The Bitcoin ETF Approval Tweet from the SEC was a Hack, But the Price was Real

It was a fake tweet!

As it turns out, the SEC has not approved a Bitcoin ETF.


The US Securities and Exchange Commission (SEC) claimed on Tuesday that its apparent approval of Bitcoin-denominated exchange-traded funds (ETF), which sent the value of the cryptocurrency soaring, was the result of a hack.

The original post on X (formerly Twitter) said at around 4:11pm local time “Today the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection,”

It even included a card with a quote by SEC chairman Gary Gensler, saying the approval “enhances market transparency and provides investors with efficient access to digital asset investments within a regulated framework.”

At 4:26pm, however, Gensler himself posted a message saying the SEC account “was compromised, and an unauthorized tweet was posted.” The regulator “has not approved the listing and trading of spot bitcoin exchange-traded products,” he added.

Whoever did the hack made a lot of money, because the price shot up to $48,000 within a few minutes, before dropping back down when it was revealed to have been a fake announcement.

However, it proves the point I have been making: the ETF approval boost Bitcoin is going to get is not “built in already.” This is to say: some analysts have been arguing that the current price already assumes that the ETF will be approved, and in fact, when the ETF is approved (it almost certainly will be), the price is going to shoot up quickly and severely.

Gensler was working with Sam Bankman to approve the ETF and then the collapse of FTX slowed this all down. But we already know that he was ready to make it happen, so it is very likely that it is going to happen. Of course, if it doesn’t happen, there’s going to be a drop.

I don’t give financial advice, so don’t interpret this that way. I’m just saying “the ETF approval is already built in” is a stupid argument. There is so much gibberish that gets spouted in financial spheres. Of course if/when the ETF is approved, the price is going to jump up. That’s very obvious.

There is so much volatility, that short term holding of Bitcoin is really just gambling, so I don’t encourage anyone to engage in that kind of short term attempt to grab cash.

One piece of financial advice I do give, however, with relation to Bitcoin, is that if you are married, you should be squirreling away Bitcoin without your wife’s knowledge. I’m sure you really love your wife, and I’m sure her pussy has such a sweet smell, but the reality is, statistically, she’s going to divorce you at some point and rob you, so keeping some percentage of your money somewhere she won’t be able to get to it is a good idea – even if you have an idyllic marriage.