Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[bernorange 8359]

Cryptos trading lower over the last day or so.  This is likely partly to blame:

Quote

OKX, the fourth-largest cryptocurrency exchange globally by trading volume, has announced the termination of Tether (USDT) trading pairs for users within the European Economic Area (EEA). This move precedes the full enactment of the Markets in Crypto-Assets (MiCA) regulation by the European Union (EU), set to become effective on Dec 30, 2024. MiCA aims to introduce a comprehensive regulatory framework for digital assets, focusing on the restriction of certain stablecoins.
...

https://www.msn.com/en-us/money/markets/okx-discontinues-usdt-trading-pairs-in-eea-ahead-of-eu-crypto-regulation/ar-BB1k6XRg

 

[Cum Rocket 136]

10 hours ago, B00M said:

What a waste of 38 seconds

OK, B00Mer

 

[Cum Rocket 136]

Decent pullback. 15% or so. Pretty typical bull market behavior

 

[Wally Fairway 5541]

Japan government pension fund looking at crypto investing - this could be a sign of a top, if you remember when they bought into US real estate buying large properties in Hawaii and the western US (famously they purchased Pebble Beach, purchase in 1990 by Minuro Isutani, sold in 1992 to Sumitomo Bank sold the the current ownership group in 1999). 
Japanese investment has a history of chasing peak investments, or maybe creating them; not that this will be the case with crypto. But there is a cautionary tale in there. 

https://www.cnbc.com/2024/03/19/japan-pension-fund-explores-bitcoin-as-an-investment.html

[B00M 6414]

23 minutes ago, Cum Rocket said:

OK, B00Mer

 

the joke you shared wasn’t funny. Take the loss pussy

[Cum Rocket 136]

16 minutes ago, Wally Fairway said:

Japan government pension fund looking at crypto investing - this could be a sign of a top, if you remember when they bought into US real estate buying large properties in Hawaii and the western US (famously they purchased Pebble Beach, purchase in 1990 by Minuro Isutani, sold in 1992 to Sumitomo Bank sold the the current ownership group in 1999). 
Japanese investment has a history of chasing peak investments, or maybe creating them; not that this will be the case with crypto. But there is a cautionary tale in there. 

https://www.cnbc.com/2024/03/19/japan-pension-fund-explores-bitcoin-as-an-investment.html

Interesting. Thanks for sharing. 

I don't see how we're at a top. Too much new money coming in. 

One reliable top signal before has been new stadium naming rights being sold to crypto businesses.

3 minutes ago, B00M said:

the joke you shared wasn’t funny. Take the loss pussy

Different strokes.

As you're aware, taking the L can be one of the hardest things to do.

This thread is full of haters that can't do it. Again, to their own detriment.

[Pam Cummings 9639]

Oh no, it topped out at $70k again. But next time it's TOTALLY getting to $100k. Totally.

[Guest]

2 hours ago, Pam Cummings said:

Oh no, it topped out at $70k again. But next time it's TOTALLY getting to $100k. Totally.

Are you trying to spike the football that BTC is only up *checks notes* 136% in the past six months instead of 168%?

Bitcoin could go to zero. Could go to a million. I have no idea. But I do know that gloating that it's had a pullback after a ridiculous run is silly.

[Guest]

3 hours ago, Wally Fairway said:

Japan government pension fund looking at crypto investing - this could be a sign of a top, if you remember when they bought into US real estate buying large properties in Hawaii and the western US (famously they purchased Pebble Beach, purchase in 1990 by Minuro Isutani, sold in 1992 to Sumitomo Bank sold the the current ownership group in 1999). 
Japanese investment has a history of chasing peak investments, or maybe creating them; not that this will be the case with crypto. But there is a cautionary tale in there. 

https://www.cnbc.com/2024/03/19/japan-pension-fund-explores-bitcoin-as-an-investment.html

This is along the lines of my bull case and why I'm interested. I think BTC has reached a tipping point to where it's not going away. Yet we are still very early on any sort of institutional/government adoption. May not happen, but I think it's likely that bigger players like this are more likely to dip a toe in the water.

