The price of gold is believed to be manipulated down because of bad accounting whereby gold leased by the central bank is double counted to inflate supply and bring down the price. Since the full ledger of gold is obscured, this allows gold's price to be artificially suppressed by those who control its ledger and who have a vested interest in propping up the value of fiat currency over hard money like gold. However, this cannot occur for Bitcoin without the bad accounting being easily detected due to the fully public and decentralized nature of its ledger. This is why the #SEC has a major problem in approving a Bitcoin spot ETF. There is no easy way to manipulate its price down since Bitcoin's ledger is, by design, not easily controllable. The irony in all of this is that price manipulation is what the SEC has cited as a reason for its hesitancy to approve the ETF. Yet, the opposite is more likely the real reason for its hesitancy: the price of Bitcoin is resistant to downward manipulation against the dollar, which is what the SEC is actually concerned about. If they permit a Bitcoin spot ETF, then it undermines the entire fiat-based #TradFi system.