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🥜 How high will Ethereum go?
PLUS: Argentina Making Moves
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What we’ve cooked up for you today…
🇦🇷 Argentina making moves
🧠 How high will Ethereum go?
💸 Mt. Gox repayment plan
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:05am ET
Only the top 20 coins measured by market cap feature in this section
ARGENTINA MAKING MOVES 🇦🇷
BREAKING: Argentina and El Salvador Engage in BTC Adoption Talks
The government of Argentina is working with El Salvador to learn from its experience adopting Bitcoin.
According to an official report from the National Securities Commission of Argentina (CNV), regulators met with El Salvador to discuss how the government regulates BTC.
El Salvador’s CNAD president Juan Carlos Reyes (left) and Argentina’s CNV president Roberto Silva (right)
Back in 2021, El Salvador was the first country in the world to make Bitcoin legal tender.
And now it’s looking like Argentina may follow in their footsteps.
Roberto E. Silva, President of the CNV, had this say:
“El Salvador has emerged as one of the leading countries, not only in the use of Bitcoin but also has distinguished itself in the world of crypto-assets. It has created a specific commission, the National Digital Assets Commission (CNAD), and therefore has experience that is very valuable for the CNV at this time."
Patricia Boedo, Vice President of the CNV backed these claims up with the following:
“I had the opportunity to exchange experiences during the visit to that country, and it seems essential to me to continue strengthening ties with a Republic that is a pioneer in the subject, and that has vast experience in the subject.”
Will Argentina be the next country to make Bitcoin legal tender?
Possibly…
Back in late 2023, Bitcoin-friendly politician Javier Milei won Argentina’s presidential election.
And Argentina’s economy has been suffering with out of control inflation for a number of years.
Bitcoin may be the saving grace they need. 🙏
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HOW HIGH WILL ETHEREUM GO? 🧠
Now that the Ethereum ETFs have been approved, there’s one question on everyone’s mind:
Just how high will Ethereum go?
Well, according to the work done by Julien Bittle, we have an answer.
$20,000 per Ethereum, by the end of 2025.
Julien Bittle is the head of macro research at Global Macro Investor (GMI).
Global Macro Investor is the research service founded by Raoul Pal. It has one of, if not the best track records of any financial research service in existence.
Julien Bittle & Raoul Pal have decades worths of experience in financial markets & investing.
And It’s all culminated into a thesis they’ve named: ‘The Everything Code’.
This week, Julien & Raoul broke down ‘The Everything Code’ in a 2+ hour special. They revealed all the data & charts behind their conclusions.
In a nutshell, ‘The Everything Code’ is a theory that ever since 2008, all asset prices are correlated to liquidity.
We are in a repeating 4-year cycle, based around repayments on government debt.
This 4-year cycle is the same as the 4-year Bitcoin halving cycle, the 4-year election cycle & the 4-year crypto cycle.
Essentially, it suggests that if you are able to accurately forecast changes in liquidity, you will be able to forecast future asset prices. 🔮
(obviously ‘The Everything Code’ is much more nuanced & detailed than that. We’d strongly suggest you check out the full breakdown here.)
So what does this mean for Ethereum?
Well, because we’re in a repeating 4-year cycle, Julien observed something.
We keep seeing repeats of price action over cycles.
“Current cycles are repeats of prior cycles. Because of this debt maturity schedule and the rolling of the debt.”
This repeating price action, can be observed in Ethereum in 2 places:
Ethereum’s current price action is playing out very similar to the
2020-2021 bull-run.
It also very closely tracks the early price action of Bitcoin.
Where does this suggest Ethereum will peak in this cycle?
A $20,000 Ethereum, by the end of 2025. 🥂
“I think we could hit a $20,000 Ethereum this cycle, into the peak in 2025. It's possible, just based on repeats.”
However, a word of warning from Raoul:
“It's possible just based on repeats. Now it may be different. It doesn't mean that we're saying: ‘Raoul and Julian think ETH goes to $20,000!’ We're saying: ‘Listen, just understand how this could play out.’”
Don’t take this projection to the bank.
However, if cycles just play out the same as previous cycles… we’re looking at a $20,000 Ethereum. 🍾
P.S Previous cycles didn’t have an Ethereum ETF…
MT.GOX REPAYMENT PLAN 💸
Yesterday, Bitcoin briefly crossed $70,000 but has since fallen ~2% down to $68,000.
Why? 🤷♂️
Mt. Gox transferred over 140,000 BTC (~$9.5 billion) to an unknown address.
Many believe this is part of Mt. Gox’s plan to repay creditors by October 31, 2024.
As soon as this news broke, the market reacted bearishly with Bitcoin falling ~2%.
Mt. Gox was once the largest Bitcoin exchange in the world.
However it was shutdown in 2014 after it was revealed that it had lost hundreds of thousands of Bitcoin in a hack.
Since then, creditors have been hanging tight in the hopes of one day being repaid.
And many believe this repayment will add significant sell side pressure to Bitcoin in the short-term.
Remember, these creditors lost access to their Bitcoin back when prices were less than $600.
10 years later and they’re finally getting their BTC back with prices now at ~$68,000.
These forced HODLers are set for a huge pay day - and you can’t blame them for taking some chips off the table…
However, Alex Thorn, head of research at Galaxy thinks otherwise:
“I personally expect most BTC gets hodl’d”
Alex believes most of the BTC will be HODL’d because “noteworthy long termers make up a lot of creditors”.
And many were offered to be repaid in dollar terms but wanted their BTC back instead.
No one really knows what these creditors will end up doing with their coins.
But in our opinion, somewhat of a sell-off is likely to happen in the short-term…
CRACKING CRYPTO 🥜
JP Morgan believes Solana and other crypto ETFs unlikely to secure regulatory approval. JP Morgan managing director and global market strategist Nikolaos Panigirtzoglou said ETFs for Solana are unlikely to succeed.
Bitcoin exchange-traded products now hold over 1 million BTC. The amount of BTC held by Bitcoin ETFs across the globe is more than a million which equates to over 5% of the circulating supply.
Solana Validators to Get More SOL as Fee Proposal Passes in Favor. Over 77% of Solana governance participants voted in favor of giving validators the full priority fee amount per transaction.
Chainlink Booms Amid Swift Payments Update, Ethereum ETF Rush. It's been a quiet day for crypto markets—but Chainlink's LINK is rising on a raft of good news.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is Bitcoin's average block time? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 10 minutes 🥳
On average, it takes 10 minutes to mine a block.
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