"Honest disagreement is often a good sign of progress."
–Mahatma Gandhi
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Happy Saturday Folks! As I type Bitcoin is trading at $63,964 down since yesterday at $65,015 and down from $70,484 last week. Last weeks ago the Fear and Greed Index was at 72 and today it's 66.
MY HOT TAKE
I continue to believe we are in the first inning of this Bitcoin bull cycle. it's imperative to be patient but keep stacking sats with routine purchases as much as possible and helping others understand what Bitcoin is and why it's the best savings technology on the planet. IF they decide to listen or do anything is up to them but they won't be able to say we didn't tell them. Projections for this run continues to be between $200-$300K but let's see how this plays out.
Runes continued to reverberate throughout the news this week. Casey Rodarmor's creation is a gift to miners because after the halving, Runes continued to ignite a furry of activity on the Bitcoin Blockchain. And as I had anticipated, we didn't get much news about miners shutting down post halving but it's only been a week. There was some concern about the Mt. Gox $9B payout but that's always a black cloud over the horizon.
Demand for Bitcoin continues to rise and Monday Hong Kong will being trading their ETFs but some analyst don't think it will be that significant. Unfortunately it appears the demand for the ETFs are cooling at the same time here in the US. But what's coming to light is who was buying the ETFs in the first 70 days and being names are beginning to surface; like BNY Mellon. Of course Morgan Stanley is going to become more active at soliciting customers to get exposure to the Bitcoin ETFs.
Speaking of ETFs, the Fidelity $ETH ETF got delayed once more and I believe they will continue to kick the can down the road; SEC is seeking public comment of BlackRocks's proposal as they have not shifted that to cash redemption model. Many do not believe they will approve one in 2024 so keep your eyes open to 2025 because I strongly believe it will happen; it's just a matter of time.
The arrest of the Samourai Wallet founders shook the Crypto community because many are debating if code is free speech. I believe it is free speech but what the founders were doing wasn't smart. IF you are going to do BAD things, you shouldn't broadcast it out; ideally you don't do bad things. Telling folks you are enabling illegal transactions on your platform is not the way to exercise free speech. Privacy is critical but when privacy is used as a weapon you can expect a fight.
As I wrap up this weeks brief, I continue to appreciate each and everyone that read, watches, and listens with me. This is just the tip of the iceberg of news that happens this week so always keep up daily by visiting my website so you can see what I see and take action because you are definitely ahead of the curve.
I'll be adding news as it flows in over the weekend below, but that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
WEEKEND NEWS
Bitcoin sell-off alert as ETFs take a hit and money outflows as legendary trader issues warning, indicating that Bitcoin's bull run might be on brink of collapse. DTCC rules out collateral for Bitcoin-linked ETFs and this notice means that exchange-traded funds and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets will not be assigned any collateral value.
