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Monday, March 27, 2017

Where Do You Stand on the Yin & Yang of Different Bitcoin Ideologies?

Where Do You Stand on the Yin & Yang of Different Bitcoin Ideologies?

Over the past few months, bitcoin’s price has been on a tear. During this time people have speculated part of the reason the price spiked was due to the March Securities and Exchange Commission (SEC) decision. The psychology of this matter ran deep as people wondered if bitcoin would be accepted by mainstream investors.

While people waited for the decision, many people got excited and hoped the SEC would approve the ETF. Throughout forums and social media one could see countless posts and articles covering the subject. Many hoped the chance of approval would send bitcoin to the moon. On March 10, the day of the ETF announcement, the subreddit r/bitcoin had over 2500 subscribed readers online simultaneously, who likely were waiting for the decision.

Before the SEC decision day, there were also a few bitcoiners who either didn’t think it was the right time for a bitcoin ETF or didn’t want it at all. Serial entrepreneur Vinny Lingham wrote an opinion piece on why he didn’t think 2017 was the year for a bitcoin ETF. Before the decision, there were many other talking points saying a Bitcoin ETF may be a bad idea. 

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