[Cum Rocket 136]

39 minutes ago, FirstTimeCaller said:

This is along the lines of my bull case and why I'm interested. I think BTC has reached a tipping point to where it's not going away. Yet we are still very early on any sort of institutional/government adoption. May not happen, but I think it's likely that bigger players like this are more likely to dip a toe in the water.

There was a lot of talk last cycle about how "the institutions are coming". How bitcoin was an asymmetric bet, had uncorrelated returns etc that would benefit portfolios. It looks like that was one cycle early. The only way the vast majority of institutions were ever going to buy bitcoin was through an etf type vehicle. Here we are.

[Cum Rocket 136]

47 minutes ago, FirstTimeCaller said:

Are you trying to spike the football that BTC is only up *checks notes* 136% in the past six months instead of 168%?

Bitcoin could go to zero. Could go to a million. I have no idea. But I do know that gloating that it's had a pullback after a ridiculous run is silly.

Same energy here. 

 

 

3 hours ago, Pam Cummings said:

Oh no, it topped out at $70k again. But next time it's TOTALLY getting to $100k. Totally.

I want you back here when it's 100k. It'll be something like this. 

 

 

[Wally Fairway 5541]

26 minutes ago, Cum Rocket said:

Same energy here. 

I want you back here when it's 100k. It'll be something like this. 

I am curious, not trying to be a dick, but what is the ceiling for bitcoin?
I have never really been able to grasp the economic model that drives the valuation, other that it goes up because everybody wants some. 
Explain to me like I'm an idiot, what would be a good entry point and exit point for this as an investment.
I get that it is an alternative to a fiat currency (US$) because those can get devalued by disaster, coup, cyber attack that locks up the banking system, etc. 

[Guest]

9 minutes ago, Wally Fairway said:

I am curious, not trying to be a dick, but what is the ceiling for bitcoin?
I have never really been able to grasp the economic model that drives the valuation, other that it goes up because everybody wants some. 
Explain to me like I'm an idiot, what would be a good entry point and exit point for this as an investment.
I get that it is an alternative to a fiat currency (US$) because those can get devalued by disaster, coup, cyber attack that locks up the banking system, etc. 

Not asking me, but I'll give you my opinion (new surly motto).

I think you've nailed it (or at least my take on it). It's why I'm not a BTC maximalist, but want to own some. I see it as a call option. There is no model for valuation like a P/E ratio. It's all how much demand is there and how much supply. We know that supply is limited, so will there be more demand? I think so given how it's becoming more accepted in the investment community as an asset. 

The only valuation I see that's made sense is comparing the market cap of BTC to gold since to me, they serve a similar purpose. Right now, I think gold is in the 10-12X range the market cap of BTC. Could it get to a third or a quarter of the market cap? I think it is possible over the course of a decade. That would put BTC at $200K+.

That's not my price target... I don't have one because it's unknowable. But if you made me come up with something, that's what I figure.

 

[Captainant 27641]

1 minute ago, FirstTimeCaller said:

The only valuation I see that's made sense is comparing the market cap of BTC to gold since to me, they serve a similar purpose. Right now, I think gold is in the 10-12X range the market cap of BTC. Could it get to a third or a quarter of the market cap? I think it is possible over the course of a decade. That would put BTC at $200K+.

TIL that BTC is a consumable commodity that is integral to basically anything with electronics, and has a purpose aside from FOMO.

 

Candidly, there's no limit to how high BTC can go - only to the amount of new, stupid money coming in to cash out old whales. But I still have not ONCE ever read an actual utility or purpose for BTC or cryptocurrencies in general that are not more securely, effectively, and economically serviced by existing mechanisms.

[Nice Guy Eddie 13509]

7 minutes ago, Wally Fairway said:

I am curious, not trying to be a dick, but what is the ceiling for bitcoin?
I have never really been able to grasp the economic model that drives the valuation, other that it goes up because everybody wants some. 
Explain to me like I'm an idiot, what would be a good entry point and exit point for this as an investment.
I get that it is an alternative to a fiat currency (US$) because those can get devalued by disaster, coup, cyber attack that locks up the banking system, etc. 

