Max Keiser: Bankers Know They Can’t Stop Bitcoin, Only Bear Hug to Slow BTC’s Progress
- Wall Street veteran, Max Keiser has argued that Bitcoin will not be affected by the actions of traditional financial institutions.
- Keiser is well-known for being a cryptocurrency advocate.
Comprehensive Crypto Regulations Not Yet Developed in the U.S.
His comments came during a CNBC panel discussion with the Chairman of the U. S. Securities and Stock Exchange (SEC) Jay Clayton.
Jay Clayton started by affirming that fiat markets had far more control over their malpractices than the crypto world had. According to him, malpractices are rampant in decentralized markets, which are often prone to manipulation.
He debated that the U. S. has not really legalized Bitcoin so investors are still waiting for some state structure before they are able to dive in this new asset class. He did not believe that crypto markets could or should be regulated by the same laws as stocks, for instance.
Cryptoassets Are Different from Traditional Stocks
To him, most retail investors believe that crypto is like stocks, so they just decide to trade it, but the truth is actually very far from that. Stocks have many very complex rules to protect investors. They do not see all the rules, but they protect them nevertheless.
These comments made Keiser very angry. He is a former Wall Street investor turned Bitcoin diehard, so he obviously believes that cryptos are better than stocks.
His main argument was that the SEC was not really loyal to its own statements because they may have rules against market manipulation but they are not really enforced or only enforced in very specific cases, which is almost the same thing and there was plenty of proof of that (although he declined to provide any example).
Keiser Believes That Banks Are Against Bitcoin
According to Keiser, authorities from all over the world are currently trying to deal with Bitcoin, but they are not really being successful in doing this so far. Most of the time, the regulators fail because they do not really understand a decentralized market. Bitcoin has no central authority, so their approach lacks the necessary nuance.
While most commentators are not very eager to affirm that Bitcoin will surely resist centralization, most of them are at least somewhat positive that Bitcoin has plenty of chances of resisting and Keiser agrees with that.
He affirmed that banks are afraid of crypto because they know that it can cause a revolution and that they are a strong competitor because they offer more freedom to the investors.
Because of this, banks will create centralized cryptos and try to take Bitcoin out of the market by force if necessary. Their objective will be to marginalize the really decentralized options in order to maintain their control.