SEC Chairman: Bitcoin Competes With The American Banking System

Adebayo Adeniran
3 min readDec 2, 2021

A long overdue admission of the worst kept secret about Bitcoin.

Bermix Studio via Unsplash

The Chairman of the Securities exchange commission, Gary Gensler made an extraordinary admission about bitcoin on Wednesday.

The comments which I have reproduced below, sums up the thinking of the financial establishment.

We layered over our digital money system about 40 years ago with money laundering and various sanctions and regimes around the globe; we layered that over a digital currency system called our banking system. In 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It’s not surprising that there’s some competition that you and I don’t support but that’s trying to undermine that worldwide consensus.

What does this tell us about the global financial system?

The lack of regulation from the likes of SEC and CFTC has allowed the finance establishment(investment banks) to run free and debauch not only the dollar but also the entire system. The consequence here is that everyday citizens had no idea of how much of a mess the global financial system was until bitcoin came on to the scene.

In my previous article embedded below, I explained the degree to which the American dollar has been inflated by detailing its extraordinary debt profile and also provided very strong historical perspective by shedding some light on the gold standard.

In another article which was recently posted, I captured the growing irrelevance of cash in today’s world dominated by online transaction and one that’s threatening to completely eradicate the shadow economy.

Adebayo Adeniran

A lifelong bibliophile, who seeks to unleash his energy on as many subjects as possible