Wall Street is About to Take Your Bitcoin

They’ve got the whole bitcoin in their hands . . .I know a few people in finance. None of them fear cryptocurrency, even though the technology will make them obsolete.Some plan to get out with what they can before cryptos take over.Most want to hop on the train before it leaves the station. More and more with every passing day.Does that get you excited? All those rich people and big investors bidding up the price of bitcoin. Feeding altseason. Spreading the wealth.After all, this is the first time you have a chance to own a financial asset before “smart money” does. When else will you get a piece of the action before Wall Street does?If you think “institutional investors” will send bitcoin’s price to the moon, you’re probably right. But at what cost?You’re talking about the savviest, best-connected, most deep-pocketed network of professionals on earth.They’re not getting into bitcoin because they care about open, permissionless, borderless, neutral, censorship-resistant money systems. They’re getting into bitcoin to make money for themselves and their clients.You’re simply liquidity. You’re the one who sells when they need to buy, buys when they need to sell, and pushes the value up long enough for them to cash out with a profit.In Bitcoin or Bust: Wall Street’s Entry Into Cryptocurrency, I talk about all the ways they will use their money and power to take cryptocurrency away from you, like they do with every other financial asset.For example, they may tell your government to force everybody to use an “authorized entity” instead of private wallets. That authorized entity would have to meet certain requirements — requirements that only a Wall Street firm could meet. After all, we can’t let bitcoin fall into the hands of criminals and terrorists, right?Can you imagine new laws that force you to…