How Gensler Was Groomed to be a Bitcoin Maxi.
Gary Gensler was brought into the world of cryptocurrency and financial technology by disgraced professor Joi Ito. His work was funded by notorious pedophile Jeffrey Epstein.
Both of Gensler’s mentors had something in common. They were Bitcoin maximalists.
Although they had different motives, they both wanted the same thing; for Bitcoin to dominate the emerging world of virtual currency.
Joi Ito envisioned himself presiding over the new world created by blockchain technology, specifically Bitcoin. He wrote about it weekly in his blog before his despicable connections to child sex trafficking became public and he was forced to temporarily retreat into the shadows.
Ito made it clear that Bitcoin was, in his eyes, the only valid crypto project. He wrote about it often in his blog saying that he could “see why Ripple or Ethereum might be interesting.” But “If you're serious about security and stability -- and you should be -- Bitcoin is almost the only choice with the largest bounty, and largest community, with the most practical modern experience deploying to a broad and active network in the real world."
Ito often referenced this community that surrounded Bitcoin in these blogs, calling its members “artists, scientists and precision engineers.” He believed that “The future of Bitcoin, decentralized ledgers and other Blockchain-like projects depends on this community.”
When Bitcoin needed help, Ito was there to act as a savior. In 2015 when the Bitcoin Foundation, a nonprofit dedicated to the cryptocurrency’s development faced “funding constraints,” Ito welcomed bitcoin core developers Gavin Andresen, Cory Fields, and Wladimir van der Laan in full-time roles in his lab.
He also thought that for Bitcoin to thrive as it could and should, it needed a strong leader.
He saw himself as that leader. Empowered by his position at the helm of the MIT Media Lab and the financial backing of his close friend and patron Jeffrey Epstein, he planned to ascend the ranks of the Bitcoin world… until his shameful actions were revealed, causing these aspirations to come crashing down.
Jeffrey Epstein shared this love of Bitcoin with Ito, which is why he was so willing to funnel millions of dollars into Ito’s work, and into his personal bank account.
As someone who specialized in moving and hiding vast sums of money for international criminals to enable them to participate in, and cover up despicable actions, Epstein saw Bitcoin as “bursting with potential.”
One of the most intriguing aspects of this technology to Epstein,was that it exists apart from any government, or at the time, legal agency. He argued that “[money] has a sovereign guarantee behind it, a governmental promise that the value is secure. But Bitcoin is “backed” by technology, not by a state.”
His interest in easily laundering money for global elites and running his blackmail and prostitution empire led to his multimillion-dollar investments in the man he saw as the future leader of Bitcoin -- Joi Ito.
That is what Epstein did, he identified powerful figures who were in positions of power and wealth and found a way to gain access and take control using his vast network of connections and money.
Gary Gensler has been on the warpath since he started at the SEC. It is clear that he is seeking to expand the agency’s regulatory turf, and his comments on cryptocurrencies make it seem like he is ready to go scorched earth on the entire crypto space to do so. However, there has been one notable exception in his comments about increased regulation, Bitcoin.
The people who had big plans for the rise of the first digital currency brought Gensler into that world, and he is not someone to act outside the interests of his cronies. Although Epstein may be gone, and Ito sitting comfortably in his ivory tower now at Harvard, the ideas, opinions and talking points that they fed Gensler at MIT are still at the forefront of his position on cryptos, and are affecting the actions being taken by the country’s foremost financial regulator.