I love it when no-coiners try to convince me that "crypto is bad," that it's an MLM, it has no future, no practicality, only enriches the rich, yadda, yadda. It's the same old song with every technological progress loop. These are the same folks who fought against the windmills when it came to ICE vehicles, mobile phones, radio, and email.

That's the plebs' mentality for you. We humans, most of us, are very opinionated. Even if we only have a grain of knowledge in our pocket, we engage in laborious conversations on almost anything, even if it's based solely on assumptions. Take, for example, the guy I mentioned in the introduction line.

He claims to know something about "everything" and has an opinion on everything. Yet, he hasn't achieved anything worth mentioning in any particular field. Anyway, the crypto market doesn't care whether I believe BTC will hit $100,000 by the end of next year or if this guy thinks it's heading to hell. The market does its thing, and personally, I believe that in the case of BTC, we are witnessing another bull market rally that will take the dollar valuation of Bitcoin up to around $42k before a new correction.

Exactly two years ago, Bitcoin hit a new ATH of $69,000, and precisely one year after that, it dove down to its ultimate bottom for this cycle, around $15,500 or so. FTX played a significant role in that, and one year after that event, SBF is in jail, and FTX is about to be resurrected along with Circle. FTT experienced a more than decent pump the other day after SEC's Garry Gensler hinted that FTX might be back in business again.

Now that SBF is in jail, let's get back to screwing with other people's money through other types of shady crypto practices.

The crypto world is not a forgiving place. Hacks, rug pulls, pumps, and dumps are common occurrences on various exchanges. However, despite the risks, there's no other avenue I know of where you can accumulate wealth from relatively small investments in such a short time. But are we truly "lucky"? We may not be there yet, but I'm willing to bet that a year from now, when most of our portfolios see a 10X increase, people will call us lucky.

I vehemently oppose such notions because luck has nothing to do with it. I've worked tirelessly for everything in life. During the bear market, I invested almost all my money in crypto, uncertain if the floor would hold, and I have no regrets. With over six years of experience in crypto, I've learned valuable lessons from past mistakes.

So far, Bitcoin has been the champion, outperforming most altcoins in recovering from bear market levels. However, once BTC establishes a new local top, likely between $42,000 and $48,000, I believe altcoins will begin attracting a share of the capital flowing out of Bitcoin.

Given the current stage of the bull market, merely cashing out profits from Bitcoin and holding them in reserve seems nonsensical. This leads me to believe that billions upon billions will soon start pouring into altcoins.

BlackRock Registers Ethereum Trust in Delaware

Continuing its implementation of digital asset services, the $9 trillion asset management firm BlackRock has registered for an Ethereum Trust in Delaware. Indeed, Bloomberg analyst Eric Balchunas confirmed the firm’s iShares Ethereum Trust in a post to X, formerly Twitter.

BlackRock made waves when it announced its filing for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC) earlier this year. Subsequently, BlackRock’s iShare Bitcoin Trust was registered just one week before the landmark ETF filing.
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BlackRock once branded Bitcoin as "bad money," conveniently doing so near the market peak to potentially exacerbate the crash further down the road. Now, as the accumulation phase concludes, they've conveniently shifted to a bullish stance on Bitcoin. What a coincidence. ETH had its own celebration yesterday, enjoying a party of gains while the rest of the market was plummeting, resulting in $440 million in liquidations.

BlackRock confident SEC will approve Spot Bitcoin ETF by January

Fox News reports that BlackRock is confident that the SEC will approve its Spot Bitcoin ETF by January. Fox Business Network’s Charles Gasparino shared the report today. The news comes after the $9 trillion asset management firm registered for an Ethereum Trust in Delaware.

BlackRock has been one of many financial institutions seeking to bring the first Spot Bitcoin ETF to the US. It is one of the most highly publicized pending applications along with Grayscale. The SEC still holds multiple different Bitcoin ETF applications, however, BlackRock is reportedly certain that its application will be clear to move forward by January 2024. Upon approval, it’s not certain what a timeline will look like for the institution’s ETF to take effect.
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The accumulation phase for BTC concluded a few months ago, and a similar scenario is likely for altcoins. ETH is displaying signs of strength against both USD and BTC pairs, and historically, it's either ETH or DOGE that kick-start the altcoin season. If you've been fortunate enough to accumulate crypto throughout 2023, congratulations are in order because you're set to reap the rewards in the coming years.

While my intuition hints that the blow-off top might arrive sooner than late 2025, I wouldn't risk betting the farm on that prediction. Have a fantastic day, and until next time!

Thanks for your attention,
Adrian