However, i see this as part of a larger series of enforcement actions against leveraged trading exchanges such as bitmex, which occurred just a few weeks ago, and the net result of this, i believe, based on the information i've collected as well as just my intuition, will lead Us to a bitcoin etf, you see, bitcoin is a global market, and in order for the market to be cleansed of price manipulation, there needs to be players taken off the board across all jurisdictions. America went first with bit max and now china is following up with. Ok x, one of the largest, if not the largest exchange by volume for futures and derivatives trading in the world, we're going to be unpacking. This news and i'm going to be showing you why this is an incredibly bullish time overall for cryptocurrencies, as we stare down the barrel of one of the biggest stimulus packages ever passed in the history of our nation, there are so many reasons to be bullish. Right now and i'm gon na be laying out the cookie crumbs as to why. I believe this is the calm before one of the biggest bull periods in crypto history and if you guys are excited for this episode. Do me a favor and absolutely destroy that. Like button because today's episode is going to be packed with value, also remember each and every comment on this video is entered to win your very own ledger nano s with that said, let's dive in so the news came yesterday that ok x had disabled withdrawals and This is essentially because one of the critical pieces for them authenticating those withdrawals, a person – was under police investigation.
The founder star zoo – and this is by no means a small piece of news, so what's really concerning to me – is essentially them trying to distance themselves from star zoo, who has been an integral piece of ok x, since it began literally years and years ago. Ok x came way before binance. In fact, binance's chiang ping xiao worked at ok, x and that's, where he cut his teeth and got ready to launch one of crypto's most influential projects in history, it's important to realize how far back ok x goes just like bit max these guys pioneered the exchange Landscape and for that reason they have an incredible amount of influence spanning from futures purported price manipulations, printing of stable coins. There are a lot of different ways that these exchanges have been accused of and many believe that they are manipulating the bitcoin price. For that reason, seeing a crackdown come to first bit max and now star zoo is actually not surprising, as we see the field being truly cleared out, in my opinion, for a bitcoin etf. This is what's really concerning to me. Is that when approach for comment on zoo's participation in a police inquiry, ok x told cointelegraph that the exchange is no longer affiliated with ok group ok x, not affiliated with ok group, interesting, remember, disabling withdrawals is pretty much the most extreme and worst thing you could Do as a crypto exchange, it is the one thing that will rock the customers: confidence in you to have safe access to their funds.
Obviously, if their funds were just gone, that would be the worst worst, but disabling withdrawals has historically been the first step on the way to essentially delivering the bad news that customers can no longer access their funds. This seems purely the product of a critical member of their infrastructure being under police investigation. This distancing themselves from ok group when their project is called ok x, is literally one of the weirdest and most transparent things. Obviously, they're not distanced from this group they're saying that they're not able to disclose the ongoing nature of the investigation, but would like to assure all okx users that their funds are safu and that all other functions of ok x are unaffected. Yes, we get it, but we want to know. Can we get our money out of the exchange? Not? Is it safe there? I personally obviously don't trade on ok x. I think it's mostly got a chinese community there. I actually don't know the demographics, but i know that as far as futures are concerned, they are one of the biggest in the business. Obviously i tweeted this essentially saying hey guys. What do you think is next here, because i personally am of the belief that these two events are related, especially when viewed in the context of this article, where the uk recently said they were flat out banning all futures trading for retail. Remember: they're, not banning it! For institutional, just retail, right and so now, you're seeing a true cleansing here from the uk from the united states now we're seeing chinese authorities, we don't have confirmation of exactly the nature of this investigation.
But to me the cookie crumbs are obvious and yes we're, seeing a huge drop of three percent really remember: three percent drop on bitcoin is lightweight baby weight, stuff we've been through 80 plus drops here. This is nothing to us. However, this is some fud where i believe is forming an incredibly opportunistic moment for crypto again, i love this image because it highlights the incredible emotional nature of markets. The emotional nature of markets is what prevents you from jumping in to what is actually the best time to buy good assets. It also forces you to buy them at the worst times as well. You don't want to buy when it's low. You have the sus eyes when it's low, you want to throw your money at it, like it's, going out of style as soon as it's busting to all time highs. This is the wrong mentality, however, it's just a product of our emotional nature as humans when things are going down, they look too weak and, like they'll, never come back it's about flipping. That mindset and understanding that bitcoin has never not come back. Of course, as we know no matter which way the cookie crumbles in this election, we will be getting another dose of significant stimulus to the us economy and with those circumstances, i believe that there will be another healthy dose of bullishness here in crypto, mixed with the On chain metrics public companies accumulating bitcoin like square micro strategy, stone ridge.