No one has any idea what the ceiling could be. If bitcoin gets into the mainstream of retirement investing or sovereign funds, it could go sky high. For retirement investing, someone may not see a bitcoin spot ETF on their 401k portal any time soon or ever, but it could very easily start to fall into the age targeted funds. Blackrock is already making noise about putting limited crypto into traditional ETFs.

As for sovereign funds, publicly this has been limited to smaller funds like with El Salvador but what happens if the oil rich Middle East funds decide to drop $100b into crypto?

Perhaps the ceiling was $73K. My opinion to friends is to consider putting 1-3% of their net worth in bitcoin. If it goes to zero, the impact is negligible. Not zero but low. If the price 10x, then their 2% investment just gave their net worth a sizable boost. Or don't do it. Someone isn't going to be ruined if they avoid crypto.

 

[Wally Fairway 5541]

2 minutes ago, Nice Guy Eddie said:

No one has any idea what the ceiling could be. If bitcoin gets into the mainstream of retirement investing or sovereign funds, it could go sky high. For retirement investing, someone may not see a bitcoin spot ETF on their 401k portal any time soon or ever, but it could very easily start to fall into the age targeted funds. Blackrock is already making noise about putting limited crypto into traditional ETFs.

As for sovereign funds, publicly this has been limited to smaller funds like with El Salvador but what happens if the oil rich Middle East funds decide to drop $100b into crypto?

Perhaps the ceiling was $73K. My opinion to friends is to consider putting 1-3% of their net worth in bitcoin. If it goes to zero, the impact is negligible. Not zero but low. If the price 10x, then their 2% investment just gave their net worth a sizable boost. Or don't do it. Someone isn't going to be ruined if they avoid crypto.

 

This could be one example of why your roll your 401k into a self directed IRA, you can buy crypto ETF. 
Thinks that make me go - hmmm this is something to think about 🤔

[Guest]

15 minutes ago, Captainant said:

TIL that BTC is a consumable commodity that is integral to basically anything with electronics, and has a purpose aside from FOMO.

 

Candidly, there's no limit to how high BTC can go - only to the amount of new, stupid money coming in to cash out old whales. But I still have not ONCE ever read an actual utility or purpose for BTC or cryptocurrencies in general that are not more securely, effectively, and economically serviced by existing mechanisms.

I hope to one day love something as much as Captainant loves to hate on BTC.

Edited March 19 by FirstTimeCaller

[Captainant 27641]

14 minutes ago, FirstTimeCaller said:

I hope to one day love something as much as Captainant loves to hate on BTC.

Hey, now. I'm hating on ALL cryptocurrency - BTC isn't special in lacking any non-circular value or utility. They're just as valuable as bored ape NFT's and ZooTokens etc etc

The emperor has no clothes, I just don't understand why that's such an upsetting thing to consider

Edited March 19 by Captainant

[Cum Rocket 136]

45 minutes ago, Wally Fairway said:

I am curious, not trying to be a dick, but what is the ceiling for bitcoin?
I have never really been able to grasp the economic model that drives the valuation, other that it goes up because everybody wants some. 
Explain to me like I'm an idiot, what would be a good entry point and exit point for this as an investment.
I get that it is an alternative to a fiat currency (US$) because those can get devalued by disaster, coup, cyber attack that locks up the banking system, etc. 

I don't think anyone here is a dick.

I think FirstTimeCaller has it right. The next big milestone (after 100k) is gold market cap. Will it get there this cycle? I'm not sure, but gold bugs are going to get rekt relative to bitcoin.

Bitcoin is more easily movable than physical gold, it's easily divisible, it has a set supply. The main knock on bitcoin vs gold is a big one. History and convention, but every year that passes that means less as trust is built in bitcoin. It will be interesting to see the breakdown in a year or two between how many investment funds or etfs hold allocations to bitcoin vs gold. As for nations and how they value gold...

