Bitcoin's judgment day | Twitter founder: I told you to focus on Bitcoin and ETH, Musk is just causing chaos

Recently, cryptocurrency exchanges operating in the United States such as Binance, Coinbase, and Gemini have been sued by the SEC. Not only are Virtual Asset Service Providers (VASPs) facing regulatory pressure for providing intermediary services, but multiple cryptocurrencies are also being accused of being unregistered securities. However, Jack Dorsey, a staunch Bitcoin believer and the founder of Twitter, has become a spectator at this time, telling everyone not to be distracted. Tesla's founder, Elon Musk, also chimed in. Jack Dorsey and Musk have never been fans of the Web3 concept and have even had public disputes with communities like a16z.

Coinbase in Trouble, Stirred up by Current and Former Twitter CEOs

Coinbase is sued by the SEC for being an unregistered securities exchange platform, with multiple digital assets deemed as securities, and its margin lending products considered illegal. Coinbase stock COIN plummeted as a result:

Twitter founder Jack Dorsey retweeted a post from Coinbase founder Brian Armstrong from 2015, where Armstrong focused solely on Bitcoin at that time, dismissing other cryptocurrencies as distractions.

Brian Armstrong stated, "Ripple XRP, Stellar XLM, and other non-Bitcoin cryptocurrencies are distractions. Bitcoin is leading the way. We should focus on Bitcoin and its sidechains."

The Research VP of U.S. mining company Riot commented that Coinbase should quickly refocus on Bitcoin.

Tesla founder Elon Musk also chimed in, saying, "Long live Dogecoin."

Twitter Founder: ETH is a Security

The most classic comment comes from Jack Dorsey regarding ETH.

When asked if he thinks ETH is a security, he replied, "Yes."

Even when faced with opposition, he challenged, "Do you think ETH is not a security? Show me the proof."

Will Venture Capital Flow Back to Bitcoin? Twitter Founder: No, it's AI

Some Bitcoin supporters find it amusing to see those who invested in "junk coins" and so-called "venture capitalists" trying to win back favor with Bitcoin.

However, Jack Dorsey was honest in stating, "In my view, they all went to AI themes."

Twitter Founder: Only Three Technologies Truly Resist Censorship

Jack Dorsey said, "Currently, on a large scale, only three technologies truly resist censorship: Tor, Bitcoin, and Nostr. These technologies are still niche, indicating that most people in the world are not concerned about censorship issues. Of course, these technologies are currently not easy to use or obtain. But... they will change!"

Some argued that he overlooked Ethereum when discussing censorship-resistant technologies. Jack Dorsey insisted:

"No, I didn't."

Only Bitcoin is a Commodity, No Luck for Other Coins

From the SEC's perspective, almost all cryptocurrencies are securities. In the U.S., Bitcoin is the only digital asset considered a commodity.

With the SEC's recent enforcement actions, ETH is likely to be considered a security under the same standards. Therefore, many Bitcoin believers mock other cryptocurrencies. SEC Chairman Gary Gensler's enforcement actions may indirectly drive focus back to Bitcoin for Bitcoin supporters.

Beeple's Artwork: Gensler is a Bitcoin Illuminati Member

Digital creator Beeple portrays Gary Gensler as if he were a member of the Bitcoin Illuminati, someone who has faith in Bitcoin and quietly promotes it.