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Today we cover a large philosophical topic about the future of value transfer and digital assets. There is no doubting that this space represents a global paradigm shift on a scale that’s really yet to be tested (or developed up too). We have a long way to go, so don’t go throwing around this Mass Adoption word as it’s not realistic at this point. The barriers for entry are high, the technical knowhow is massive, and the complications are frequent. This space is not to be taken lightly, but can it really replace FIAT? When FIAT suffers, as did the Turkish Lira last week, more money gets poured into Bitcoin (BTC). This is a larger issue than media publications make it seem. It’s a topic we frequently gravitate towards on this channel and it’s one that I will continue to revisit, as more retailers and major players take heed to what this space is capable of; we can ideally see this market flourish not only in development, as it has been (even more so with a bear market), but in overall market cap and price action.
So much has gone on in the markets lately. The SEC delayed the CBOE VanEck/SolidX Bitcoin ETF application until September 30th. Prior to that, the SEC denied the Winklevoss’ BAT Exchange’s application for a bitcoin ETF, citing instability and unregulated aspects as well as price manipulation. A SEC Comissioner Hester Pierce publicly disapproved of the rejection citing stalling of innovation and reddit was quick to show their support, announcing her as Crypto Mom. Her twitter has blown up, and it’s largely known now that the media publications took the rejection and ran with it, spinning a possible bitcoin price of 5k once again; the fud was spread and damage was done, causing some weak hands to sell at 8k+ causing bitcoin to drop to 7,900 – then quickly was brought up past 8k solidifying the passing of this rejection and a hopeful resume of bullish activity.
The Takeaway from this is: Winklevoss’ ETF was expected to be denied, CBOE is quite different (retail vs institutional investors) and that no one is certain even the CBOE will get it. Presumably it doesn’t happen this year and we look towards more retail driven rallies.
Could Cryptocurrency be bearish for another 6months? It could. Is that likely? No, but no one knows the future in this emerging space.
Comment below and let me know your thoughts!
Also beware of desperate publications reusing old stories for added FOMO and clicks… Learn to trust certain publications and always double check your information across multiple sources.
Doing your own research has never been more important.
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*** The content seen on this channel is not financial advice, always do your own research (DYOR) and invest wisely. I immerse myself in these markets every day to bring you the relevant news as it happens, and am providing insight that should be considered my opinion! Happy investing everyone!
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