The reason the SEC hasn’t approved an ETF may begin with the fact that Gary Gensler understands Bitcoin as well as or better than even the most fervent maxi. To both Gensler and the maxi’s Bitcoin represents a paradigm shift in global finance that will ruthlessly usher in a wealth transfer the likes of which is unparalleled in history (..probably).
Gensler taught his class in Bitcoin in 2018 and he has watched the network fundamentals grow, he realized long ago how crucial the hardening of the decentralization was and, if Bitcoin were to succeed, how necessary it was for the network to harden before its value was understood by the majority.
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