Leak Reveals A Wall Street Crypto ‘Revolution’ That Could Crush The U.S. Dollar Has Suddenly Begun—Heralding Bitcoin, Ethereum, XRP And Crypto Price Chaos

15 October 2023

in XRP

Reading Time: 5 mins read

BitcoinBTC, along with other major cryptocurrencies—including ethereum and XRPXRP—have been rocked by the “cataclysmic” U.S. fiscal situation this year that could be about to get a lot worse.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster ahead of next year’s historical bitcoin halving!

The bitcoin price has struggled this year amid a growing U.S. “war” on crypto, though a looming $17.7 trillion earthquake could be about to hit the bitcoin, ethereum, XRP and crypto market.

Now, as the U.S. dollar teeters on the verge of “collapse,” Wall Street giants including the world’s largest asset manager BlackRock have been given a tacit “green light” to “revolutionize finance” with bitcoin and crypto.

Bitcoin’s historical halving that’s expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

MORE FROM FORBESWarren Buffett Revealed To Be Quietly Making Bank From Bitcoin And Crypto Amid Price SwingsBy Billy Bambrough

predicted crypto will “transcend” the U.S. dollar in a “revolution” that could blow up the bitcoin price as well as other cryptocurrencies such as ethereum and XRP.

getty

On Friday, Reuters reported the U.S. Securities and Exchange Commission (SEC) will not appeal a recent court ruling that found it was wrong to reject an application from crypto asset manager Grayscale to create a spot bitcoin exchange-traded fund (ETF), citing an anonymous source.

In August, a U.S. court ruled the SEC was wrong to reject Grayscale’s proposed bitcoin ETF, finding the SEC’s argument that the bitcoin market can be manipulated is flawed because the agency has previously approved bitcoin futures-based ETFs with fraud prevention measures.

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

“This lack of appeal from the SEC is undoubtedly a key moment for the crypto industry, and given the pressure the SEC has faced from the courts and the U.S. House financial services committee, it is a question of when, not if, this approval gets the green light,” Philippe Bekhazi, the chief executive of crypto market maker XBTO, said in emailed comments.

[crypto-donation-box]

Alongside Greyscale, asset managers that look after a combined $17.7 trillion on behalf of clients such as BlackRock, Fidelity and Invesco have filed for spot bitcoin ETFs, with the SEC facing a deadline of early next year to approve or deny them.

“When this happens, it will open up new possibilities for a number of sovereign, pension funds, IRAs and 401k as well as other institutions who, before this point, may not have had access to digital asset investment opportunities,” Bekhazi said.

“It’s quite possible we will see this approval come through in the first quarter of next year, once the regulator completes their full assessment. From there, it’s likely we’ll see a number of other applications get approved in 2024, which will be a positive step forward for the institutional adoption of crypto.”

MORE FROM FORBESBuy ‘Gold And Bitcoin’: ‘Cataclysmic’ U.S. Dollar Crisis Triggers Serious Recession Warning That Could Cause Ethereum, XRP And Crypto Price ChaosBy Billy Bambrough

years, boosting the price of ethereum, XRP and other cryptocurrencies.

Forbes Digital Assets

Earlier this year, BlackRock’s legendary chief executive Larry Fink, who shocked the world when he announced a surprise crypto flip, said he expects bitcoin and crypto to “transcend” traditional currencies, including the U.S. dollar, and “revolutionize finance.”

“Importantly, because it’s so international, [crypto is] going to transcend any one currency in currency valuation,” Fink said.

Earlier, he said bitcoin and crypto could “revolutionize finance” in a dramatic reversal from his previous position of bitcoin being nothing more than an “index of money laundering,” told CNBC.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.