📈 Bitcoin Price
🌡️ 21Towers Temperature
21Towers Bitcoin Temperature drops to 2.05, near the Extreme Fear zone. We are Greedy when the market is in Fear. To see how we calculate and past trends, click here.
- 🥊 GrayScale wins against the SEC over Bitcoin ETF
- 🏁 Mark Yusko predicts that BlackRock's Spot Bitcoin ETF is going to get approved soon
- 💸 He predicts bitcoin price to shoot up on ETF approval
- 🇺🇸 3 US Presidential candidates openly support Bitcoin
🥊 GrayScale wins against the SEC over Bitcoin ETF
GrayScale Bitcoin Trust (GBTC), which holds more than 600,000 bitcoin, valued at around $16 billion won against the SEC over its refusal to approve its conversion to a spot Bitcoin ETF. On the news, the price of bitcoin shot up by almost 10% post the ruling.
But the SEC delayed its decision on GrayScale as well as the other spot Bitcoin ETF applications by 45 days to October. Bitcoin's price immediately dropped back to $25-26k levels.
Still the market predicts a 75% chance of approval, up from 65% and 95% chance of approval by 2024.
🏁 Mark Yusko predicts that BlackRock's Spot Bitcoin ETF is going to get approved soon
In a recent podcast, Mark Yusko, managing director of Morgan Creek Capital Management said that he is sure that BlackRock’s Bitcoin Spot ETF will get approved in SEC’s second review coming up in October. BlackRock’s record of ETFs approved by the SEC is 575 approved and only 1 rejected.
Morgan Creek Capital Management is an investment management firm that advises pension funds and endowments. BlackRock is the world's largest asset manager, with US$8.59 trillion of assets under management.
💸 Mark Yusko predicts bitcoin price to shoot up on ETF approval
In the same video, Mark explains why bitcoin's price will shoot up on the approval of a spot Bitcoin ETF. Some of the points made by him are that:
- Most of the bitcoin purchased are in cold storage by long term investors and there is a very small quantity which is freely floating.
- $30 trillion is available with financial institutions for investments.
- On the approval of a spot ETF, if 0.1% of this, that is $30 billion flows into spot Bitcoin ETFs, bitcoin's price will shoot by 3x.
- If 1% that is $300 billion flows into Bitcoin ETFs, the impact on the price will be parabolic.
🇺🇸 3 US Presidential candidates openly support Bitcoin
Robert Kennedy Jr., Vivek Ramaswamy and Ron DeSantis openly support bitcoin.
Robert Kennedy Jr. was the first of the three to announce that he would enact policies to protect the Bitcoin industry in America, should he be elected president.
All three candidates have argued that Biden’s plan to tax bitcoin mining is wrong, with Ramaswamy calling it “wrong and unfair and it is not an appropriate use of federal power.”
DeSantis has perhaps the best track record of supporting the use of decentralized digital assets, whilst opposing the development of CBDCs whilst governor of Florida.
Sign up for the next cohort of our online Bitcoin workshop starting in mid-September. It’s free, by application only.
✒️ Famous Quotes
In 1999, Professor Milton Friedman, a Nobel Prize winner in economics stated:
“I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.”
Nine years later, Bitcoin was born.
DISCLAIMER: None of this is financial advice. This email is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.