@theswansjr I feel your energy was wasted on this one. They clearly have made zero effort to understand. I do find it amusing when people spend their most finite resource, time, trying to cancel things they know nothing about. Why not spend that time asking some questions?
Your lead is false and your "opinion" is built on misinformation. You’re trading integrity for clicks by attacking @Matt_Hougan, @dgt10011, and @Bitwise. Retract the mistake or admit you’re just here for the rage bait.
Bitwise pays Jane Street to keep its Bitcoin ETF running, and this week at least two Bitwise insiders went on the record defending Jane Street without disclosing that relationship.
Matt Hougan is Bitwise’s Chief Investment Officer. Jeff Park is Head of Alpha Strategies at Bitwise and CIO at ProCap.
Both spent this week publicly dismissing allegations about Jane Street’s trading behavior. Hougan called it a conspiracy theory, lumping it in with past accusations against Binance and Wintermute. Park framed it as a misunderstanding of ETF mechanics, arguing no single firm could suppress Bitcoin’s price.
What neither of them told you is that Jane Street Capital, LLC is a registered Authorized Participant for Bitwise’s BITB Bitcoin ETF. That’s in the prospectus. Jane Street creates and redeems BITB shares. It provides the liquidity infrastructure that makes the product functional.
If Jane Street’s AP relationship with BITB were questioned, investigated, or suspended, it would directly impact the fund that generates Bitwise’s management fees.
Some reporters did identify Park as a Bitwise adviser in their coverage but not one article connected the obvious next dot: that the firm Park and Hougan were defending is a contractual counterparty to their own fund.
That’s the disclosure that mattered, and it never appeared.
These guys aren’t neutral market structure experts offering disinterested analysis like they’re pretending , they’re execs at a company whose Bitcoin ETF depends on Jane Street to operate.
Every public statement they made this week defending Jane Street’s trading activity was also a defense of their own fund’s infrastructure, their own revenue, and their own product.
The 83-page federal complaint filed against Jane Street in the Southern District of New York alleges insider trading, securities fraud, market manipulation, and unjust enrichment.
Whether the 10am pattern is real or not (the data clearly proves it is) is a separate question.
But when the people telling you it’s fake are the same people whose ETF runs on the accused firm’s plumbing, you should know that before you take their word for it.
Try rolling over a 401k. It took weeks: multiple phone calls, Roth had to handled separately, a visit to a UPS and the USPS to handle a paper check. The whole time I was aware that a mistake could cost thousands in taxes and penalties. Bring on the software!
We're 25% of the way through the 21st century.
Software is eating the world. But financial services has been a hold out —
It's time to update the system.
Bitcoin isn't real! It's not physical!
Yeah? Neither is the number seven, but I bet you'd notice if your bank balance dropped by seven figures.
Let me break the spell for you: money has never been "real."
Money is a collective hallucination—a social construct we all agree to pretend exists so we don't have to barter chickens for dental work.
Gold wasn't money because it fell from heaven with "LEGAL TENDER" stamped on it.
We picked gold because it was the least-bad physical object that checked the boxes:
- Scarce
- Durable
- Divisible
- Portable
- Verifiable
It was the analog solution to our shared idea.
But here's the thing about analog: it's slow, heavy, and requires armed guards.
And here's the thing about humans: we engineer better tools.
We went from abacus to iPhone. From carrier pigeons to satellites.
From gold bars locked in vaults to Bitcoin—verified by thermodynamics, secured by energy, and transmitted at the speed of light.
Bitcoin is the digital versioin of money. Just like X is the digital version of town hall.
Gold was the best we could do for many centuries.
Bitcoin is what we can do now that we have cryptography, distributed consensus, and proof-of-work anchored in physics.
Your grandpa trusted gold because he could hold it.
You trust Bitcoin because you can verify it.
One required faith in a metal. The other requires faith in math.
Guess which one has never been debased, diluted, or confiscated by executive order?
The concept of money is a human mental construct.
Always has been. Always will be.
The only question is: do you want your construct built on scarcity enforced by governments—or scarcity enforced by code?
Gold was monetary technology for the industrial age. Bitcoin is monetary technology for the information age.
Welcome to the upgrade.