453″/>

Read More

2025-04-17 20:13