In a recent Twitter outburst, prominent Bitcoin maximalist Max Keiser expressed his indifference towards the Securities and Exchange Commission’s (SEC) stance on Bitcoin exchange-traded funds (ETFs). Keiser boldly claimed that Bitcoin was untouchable and urged SEC Chairman Gary Gensler to focus on eliminating what he referred to as “shitcoins,” including Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), NFTs, and many others. This controversial statement has sparked a heated debate within the cryptocurrency community.
Keiser’s call to terminate “shitcoins” with extreme prejudice comes amidst the growing dominance of Bitcoin, particularly in countries like El Salvador, where it has been recognized as legal tender. He emphasized that Bitcoin’s rising popularity and global acceptance render ETFs unnecessary for its success. Keiser’s tweet stated, “We don’t care Gary, we don’t need a #Bitcoin ETF, and BTC is untouchable, but keep going after shitcoins like ETH, XRP, ADA, BNB, NFTs, and 20,000 others. Terminate with extreme prejudice. Leave no shitcoin alive, Gary. #GoGetemGary” [1].
However, not everyone agrees with Keiser’s views. Blake Martin, a crypto enthusiast based in the United States, criticized Keiser for his inconsistent values. Martin argued that Keiser should either fully embrace libertarian principles or refrain from selectively espousing them. In response, Keiser dismissively told Martin to “Read the White Paper,” emphasizing the importance of understanding Bitcoin’s foundational document to comprehend its vision and principles.
Undeterred, Martin countered that he had indeed read the White Paper and had been actively involved in the crypto space since 2013. He went on to declare SEC Chairman Gary Gensler as an enemy of freedom and questioned the very existence of the SEC. Martin firmly believes that individuals should have the right to invest in what Keiser labels as “shitcoin scams,” and he warned that Gensler’s regulatory scrutiny could extend to Bitcoin itself [1][3].
While Keiser’s statements have stirred controversy within the cryptocurrency community, they also caught the attention of an XRP enthusiast who challenged him to a bet. The enthusiast predicts a favorable ruling for XRP and proposed that a settlement or regulatory clarity will emerge within the next two years, considering XRP as a bridge asset or payment currency. This challenge adds another layer to the ongoing debate surrounding the regulatory landscape of cryptocurrencies and their potential future [1][3].
The clash between Bitcoin maximalists and supporters of alternative cryptocurrencies like XRP and ADA continues to highlight the divergent perspectives within the crypto space. While Keiser remains staunch in his belief that Bitcoin’s dominance makes ETFs unnecessary, critics argue for a more inclusive approach to cryptocurrency regulation that respects individual investment choices. As the SEC and other regulatory bodies navigate the evolving landscape of digital assets, the outcome of this debate will undoubtedly shape the future of cryptocurrencies and their acceptance in mainstream finance [1][3].
Conclusion
The Bitcoin maximalist community, led by Max Keiser, asserts that Bitcoin’s dominance renders ETFs unnecessary, urging regulatory bodies to focus on eliminating what they deem as “shitcoins.” However, critics argue for a more inclusive approach to cryptocurrency regulation, emphasizing individual investment choices. As the debate rages on, it remains to be seen how regulatory actions will shape the future of both Bitcoin and alternative cryptocurrencies like XRP and ADA.
References
[1] Bitcoin Maxi: ‘We Don’t Need BTC ETFs,’ SEC Focus on Eliminating XRP, ADA