24 minutes ago, Nice Guy Eddie said:

As for sovereign funds, publicly this has been limited to smaller funds like with El Salvador but what happens if the oil rich Middle East funds decide to drop $100b into crypto?

This is a big deal and I've said before that I think a "real" country comes out in the next year or two as holder of bitcoin. I think it's most likely to be what they've gained mining. Oil and gas producers are known to have interest, many are mining with flared gas etc. So that's your list of countries to think about. To me a sovereign or multiple sovereigns mining now explains the explosion in hash rate despite decreased prices through 2023. What happens when Saudi, Qatar, or duh duh duh Russia come out and say they have large bags. We as Americans will scoff at it, but the world will take notice.

 

The big pie in the sky numbers come from what's after gold? If bitcoin is entrenched as valuable asset/property, then I think it's feasible it takes some of the store of value market away from real estate, maybe bonds. Large markets. Think about it.

vs Real Estate

pros-more liquid, less hassle from maintenance, tenants

cons-no income streams, RE better tax treatment

vs Bonds (especially longer bonds)

pros- not being paid back in debased currency, possible appreciation

cons- no coupon like bonds, bonds backed by governments

 

This is all a long way to say I'm not sure what is the ceiling. Something like this has never been created before. The ramifications are pretty fascinating.

29 minutes ago, Wally Fairway said:

This could be one example of why your roll your 401k into a self directed IRA, you can buy crypto ETF. 
Thinks that make me go - hmmm this is something to think about 🤔

True story. Before ETF passed I decided to rollover my 401k from old employer to self directed IRA. It's at Vanguard, so no ETFs allowed. Instead I bought MSTR. It's been unbelievable, the last couple days notwithstanding.

I just think this bull cycle is such a clear bet I couldn't look at the employer retirement in SPY etf and leave it. I plan on having some hard decisions in about 18 months about withdrawal of large sums vs waiting 15 years to pull it out, but that's another discussion.

[Pam Cummings 9639]

2 hours ago, FirstTimeCaller said:

Are you trying to spike the football that BTC is only up *checks notes* 136% in the past six months instead of 168%?

Bitcoin could go to zero. Could go to a million. I have no idea. But I do know that gloating that it's had a pullback after a ridiculous run is silly.

So it took a "ridiculous run" to get back to where it was 4 years ago.....interesting.

Edited March 19 by Pam Cummings

[Pam Cummings 9639]

1 hour ago, Cum Rocket said:

Same energy here. 

 

 

I want you back here when it's 100k. It'll be something like this. 

 

 

I've been waiting for it to hit $100k since I bought in 4 years ago. It's a promise that has been broken many times, and probably many more to come.

[Guest]

5 minutes ago, Pam Cummings said:

So it took a "ridiculous run" to get back to where it was 4 years ago.....interesting.

Wait until you see what the stock market did between 2000-2013. 

[Guest]

9 minutes ago, Pam Cummings said:

I've been waiting for it to hit $100k since I bought in 4 years ago. It's a promise that has been broken many times, and probably many more to come.

*Bitcoin soars 170% in six months.*

"That's not good enough!!!1!" - PC

I don't know what you want. It's a highly volatile asset that's speculative. It's rocketed higher, made new highs, and you're hating on that performance. If you bought four years ago, you're currently sitting on 8X your money if you still own it.

[Cum Rocket 136]

14 minutes ago, Pam Cummings said:

So it took a "ridiculous run" to get back to where it was 4 years ago.....interesting.

see 2020, same thing. Like, it's literally repeating itself at higher valuations each time. Zoom out, look at the chart. It's kind of hard to miss once you really look at it.

[Cum Rocket 136]

A thread in DT that touched on housing and cost of living reminded me of this tweet I saw yesterday. 

 

When you visualize it, it's clear that every asset imaginable is trending to zero in Bitcoin terms. 

[bernorange 8359]

On 10/11/2023 at 1:55 PM, Rimbo said:

Hmmm. But now you've reopened/left unsolved the scaling problem.

