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- 🥜 Truth behind 1 million Bitcoin
🥜 Truth behind 1 million Bitcoin
PLUS: Gary is gone
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What we’ve cooked up for you today…
🏦 Gary is gone
🛸 Truth behind $1 million Bitcoin
📈 Over one billion
💰 And more…
Prices as at 4:15am ET
GARY IS GONE 🏦
BREAKING: Crypto Foe and SEC Chair Gary Gensler Will Quit When Trump Takes Office
Last week we mentioned that Gary Gensler may have just resigned from his role as SEC Chair…
Well now it’s official!
Gary Gensler has just announced that he will be stepping down on January 20, 2025.
Gensler quickly become the crypto industry’s number one enemy, bringing lawsuits to firms such as Coinbase, Binance and Kraken.
To the very end, Gensler maintained his position that crypto exchanges were unregistered securities brokers.
In an official statement, the SEC explained:
“In the last full fiscal year, according to the SEC’s Office of the Inspector General, 18 percent of the SEC’s tips, complaints, and referrals were crypto-related, despite the crypto markets comprising less than 1 percent of the U.S. capital markets.”
Here’s the funny thing though…
The SEC believes they have been operating within the scope of the law:
“Court after court agreed with the Commission’s actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered—whatever their form.”
But…
Two hours after Gensler announced his resignation, the SEC was slapped with another legal loss.
Coindesk reported that a Texas court has tossed out the SEC’s “dealer” rule, arguing it marked an inappropriate stretch into the crypto sector.
(So do the courts really agree with the SEC’s approach?)
“A Texas federal court has rejected the U.S. Securities and Exchange Commission's recent rule expanding the definition of a securities dealer to include a wider swath of firms — including some in the cryptocurrency sector. This adds a significant legal loss to the crypto legacy of SEC Chair Gary Gensler.”
As it stands, there has been no official word on who will be replacing Gary Gensler as SEC Chair.
But with Trump now in power, we can expect the new Chair to at least treat the crypto industry fairly.
But that’s not all we’ve got for you this morning…
There’s been so much news coming out recently, we’ll quickly go over some of the other big stories.
Solana ETFs
Now that Gary Gensler is leaving and we can expect a more crypto friendly SEC…
Here come the crypto ETFs! (Besides Bitcoin and Ethereum)
Bitwise just filed for their very own Solana ETF.
Bitwise joins the growing list of applicants, including:
VanEck
21Shares
Canary Capital
Fox Business journalist, Eleanor Terrett, also reported that conversations between issuers and the SEC are “progressing” in regards to Solana ETF approvals.
Trump’s Crypto Advisory Council
According to Reuters, leaders from Ripple, Kraken, a16z, Paradigm and other crypto firms are competing for a seat on Trump’s Crypto Advisory Council.
This council is expected to:
Advise on digital asset policy
Work with Congress on crypto legislation
Establish Trump’s promised Bitcoin reserve (more on this later)
Coordinate between agencies including the SEC, CFTC and the US Treasury
MicroStrategy successfully raises $3 billion
Expect ANOTHER high profile buy coming out of MicroStrategy soon.
Michael Saylor announced that MicroStrategy completed its $3 billion debt offering. (check out that 0% interest rate… literally free money)
Charles Schwab feels silly
Financial services giant Charles Schwab ($9 trillion AUM) has plans to directly offer crypto investments to its clients
Incoming Charles Schwab CEO, Rick Wurster, had this to say in a recent interview:
“We also would like to directly offer crypto… We’ve been waiting on a change in the regulatory environment… and we’re confident that we think that will come in short order.”
Wurster also mentions that he “feels silly” for not buying into crypto earlier:
“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it… I have not bought crypto, and now I feel silly.”
Well that was a lot to unpack…
There’s just so much bullish news happening in the crypto space right now…
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TRUTH BEHIND $1 MILLION BITCOIN 🛸
If just 1 thing happens, Bitcoin is going to $1 million per coin.
It will be fast.
The most insane part?
The market believes there’s a 35% chance of it happening.
That’s the latest message out from Bitcoin O.G, Adam Back.
If you don’t know who Adam Back is, he’s the definition of a Bitcoin O.G.
Adam was one of the first people contacted by Satoshi Nakamoto in Bitcoin's early days.
This is because Adam is an expert in cryptography and digital currencies.
Some suspect Adam could even be Satoshi because of his deep knowledge, early involvement, and similarities between Bitcoin's whitepaper and his previous work.
Although Adam has always denied it.
In his latest post, Adam warned investors to prepare for a 7-figure Bitcoin:
All that needs to happen is a US Strategic Bitcoin Reserve.
If you weren’t aware, the U.S. Bitcoin Strategic Reserve is an initiative put forward by Senator Cynthia Lummis:
She has proposed a bill that would involve the U.S. Treasury acquiring up to 1 million Bitcoins over 5 years.
This would represent approximately 5% of Bitcoin's total supply.
Given Trump’s extremely pro-crypto stance, there’s a very real chance that this bill passes congress.
So much so, Polymarket is currently giving it 35% odds of approval.
We agree with Adam.
If this genuinely passes, Bitcoin is going to $1 million per coin.
Fast.
The market is definitely not pricing this in.
OVER ONE HUNDRED BILLION 📈
The Bitcoin ETFs just hit a major milestone.
Massive inflows combined with recent price appreciation has seen the Bitcoin ETFs surpass $100 billion in net assets.
That is HUGE.
Here’s the overall leaderboard:
BlackRock IBIT: $47.92 billion 🥇
Grayscale GBTC: $21.47 billion 🥈
Fidelity FBTC: $19.54 billion 🥉
BlackRock is so far ahead of the competition it’s not even funny…
And check this out…
The Bitcoin ETFs are now only $17.65 billion away from overtaking the gold ETFs in net assets.
And they’ve only been live for ~11 months!
Compared to the gold ETFs which have been live since 2004.
As an added bonus, the Bitcoin ETFs also saw over $1 billion in net inflows yesterday.
Here’s the breakdown:
BlackRock IBIT: $608.4 million 🥇
Fidelity FBTC: $301 million 🥈
Bitwise BITB: $68 million 🥉
Another huge day from the ETFs today could finally push Bitcoin over $100,000…
CRACKING CRYPTO 🥜
Sui network outage triggers 7% price drop despite broader bull market. Sui blockchain network's first major downtime raises questions for investors amid an otherwise bullish crypto market.
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 the smallest unit of Bitcoin called? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Click to watch 😂
Trivia Answer: A) Satoshi 🥳
The satoshi (“sat”) is the smallest unit of Bitcoin. It is a one hundred millionth of a single bitcoin (0.00000001 BTC).
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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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