Crypto may have become boring, but it still isn’t legit

No, all that happened is that crypto has gone from being an exciting and rebellious alternative to traditional finance, a way of “being your own bank”, to simply providing a means for regular investors to diversify their portfolios and for asset managers to eke out a bit of extra revenue.

Crypto in 2024 is, in other words, rather boring. But boring does not equal legitimate, as SEC chair Gary Gensler himself pointed out when the announcement was made. The commission’s approval of the bitcoin ETFs was not an endorsement of bitcoin or crypto more widely, but rather the result of a court ruling that found the SEC’s long-standing opposition to bitcoin ETFs — on the grounds they could be subject to fraud and manipulation — was arbitrary.

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The truth is that, whether the crypto is encased in a nice regulated wrapper and sold to you by BlackRock, or whether you buy it from a pastor who says that the Lord told him to make the sale, there is still no there there. So while it might be more difficult these days, I will continue doing what I consider to be God’s real work: taking the mickey out of it.

Source: Crypto may have become boring, but it still isn’t legit