John Reed Stark, a former employee of the Securities and Exchange Commission (SEC) and longtime crypto critic, has taken to X to hammer Bitcoin just as expectations that the SEC will approve Bitcoin ETFs later this month.
Stark has been vocal for years now regarding his opinion that all crypto is pretty much worthless unless you are a criminal. Stark shares his thoughts on crypto:
“There’s no inherent value. There’s no cash flow. There’s no yield. There’s no employees. There’s no management. There’s no balance sheet. There’s no product. There’s no service. There’s no history of operations. There’s no analytical valuations. There’s no earnings reports. There’s no proven track record of adoption or reliance. There’s no data of any kind except for analytics relating to crypto speculation, which are inherently suspect.”
Stark continues by highlighting the two biggest beneficiaries of crypto: grifters and criminals.
“…amid a horrifically corrupt and criminal global crypto-marketplace and a crypto-ecosystem formulated into a toxic speculative cocktail of mathematical computational blather, affinity fraud and the “Greater Fool Theory,” the SEC will reportedly approve the offering and inception of a Bitcoin Spot-ETF. What a crock.”
Stark, never to mince words, describes a Bitcoin ETF as a “Fee Suck” and a “Ponzi Scheme.”
Stark’s soliloquy on X did receive a Community Note with commentators adding:
“Bitcoin’s price is established by trading activity where bids and offers are made globally. Although the broader crypto space has seen fraud, Bitcoin’s core cryptographic foundation ensures substantial security and transparency for transactions.”