Owning Bitcoin is a right. You don't need government permission to do so.
Gary Gensler, the chairman of the SEC, just confirmed that in his eyes, Bitcoin is different. You have Bitcoin on one side and cryptocurrencies on the other. If you're a Bitcoiner, this won't surprise you, because we've all been saying for a long time that Bitcoin != Crypto.
But it's always interesting for those who haven't yet figured out the why of Bitcoin to hear someone representing the SEC state this truth: Bitcoin != Crypto.
The implications of what Gary Gensler just said are significant because it means that future SEC attacks on the cryptocurrency industry will not target Bitcoin. Bitcoin cannot be attacked by the SEC. Gary Gensler knows this, and he says so.
Obviously, since the price of Bitcoin on the spot market is driven by human psychology and emotions, you may still see the price of Bitcoin impacted downward with every announcement of an attack on the cryptocurrency industry by the SEC or another US authority.
But in the long run, it does confirm that Bitcoin is here to stay and that Bitcoin is where you should turn if you are really looking to protect the fruits of your labor.
In addition to this statement by Gary Gensler, you should also be aware of another important fact. Many institutions are waiting for more clarity on what the SEC plans to do in relation to Bitcoin. If the SEC confirms what Gary Gensler is saying, then it means that the CFTC would probably be the one to take over the potential regulation of Bitcoin.
Once this is clearly established, you can expect a massive influx of capital from institutions into Bitcoin.
As an individual, this is not something that should worry you too much in my opinion. Indeed, Bitcoin is there to give you back the power over the fruits of your labor in a censorship-resistant way by protecting you from inflation.
Owning Bitcoin is a right, and you don't basically need government permission to do so.
The sooner you understand this, the better off you will be, because you will be able to save in Bitcoin, and then little by little, do everything to live in Bitcoin. There is still a long way to go, but the goal is clear: the hyperbitcoinization of the world.
Time is on Bitcoin's side. And no one will be able to stop the Bitcoin revolution from going its way as long as the people continue to support it.