The Bitcoin Flash Crash and The SEC is the new FDA
Stocktoberfest is THREE weeks away on March 30th in New York. I am starting to bang out the content and the awesome Guastavino venue is filling fast. The lineup of speakers is epic. If you want to make money in the markets and see what some of the best founders I know are working on in digital media, fintech and venture capital, please join us in person.
This is the first year that I have added Bitcoin and Blockchain to the schedule. We will spend some time with people that introduced Bitcoins to me at $1 (Etoro founders), Vinny Lyngham the founder of Civic.com who has been bullish on record for years, Nick Tomaino of Runa Capital who was also an early employee of Coinbase (now 6 million Bitcoin accounts), and Meltem Demimors who helps run Digital Currency Group.
Fittingly, there was a 25 percent flash crash this afternoon after the SEC stopped the Winkelvoss twins efforts to start a Bitcoin ETF:
I don’t think the Bitcoin industry needs ETF’s.
ETF’s can be great tools, but not every tool should be allowed to offer them!
That said, I have no idea though how the SEC can ban a bitcoin ETF and allow triple leveraged ETF’s to proliferate.
With the Bitcoin ETF block leading to the ‘flash crash’ in Bitcoin, the SEC was the FDA today.
I did not add any coins today, but panics make sense when you have a digital asset that few understand and most could care less to understand. All Bitcoin panics have been good buying opportunities in the past.
Originally published at Howard Lindzon.