Quote

March 20: Mysten Labs, the company behind the Sui blockchain, claimed a "landmark achievement in scaling blockchain capacity" known as "linear scaling," according to the team: "During testing and development in a Sui blockchain environment, Pilotfish, a prototype Sui extension, increased throughput by 8x when backed by 8 machines, successfully illustrating the possibility of linear scaling. The latency per transaction decreased as more machines were added, proving the viability of linear horizontal scaling for low latency blockchain transactions for the first time ever on any blockchain." (SUI)

https://www.coindesk.com/tech/2024/03/14/protocol-latest-tech-news-crypto-blockchain/

[bernorange 8359]

Quote

Investment management giant BlackRock (BLK) has created a fund called the BlackRock USD Institutional Digital Liquidity Fund, according to a document filed with the U.S. Securities and Exchange Commission (SEC).

The fund, incorporated in the British Virgin Islands, will be launched in partnership with asset tokenization firm Securitize.

The filing does not reveal what assets the fund will hold, but Securitize's presence potentially suggests the product has something to do with the tokenization of real-world assets, or RWA – industry jargon for representing ownership of a wide range of assets through a token on a blockchain. ...

https://www.coindesk.com/policy/2024/03/19/blackrock-creates-tokenized-asset-fund-sec-filing-shows/

 

[Rimbo 25915]

1 hour ago, bernorange said:

https://www.coindesk.com/tech/2024/03/14/protocol-latest-tech-news-crypto-blockchain/

It was always possible, if you were willing to sacrifice anonymity or accountability.

Accountability, Anonymity, Scaling. Pick two.

[Wally Fairway 5541]

1 hour ago, bernorange said:

https://www.coindesk.com/policy/2024/03/19/blackrock-creates-tokenized-asset-fund-sec-filing-shows/

 

I am so disappointed in Black Rock - they had that chance and didn't name that fund the US Economic Dollar Institutionalized Liquidity Digital Opportunities Fund
That's right  - USE DILDO Fund

[bernorange 8359]

47 minutes ago, Rimbo said:

It was always possible, if you were willing to sacrifice anonymity or accountability.

Accountability, Anonymity, Scaling. Pick two.

Which one is SUI sacrificing?

[Rimbo 25915]

10 minutes ago, bernorange said:

Which one is SUI sacrificing?

I don't care.

[Thetexashammer 1062]

6 hours ago, Cum Rocket said:

A thread in DT that touched on housing and cost of living reminded me of this tweet I saw yesterday. 

 

When you visualize it, it's clear that every asset imaginable is trending to zero in Bitcoin terms. 

Are you making fun of the losers? Because that's just wrong. Pity them, sure. Mock them, that's just mean.

[Cum Rocket 136]

18 hours ago, Thetexashammer said:

Are you making fun of the losers? Because that's just wrong. Pity them, sure. Mock them, that's just mean.

Just shining a light is all. 

There's another thread about how unhappy young people are. A lot of reasons, can't afford home, can't afford higher education.

The best way to beat inflation even on big ticket/high inflation items has been and will continue to be BTC.

Maybe that's part of why I rest easily. Kind of sad how angrily people react when you aren't as stressed or neurotic as them.

 

Going back to the original point, going to be pretty incredible when we get to 1 BTC=median house.

People have had years of warning to get to 1 BTC. You wanna be at least a wholecoiner if at all possible.

Edited March 21 by Cum Rocket

[Nice Guy Eddie 13509]

On 3/20/2024 at 12:45 PM, Wally Fairway said:

I am so disappointed in Black Rock - they had that chance and didn't name that fund the US Economic Dollar Institutionalized Liquidity Digital Opportunities Fund
That's right  - USE DILDO Fund

They want to leave that name to Elon.

[bernorange 8359]

Quote

BlackRock today unveils its first tokenized fund issued on a public blockchain, the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL” or the “Fund”). BUIDL will provide qualified investors with the opportunity to earn U.S. dollar yields by subscribing to the Fund through Securitize Markets, LLC.

