2021W42 - WTF has happened in bitcoin this week?
Bitcoin changes you.
TLDR: Bitcoin Reaches All Time High, Bitcoin Futures ETFs Enter the market. First U.S. Public Managed Pension fund buys bitcoin.
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
Bitcoin price just reached new highs of $66,900 this week just after the first Bitcoin futures ETF started trading in the U.S. Even after a thousand times of hearing that bitcoin is dead, after any strong price correction it has had in its lifetime, at some point people should realize that bitcoin is not going away.
It truly amazes me when the conversation quickly turns into wild guesses saying
“The banks will never allow it..” “U.S. will end up banning it..”
For real? Based on what evidence? The only thing I see is progress being made.
Companies buying bitcoin for their balance sheet
First U.S. Public Managed Pension Fund buying bitcoin.
Countries adopting bitcoin as reserves and legal tender.
And this is how the week started.
1. ProShare’s first Bitcoin futures ETF started trading on Monday under the ticker $BITO and broke ETF record by amassing more than $1 billion in Assets under Management in only 2 days.
2. Valkyrie launches the second Bitcoin futures ETF on Nasdaq Exchange starting trading on Friday under the ticker $BTF, aiming to track the value of Chicago Mercantile Exchange Bitcoin futures.
3. Grayscale, the world's largest cryptocurrency asset manager announced, files to convert the $38 billion Bitcoin Trust (GBTC) to Spot ETF.
4. VanEck will join ProShares and Valkyrie by launching the third ever bitcoin-linked ETF in the United States on Monday 25th of October.
5. Atlas expands its U.S. mining operations in a 100MW deal with Compute North.
6. Riot announces a new immersion-cooled bitcoin mining operation that will increase their miner productivity.
7. Stronghold, the bitcoin miner, shares are expected to begin trading on the Nasdaq today under the ticker symbol “SDIG” starting at $19 per share.
7. Chainalysis, the surveillance firm that works against the Bitcoin ethos purchased an undisclosed amount of bitcoin through NYDIG.
8. Walmart, the retail giant, has started a pilot program to offer shoppers the ability to buy bitcoin at Coinstar kiosks in its stores by deploying 200 bitcoin ATMs.
9. The Houston Firefighters Relief and Retirement Fund acquired an undisclosed amount of bitcoin through services provider NYDIG. The fund spent a total amount of $25 million, purchasing bitcoin and another cryptocurrency at an unknown ratio.
10. Billionaire hedge-fund Manager Paul Tudor Jones said Wednesday on CNBC’s Squawk Box that he now prefers Bitcoin over gold as a hedge against inflation.
11. NBA agreed to a sponsorship deal with Coinbase, who will get WNBA, NBA G League and USA Basketball branding.
12. Russian Oil & Gas companies propose to mine bitcoin and cryptocurrencies at their oil fields.
FUNDAMENTALS
“Bitcoin has fully recovered from a >50% drawdown for only the 5th time in history.
If bitcoin returns half of what it returned the last time this happened, bitcoin will hit $125,000.
If it returns half of what it has returned on average, bitcoin will hit $300,000”
Yassine Elmandjra
Would you risk not owning some with such a clear trend?
As a summary note..
Bitcoin changes you. It truly lowers your time preference, once you start to see the good outcomes and the appreciation of your investments due to following the simple rule of delaying gratification for a prosperous future. It is hard to go back to spending sprees or a consumerist lifestyle.
Personally I feel blessed to hear the personal stories from two friends and now fellow bitcoiners, on how they’ve changed their preferences. Before bitcoin, they had goals of saving up for buying a Tesla and a Rolex, respectively..
Today, they could buy them if they wanted, but what was their response when asked about it?
- “Nah maybe I don’t need it”
- “Mmm, maybe I wait a little longer”
But will you continue stacking?
- “Of course, always..”
Again, bitcoin changes you.
Have a great weekend niblings.
Stay humble & stack sats.
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