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What we’ve cooked up for you today…
📈 The Democrats crypto “reset”
🍌 Boring zone then Banana zone
🤑 Morgan Stanley is here
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:15am ET
Only the top 20 coins measured by market cap feature in this section
THE DEMOCRATS CRYPTO “RESET” 🏦
BREAKING: Crypto executives meet White House officials to discuss policy, grievances during virtual roundtable
Crypto industry leaders and top White House officials met for a second time in about a month to discuss future crypto policy.
Participating government officials included:
U.S. Deputy Secretary of the Treasury Wally Adeyemo
National Economic Council Director Lael Brainard
White House deputy chief of staff Bruce Reed
Director of legislative affairs for Vice President Kamala Harris Kristine Lucius
Rep. Ro Khanna, D-Calif., organized the event
Participating members from the crypto industry included:
Ripple executives Brad Garlinghouse and Chris Larsen
Uniswap CEO Hayden Adams
Stellar Development Foundation Denelle Dixon
Circle CEO Jeremy Allaire
Billionaire Mark Cuban
Coinbase Chief Legal Officer Paul Grewal
Former White House Communications Director Anthony Scaramucci
According to a source from The Block the meeting focused on use cases and policy outcomes.
However there was a key difference between this meeting and the one last month.
"The big difference was who attended, which you had Wally and Lael, which are really the most senior level representatives overseeing crypto policy in the Biden administration in terms of non-regulators.”
The source continued on:
“So having Lael and Wally there really changed the dialogue to have people who are actually responsible for setting policy."
The Source also mentioned that both Wally and Lael were very inquisitive, and this meeting is very much seen as a “moving the ball forward” moment.
However…
According to a FOX Business source, things got a little heated:
"[Crypto] Executives didn't hold back on telling the administration reps how much damage they've done to the crypto industry and to the Democrat Party with their actions against digital assets… They basically just got yelled at."
The Democrats “reset” on crypto continues.
But, there’s still been no word from Kamala Harris herself…
All in all, we believe it’s very positive that this meeting occurred in the first place.
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BORING ZONE THEN BANANA ZONE 🍌
Don’t fear the sell-offs.
Buy them.
That’s how you make generational wealth.
That’s the message out from macroeconomic expert, Raoul Pal.
Following the sharp sell-off in markets, Raoul gave an emergency update.
Summed up?
Extend your time horizon, buy the sell-offs, make generational wealth.
“In the end, if your time horizon is long enough, it [sell-offs] won’t matter. If you can buy, that's when you make generational wealth. Real wealth. How you secure your future is taking advantage of the sell-offs and not fearing them.”
Raoul’s view hasn’t changed. He believes we are still in the ‘boring zone’ which precedes the ‘banana zone’.
😴 Boring zone: Period of choppy & downwards price action following the Bitcoin halving.
🍌 Banana zone: Period of parabolic rises in crypto prices.
Although we have seen a ‘boring zone’ in every previous cycle, the current one is caused by some unique factors.
Raoul points these out:
Grayscale unwinding Bitcoin trust
Grayscale unwinding Ethereum trust
Germany selling Bitcoin holdings
Mt. Gox selling Bitcoin
FTX estate selling Solana
Jump trading selling off crypto
Miner capitulation (unprofitable Bitcoin miners selling Bitcoin after the halving)
Then, throw in the unwinding of the Yen carry trade & geo-political tensions between Iran & Israel and it’s impressive we aren’t even lower.
However, it’s not all doom & gloom.
The recent shake-out in global markets makes one thing a certainty:
Interest rate cuts & monetary stimulus.
Bitcoin closely tracks global liquidity. This bodes well for prices as we head into Q4.
Raoul finished with some advice:
“The job of every bull market is to throw you off. Your job is to not part with your tokens. I've explained this many, many times. That is your single job. If you can just not mess this up, keep hold of your tokens, then eventually the banana zone comes and we can realize some of our hopes and dreams.”
Lots to look forward to. 🍌
MORGAN STANLEY IS HERE 🤑
There’s been a big development in the Bitcoin ETF space…
Morgan Stanley has finally joined the party! 🥳
As of yesterday, Morgan Stanley’s 15,000 financial advisors can now officially recommend IBIT and FBTC to their clients.
Why is this such a BIG deal?
Well these financial advisors manage a sh*t load of money.
We’re talking over $6 trillion.
But there’s a slight catch…
According to Andrew Parish (reputable crypto source), there are some rules put in place for Bitcoin ETF recommendations:
Allocations limited to max 3% of portfolio value
Not allowed in IRA’s
Accounts must be marked as ‘aggressive risk’
Net worth must be greater than $1.5 million
Just as Morgan Stanley approved the Bitcoin ETFs, we start seeing serious inflows again…
That can’t be a coincidence right?
Yesterday, the Bitcoin ETFs saw $194.6 million in net inflows.
Here’s the daily breakdown:
BlackRock IBIT: $157.6 million 🥇
WisdomTree BTCW: $118.5 million 🥈
Fidelity FBTC: $65.2 million 🥉
Even though Grayscale experienced net outflows of $182.9 million, it was still a solid day for the Bitcoin ETFs.
The biggest surprise of the day came from WisdomTree who saw net inflows of $118.5 million.
Where’d that come from? 🤔
But we’re only just getting started…
Andrew Parish also reported that Wells Fargo and UBS are both set to approve the Bitcoin ETFs shortly.
This is HUGE and what the Bitcoin ETFs have been waiting for since launch.
Remember, these ETFs have been breaking records left right and centre with one hand tied behind their backs.
Things are about to get real crazy. 😎
CRACKING CRYPTO 🥜
Bitcoin price decouples from Trump as Harris took lead on Polymarket. Harris' lead in Polymarket raises questions on the future correlation between Bitcoin and political odds.
Crypto executives meet White House officials to discuss policy, grievances during virtual roundtable. Crypto industry leaders and top officials from the White House met for a second time in about a month to talk about future crypto policy.
FTX, Alameda Ordered to Pay $12.7B to Creditors by U.S. Judge. The order doesn't include civil penalties but bans FTX and its sister concern, Alameda, formerly a heavyweight crypto market maker, from trading digital assets and acting as intermediaries in the market.
Franklin Templeton’s tokenized money fund launches on Arbitrum. Franklin Templeton's tokenized money fund, FOBXX, is now on Arbitrum, bridging traditional and decentralized finance.
WHAT WE’RE READING 📚
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The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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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”)
When did FTX file for bankruptcy? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) November 2022 🥳
FTX was a leading cryptocurrency exchange that went bankrupt in November 2022.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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