“This is the latest progression of our digital assets strategy,” said Robert Mitchnick, BlackRock’s Head of Digital Assets. “We are focused on developing solutions in the digital assets space that help solve real problems for our clients, and we are excited to work with Securitize.”

Tokenization remains a key focus of BlackRock’s digital asset strategy. Through the tokenization of the Fund, BUIDL will offer investors important benefits by enabling the issuance and trading of ownership on a blockchain, expanding investor access to on-chain offerings, providing instantaneous and transparent settlement, and allowing for transfers across platforms. BNY Mellon will enable interoperability for the Fund between digital and traditional markets.

“Tokenization of securities could fundamentally transform capital markets. Today’s news demonstrates that traditional financial products are being made more accessible through digitization. Securitize is proud to be BlackRock’s transfer agent, tokenization platform and placement agent of choice in digitizing and expanding access to its investment products,” said Securitize co-founder and CEO Carlos Domingo.

BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors' wallets as new tokens each month. The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain. Investors can transfer their tokens 24/7/365 to other pre-approved investors. Fund participants will also have flexible custody options allowing them to choose how to hold their tokens.

The initial ecosystem participants in BUIDL include Anchorage Digital Bank NA, BitGo, Coinbase, and Fireblocks, among other market participants and infrastructure providers in the crypto industry.

BlackRock Financial Management, Inc., will be the investment manager of the Fund and Bank of New York Mellon will serve as the custodian of the Fund’s assets and its administrator. Securitize will act as a transfer agent and tokenization platform, managing the tokenized shares and reporting on Fund subscriptions, redemptions, and distributions. Securitize Markets will act as placement agent, making the Fund available to eligible investors. PricewaterhouseCoopers LLP has been appointed as the Fund's auditor for the period ending December 31, 2024.

The Fund will issue shares pursuant to Rule 506(c) under the Securities Act of 1933 and Section3(c)(7) of the Investment Company Act. The Fund’s initial investment minimum is $5 million.

BlackRock has also made a strategic investment in Securitize. As part of the investment, Joseph Chalom, BlackRock’s Global Head of Strategic Ecosystem Partnerships, has been appointed to Securitize’s Board of Directors.

https://www.businesswire.com/news/home/20240320771318/en/

It sounds like a USD stablecoin where wallets/participation is tightly controlled.

 

[Daddy Fat Sax 53]

So turns out the Bitkey is pretty cool. Slick packaging. 

For a size comparison

It has some weight to it. 

 

You download the app to your phone for setup. It's basically two steps. Linking the key to your phone via NFC. Then scanning your fingerprint over that dot on the surface.

Did some sending and receiving of coin. To send out or move coin you have to scan your finger on the key to turn it on, then tap the back of your phone and boom it’s sent. 

 

Pros- very easy setup. Obvious UX came from professional big business/marketing. 

Cons- only current way to buy coin straight to your wallet is through coinbase which is pain. Also, for now no sending or receiving via Lightning. Given you can do that via CashApp from Block I would think that's coming soon. 

Overall cool addition to market. Definitely looking to make things easy to noobs and boomers. No writing down or hiding seed phrases. For shits will probably buy one for my mom for her bday. Set it up with her and drop a little coin on it for fun. 

[nycHorn 2998]

So turns out the Bitkey is pretty cool. Slick packaging. 

For a size comparison

It has some weight to it. 
 
You download the app to your phone for setup. It's basically two steps. Linking the key to your phone via NFC. Then scanning your fingerprint over that dot on the surface.
Did some sending and receiving of coin. To send out or move coin you have to scan your finger on the key to turn it on, then tap the back of your phone and boom it’s sent. 
 
Pros- very easy setup. Obvious UX came from professional big business/marketing. 
Cons- only current way to buy coin straight to your wallet is through coinbase which is pain. Also, for now no sending or receiving via Lightning. Given you can do that via CashApp from Block I would think that's coming soon. 
Overall cool addition to market. Definitely looking to make things easy to noobs and boomers. No writing down or hiding seed phrases. For shits will probably buy one for my mom for her bday. Set it up with her and drop a little coin on it for fun. 

