[CryptoButthead.com , msc , tlei, January 12, 2024] Ash and Booker here, still navigatin’ through the second week of 2024, and let us tell ya, it’s been as wild as a buckin’ bronco, just like good ol’ 2023.
First off, we gotta talk ’bout some hacker hijinks. Some rascals posted in the name of the SEC on X (that’s Twitter for y’all who ain’t keepin’ up) claimin’ them Bitcoin ETFs were approved. Quick as a hiccup, the SEC hollers back, “No siree, that wasn’t us!” Then, lo and behold, a day later, the SEC themselves go ahead and approve eleven Bitcoin ETFs. And Gary Gensler says somethin’ like, “Yeah, we approved the ETFs, but that don’t mean we’re sweet on the idea of Bitcoin.” Can you believe it? Talk about cheap theatrics!
Now, here’s the kicker that really shows the state of affairs for the current style of investing in the good ol’ US of A. Them Bitcoin ETFs start tradin’, Bitcoin’s price shoots up, and Blackrock’s Bitcoin ETF IBIT was sittin’ pretty with a 25% rise in pre-trading. But then, wham! A sudden spike in US consumer prices throws a wet blanket on hopes for interest rate cuts. Inflation’s up to 3.4% in December, and everything that was in the green goes tumblin’ down to red.
Folks, it’s high time to quit this war politickin’, get back to good ol’ diplomacy, and steer clear of that weird WEF agenda from Klaus Schwab’s puppet show. It ain’t doin’ no good for investin’, peace, or the people.
The more we see, the more we’re convinced Bitcoin’s the answer to a heap of problems. So, we keep on jumpin’ on the Bitcoin bandwagon this year. We’d consider Ethereum too, but we’re already sittin’ pretty with ETH. Looks like we keep on beefin’ up our Bitcoin stash from here.
The SEC, posted on X a tweet basically warnin’ folks not to FOMO into Bitcoin. But let’s bring our gal Cathie Wood into the mix: Cathie says, “Bitcoin at $600,000 by 2030 is my base case, and the bull case is $1.5MM.” Cathie, we just love your spirit!
On the first tradin’ day of the US Bitcoin ETF, over $2.2 billion US dollars flowed into Bitcoin, with BlackRock’s new spot bitcoin ETF toppin’ $1 billion. That’s somethin’ to holler about!
But then, American investors let Coinbase, Microstrategy, and even stocks like Tesla slide into the red. Nearly every applicant for a spot bitcoin ETF plans to use Coinbase as its custodian. Cathie Wood chimes in again, sayin’ her base case for Bitcoin is ’round $600,000, and the bull case is closer to $1.5 million in the next 10 years. She reckons the biggest risk was regulators scaring off innovation from American shores.
So, we’re in agreement: Bitcoin ain’t just a risk-on asset; it’s a risk-off asset too. It don’t even make sense to trade Bitcoin instead of HODLing it.
Bitcoin’s hoverin’ around US$46,168 and Ethereum at US$2,599. There’s plenty of room to grow, but with inflation headwinds, it ain’t gonna be no walk in the park pushin’ them prices higher. Elizabeth Warren’s givin’ the SEC a hard time over lettin’ spot bitcoin ETFs slide, sayin’ crypto needs to follow anti-money laundering rules. That woman sure has a peculiar take on reality. JPMorgan’s predictin’ spot bitcoin ETFs could see up to $36 billion in inflows.
Vitalik Buterin’s all for raisin’ Ethereum’s gas limit by 33% to boost network capacity. We gotta stay patient, friends.
It’s a long road ahead, but we’re stickin’ to what we do best in these situations… Cheers!
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