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- 🥜 Crypto Expert: Time to go all-in on Bitcoin
🥜 Crypto Expert: Time to go all-in on Bitcoin
PLUS: SEC sues Kraken
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The crypto newsletter that's less complicated than navigating the politics of a fantasy realm with dragons and noble families... 🐉🏰
🦑 SEC sues Kraken
🎲 Should you go all in on Bitcoin?
💧 8 straight weeks of inflows for crypto ETPs
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:45am ET
Only the top 20 coins measured by market cap feature in this section
SEC SUES KRAKEN 🦑
Breaking: SEC sues Kraken alleging it’s an unregistered exchange, mixes user funds
Kraken has joined Coinbase and Binance as targets of the SEC in their war against crypto.
Similar to the Coinbase and Binance cases, the SEC has sued Kraken for operating as an unregistered securities exchange.
In a November 20 complaint filed in San Francisco federal court, the SEC said:
"Without registering with the SEC in any capacity, Kraken has simultaneously acted as a broker, dealer, exchange, and clearing agency with respect to these crypto asset securities."
The SEC also alleges that Kraken paid for operational expenses directly from accounts containing customer funds (not a good look if true…)
“We allege that Kraken made a business decision to reap hundreds of millions of dollars from investors rather than coming into compliance with the securities laws… That decision resulted in a business model rife with conflicts of interest that placed investors’ funds at risk.”
Kraken’s CEO, Dave Ripley made a fair point.
The SEC accuses Kraken of not following the law, when the laws haven’t even been created / clarified? 🤔
In it’s case, the SEC listed 16 cryptocurrencies that they believe are securities. The most notable being Solana, Cardano and Polygon.
The silver lining of this entire situation is that the crypto market completely shrugged off the bad news.
Earlier this year, when the SEC sued Binance and Coinbase, it sent prices tumbling downwards.
The markets now remaining unfazed says a lot about investors current conviction. 💪
For the full article click here.
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SHOULD YOU GO ALL IN ON BITCOIN? 🎲
When you sit on a chair - are you all in on that chair? 🪑
When you drive a car - are you all in on that car? 🚗
Michael Saylor is all in on Bitcoin. But he doesn’t think of it like that.
In his latest interview with Tom Bilyeu, Saylor was posed a question:
How does he have so much conviction?
Saylor’s answer:
“It's not conviction - it's just rational thinking for yourself.”
Saylor believes that converting your dollars into Bitcoin is just logical.
One undeniable fact does back up Saylor’s perspective: On a long enough timeline, the dollar will be inflated away into nothing. 📉
Saylor’s perspective echoes that of one of the richest Americans to ever live - Andrew Carnegie.
Diversification is for protecting wealth, concentration is for creating it.
Reframing your perspective to one similar to Saylor’s does have one key benefit: It makes stomaching the volatility much easier.
But we want to hear it from you…
What do you think of Saylor’s perspective?
What do you think of Saylor's perspective? |
8 STRAIGHT WEEKS OF INFLOWS 💧
Optimism is reaching a fever pitch surrounding the approval of a spot Bitcoin ETF. 🌡️
As a reminder, there’s only 50 days left until the final deadline for the first ETF. A date analysts have odds at a 90% chance of approval.
As a result, Exchange Traded Products (ETPs) have experienced 8 straight weeks of positive inflows.
If you’re not sure what an ETP is, here’s the definition from CoinShares:
“An exchange-traded product (ETP) is a type of financial instrument which is bought and sold on a regulated stock exchange that allows investors to gain exposure to the price movements of an underlying benchmark or asset without having to own the asset itself.”
Last week crypto ETPs saw inflows of $176 million, bringing the year-to-date total to $1.32 billion.
Bitcoin dominated the week with $155 million in inflows. Also notable was Solana with $13.6 million in inflows. 💪
CoinShares believes BTC ETPs saw the largest inflows due to the impending approval of the Bitcoin ETFs.
“We believe this continued positive sentiment is related to the imminent approval of a spot-based Bitcoin ETF in the US,”
Now let's break these inflows down by country.
Canada, Germany and Switzerland were the clear winners. With inflows of $98 million, $63 million and $35 million respectively.
The US saw outflows totalling $19 million.
CoinShares also notes that ETP inflows still have a long way to go until they are anywhere near 2020 and 2021 levels. Which saw inflows of $6.6 billion and $10.7 billion respectively.
One thing is for certain… things are heating up 🌡️
For the full report click here.
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
Which other blockchain also has a halving event every 4 years?
A) Ethereum
B) Litecoin
C) Solana
D) BNB
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Litecoin 🥳
Just like Bitcoin, Litecoin has a halving every 4 years. The next Litecoin halving is estimated for 30 July 2027.
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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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