Is it Bitcoin only? Or can you store ETH on it as well?

[Daddy Fat Sax 53]

1 hour ago, nycHorn said:

Is it Bitcoin only? Or can you store ETH on it as well?

Bitcoin only. 

That's Square/Jack Dorsey’s focus 

[Daddy Fat Sax 53]

CNBC story from Austin

 

[Daddy Fat Sax 53]

Looks like we're just about done working through that dip. 

I think this time next week we’re a decent amount higher. 

[Daddy Fat Sax 53]

Pushing 70k today.

MSTR at ATH. 

Things are looking good.

@Snake Diggity copium levels inexorably rising.

[Nice Guy Eddie 13509]

2 hours ago, Daddy Fat Sax said:

Pushing 70k today.

MSTR at ATH. 

Things are looking good.

@Snake Diggity copium levels inexorably rising.

Less than a month ago, I bought MSTR from my Roth IRA. Not a major buy. About 0.33% of my total retirement fund. That buy is up 83% since I bought. Probably the best purchase ever from my retirement fund. But I haven't sold yet.

[Daddy Fat Sax 53]

48 minutes ago, Nice Guy Eddie said:

Less than a month ago, I bought MSTR from my Roth IRA. Not a major buy. About 0.33% of my total retirement fund. That buy is up 83% since I bought. Probably the best purchase ever from my retirement fund. But I haven't sold yet.

Congrats that's awesome!

I'm not sure what to make of Microstrategy. It's trading at more than twice the value of its bitcoin. During the last cycle that "premium" jumped to 6x. I don't see how it can make it that high this cycle when there's ETFs. People looking for proxies are what boosted it that high last time. That's why I don't understand the current 2x. I will continue to hold though. Still some interesting catalysts like S&P inclusion and of course animal spirits during bull run.

[bernorange 8359]

So in addition to potential approval of spot Ethereum ETFs in May, the UK is opening doors for institutional investment in cryptos:

Quote

The London Stock Exchange has announced that it will accept applications for the admission of Bitcoin Crypto Exchange-Traded Notes (ETNs) starting from April 8, 2024. This decision follows the Exchange's earlier notice on March 11, indicating its intention to allow the trading of Crypto ETNs in the second quarter of the year.

Subject to approval by the Financial Conduct Authority (FCA) of the base prospectuses, the Exchange plans to commence trading of these ETNs on Tuesday, May 28, 2024. This move is aimed at ensuring maximum issuer participation on the first trading day and allowing issuers sufficient time to prepare their documentation and meet regulatory requirements.
...

https://bitcoinmagazine.com/markets/london-stock-exchange-to-launch-bitcoin-etn-market-in-may

^^ BTCmagazine made it seem like this was BTC only, but the LSE announcement says:

Quote

1. Further to Stock Exchange Notice N02/24, published on 11 March 2024, in which the London Stock Exchange (the "Exchange") announced it would accept applications for the admission to trading of Bitcoin and Ethereum Crypto ETNs in the second quarter of 2024, we can confirm that applications can be made from 8 April 2024.
...

https://www.lse.co.uk/rns/n0324-admission-of-bitcoin-and-ethereum-etns-0ru4pz13dx7so39.html

Edited March 25 by bernorange

[Nice Guy Eddie 13509]

7 minutes ago, Daddy Fat Sax said:

Congrats that's awesome!

I'm not sure what to make of Microstrategy. It's trading at more than twice the value of its bitcoin. During the last cycle that "premium" jumped to 6x. I don't see how it can make it that high this cycle when there's ETFs. People looking for proxies are what boosted it that high last time. That's why I don't understand the current 2x. I will continue to hold though. Still some interesting catalysts like S&P inclusion and of course animal spirits during bull run.

they are an actual company but they are quickly moving to a bitcoin holding company. What I don't know is if their revenues and bitcoin holdings support their market cap. Didn't Saylor recently take on some low interest bonds with the intent of only buying crypto? 

