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Bitcoin Is Akin To Gold, But Gensler Steers Clear
Gary Gensler, former head of the US SEC, has revealed that he does not own any Bitcoins, months after handing over the reins of the securities regulator. Gensler revealed his stance in a CNBC interview, noting that he has never held any BTC or other cryptocurrencies despite their growing mainstream acceptance.
While Gensler did not give a clear-cut reason for his hard stance against Bitcoin ownership, the former SEC Chair referred to the premier cryptocurrency as a “highly speculative” and “volatile asset.” Typically, SEC Chairs are strongly discouraged from owning Bitcoin over conflict-of-interest concerns, but Gensler downplayed speculations of owning BTC in the near future.
However, Gensler underscored Bitcoin’s rising popularity, noting that several retail and institutional investors are trading the cryptocurrency. The former SEC Chair equated Bitcoin’s rise in popularity to gold, hinting that the cryptocurrency can achieve the same mainstream status as the precious metal.
“Bitcoin is a highly speculative, volatile asset, but 7 billion people want to trade it,” said Gensler. “Just like we had gold for 10,000 years, we have Bitcoin.”
 
Despite poking holes in the asset’s volatility, the ex-SEC Chair noted that Bitcoin is heads and shoulders above other cryptocurrencies. He added that other altcoins must demonstrate real-world utility and sound fundamentals to remain relevant in the long run.
“These other thousands of projects need to show their use case and show that they actually have fundamentals underlying that, or they won’t persist,” added Gensler.
Back in September, Gensler opined that, aside from BTC, most cryptocurrencies are not tied to any fundamentals and are largely driven by hype. Prior to his assuming office as SEC Chair in 2021, Gensler taught the “Blockchain and Money” course at the MIT Sloan School of Management, stoking enthusiasm for a crypto-friendly stance.
However, Gensler’s time as the SEC Chair has since drawn fierce criticisms from industry stakeholders over its reliance on regulation by enforcement, marked by lawsuits against key sector players. Yet Gensler says he has no regrets about his handling of the SEC, despite the agency’s changing stance on digital assets under Paul Atkin’s leadership.