The list is starting to grow and it's going to become a race to who is the last to use bitcoin as a hedge. I personally believe that these public companies coming in the desire for a bitcoin etf cleansing the market of these crypto futures exchanges, which are known for price manipulation or at least suspected deeply of having significant effects on price manipulation. Creating the bart patterns, the crazy, long and short squeezes that we've come to know and pretty much hate here in crypto. Those could largely be mitigated without players like bit max, ok, x and well insert the blank on who's going to be next in this enforcement action. It'S not about vague fud. Here i see a pattern and i also like i told you guys, was going to set up my own futures exchange and was told by some big shot lawyers. Not to do that, because there was a high likelihood that they would be cracking down on these types of businesses, so i steered clear of it and that decision has now been confirmed as one of the best ones. I think i've made in recent time, because i believe that those businesses will soon be cleared out and the only way to trade, bitcoin futures will be on regulated exchanges like cboe cme and maybe even an etf on a traditional stock exchange. While those products may be available to retail, we know for sure that they'll be available to institutional players, so make no mistake.
Futures in crypto are going nowhere, but the retail frenzy that we've seen that has led to tremendous amounts of influence and potential price manipulation by these big exchanges. Well, that is something that is going to be aged out, and for that reason i see all of this. As incredibly bullish and steps on the way to a bitcoin etf, and if you want to know whether a bitcoin etf would truly lift the price well, all we need to do is look at a 2018 interview with arthur hayes, the famous founder of bitmex, who said Bitcoin will reach 50 000 by the end of the year, and this was of course him believing that we're one positive regulatory decision away, maybe an etf approved by the sec to climb through 20 000 and even to 50 000 by the end of the year. So if you think arthur hayes knows a thing or two about the bitcoin price, all you need to do is understand that his words were the ones that said a bitcoin etf could lift us to 50 000.. So if you think that clearing these guys out in exchange for a bitcoin etf is a bad trade, i beg to differ, and all you need to do is take the words of arthur hayes himself in this interview with cnbc from 2018 as evidence to that effect. So while it's always scary to see big enforcement actions, i believe that there's a pattern of these enforcement actions that, on the whole, are leading to a cleaner, more transparent, a more regulated and hopefully, more prosperous, crypto environment for all i'm.
A firm believer that the altcoin renaissance that we've experienced over the last few months will continue with another bullish leg up, and i believe that a bitcoin etf could bring enough liquidity and wealth, essentially into the crypto ecosystem, to slingshot. These tokens to incredible and brave new highs, these regulatory bodies have moved very slow because they're trying to truly understand what the levers are, that can control and manipulate the bitcoin price. What the actual actors are that they need to essentially wipe off the board in order for them to feel comfortable, bringing these assets to the mainstream and with, of course, the reminder that arthur hayes himself had claimed that a 50k btc was well within range with the Sec approving a bitcoin etf on the back of the decision of stone ridge square micro strategy, all loading up on their bitcoin. If, after these enforcement actions, the sec passes a bitcoin etf, rule change and you already have square microstrategy and stone ridge in the boat. Well, we can imagine that many, many more institutional players would be able to easily dip their toe into the bitcoin waters, and that would be incredibly bullish for the price could easily send us to new all time highs and beyond. The institutional money is coming. Meme might actually be coming true, but it's coming with mixed messages as we've seen with these enforcement actions. So should you be scared, should you be worried about which direction the market is going? Well always, however, i believe that right now is going to be an interesting fun storm that may lead to lower prices and better entries into amazing projects bitcoin as well as altcoins that will absolutely rock it once the regulatory climate is ripe for them to start introducing Products like a bitcoin etf but i'm curious.
What do you guys think? Do you think that these enforcement actions do you think that what's going on with ok x is related to what's going on with bitmex? Do you think that i'm on the right track here and that this is all part of a narrative leading to a bitcoin etf, or is this just rampant speculation, and the issues going on with bitmex and ok x are completely unrelated? Of course, i'm always curious. What you guys think, if you got some value out of this episode, if it enriched your understanding of what's, going on with this exchange landscape, then give me a thumbs up and, of course, remember that each and every comment on this video is entered to win a Free ledger: nano s, of course, if you guys are not already following me on twitter or telegram, i encourage you guys to follow me there. I think you guys will really enjoy the content over there it's totally different than what i'm doing here on youtube. Of course, if you guys, aren't, already subscribed i'm doing daily cryptocurrency content covering the most undervalued cryptos in the space, the opportunities that will allow you to multiply your stacks, and if that is of interest to you, i encourage you guys to subscribe and make sure you Put that bell notification on with all selected, so when i put out videos covering undervalued, alts or different opportunities that i'm seeing in this space, you can be of the first to know about it anyway.