My assumption is that many investors are using MSTR as a proxy for bitcoin because some brokerage firms don't allow trading in bitcoin ETFs and/or the investor has no clue how to buy bitcoin. As those subside, I have to wonder if MSTR will see a significant drop. Since I can buy the bitcoin ETF, it's time that I sell MSTR to lock in my profits. At least a decent percent of it.

[Daddy Fat Sax 53]

14 minutes ago, Nice Guy Eddie said:

they are an actual company but they are quickly moving to a bitcoin holding company. What I don't know is if their revenues and bitcoin holdings support their market cap. Didn't Saylor recently take on some low interest bonds with the intent of only buying crypto? 

My assumption is that many investors are using MSTR as a proxy for bitcoin because some brokerage firms don't allow trading in bitcoin ETFs and/or the investor has no clue how to buy bitcoin. As those subside, I have to wonder if MSTR will see a significant drop. Since I can buy the bitcoin ETF, it's time that I sell MSTR to lock in my profits. At least a decent percent of it.

As long as Vanguard is a no to the ETFs, I think there will be a premium to MSTR. How much remains to be seen. I’m going to hold for now since its behavior has been consistent. 

Edited March 25 by Daddy Fat Sax

[Daddy Fat Sax 53]

 

 

[bernorange 8359]

 

[Daddy Fat Sax 53]

 

Spoiler

Short sellers are still betting billions of dollars that the rally in cryptocurrency-linked stocks fueled by a surge in Bitcoin will eventually end.

Total short interest, or the amount that contrarian traders have pledged against crypto stocks, has increased to nearly $11 billion this year, according to a report from S3 Partners LLC on Monday. More than 80% of total short interest in the sector are bets against MicroStrategy Inc. and Coinbase Global Inc.

Paper losses for the group have mounted to nearly $6 billion as a more than 65% year-to-date run for Bitcoin has lifted the rest of the sector. Still, the cohort is doubling down on such positions.

“Crypto stock short sellers have been selling into a rallying market – either looking for a pullback in the Bitcoin rally or using the short positions as a hedge versus actual Bitcoin holdings,” Ihor Dusaniwsky, managing director of predictive analytics at S3, said in the report.

Over the last 30 days, traders betting against crypto-linked stocks have increased their positions, especially in MicroStrategy even as its shares climbed. Traders have poured $974 million into bets that the enterprise software maker will fall. That’s more than offset short covering — or contrarians buying back stock to exit trades — in shares of Coinbase, Marathon Digital Holdings Inc. and Hive Digital Technologies Ltd. in that period, per S3.

The increase has pushed total short interest in MicroStrategy higher, taking up more than 20% of its total float, or shares outstanding, per S3. The company is now one of the most-shorted stocks in the US market, stacking up against much bigger companies such as Nvidia Corp., Microsoft Corp. and Apple Inc.

Of course, there could be more pain ahead for short sellers if their bets against crypto-linked stocks are incorrect. Many names in the group are poised for short squeezes, a phenomenon where short sellers are forced to buy the stock back to exit losing positions and in doing so push the price higher, further pressuring other traders.

MicroStrategy, Coinbase and Cleanspark Inc. are all poised for a squeeze given their rally and a limited amount of available shares left to short, according to the S3 report. So far this year, MicroStrategy is up almost 200%, while Coinbase and Cleanspark are up about 60% and 115%, respectively.

Fuel for the fire. Love it.

[Nice Guy Eddie 13509]

Dangers of working for crypto.

TLDR: Binance's African regional mgr detained in Nigeria because the govt demanded a list of Nigerian Binance traders reportedly due to money laundering and terrorism activities. He was under house arrest but allowed to attend services at a nearby mosque. He never returned and left the country on another passport. Nigeria also is filing tax evasion charges against Binance and this mgr.

TLDR squared: Nigeria is not a crypto friendly country.

https://www.bbc.com/news/world-africa-68656119?utm_campaign=mb&utm_medium=newsletter&utm_source=morning_brew

 

Edited March 27 by Nice Guy Eddie