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🥜 Why Bitcoin isn’t already at $80,000
PLUS: Argentina Legalises Bitcoin
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What we’ve cooked up for you today…
🇦🇷 Argentina legalises Bitcoin
🚫 Why Bitcoin isn’t already at $80,000
🏃♂️ Bitcoin always moves first
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:00am ET
Only the top 20 coins measured by market cap feature in this section
ARGENTINA LEGALISES BITCOIN 🇦🇷
BREAKING: Argentina legalizes Bitcoin for contract settlements
One month ago pro-Bitcoin candidate Javier Milei won Argentina’s presidential election.
We mentioned that Argentina would likely begin to adopt Bitcoin soon…
And here we are…
Argentina’s new government has officially legalised the use of Bitcoin for contract settlements & payments. 🥳
Diana Mondino, Argentina’s Minister of Foregin Affairs, International Trade and Worship had this to say:
“We ratify and confirm that in Argentina contracts can be agreed in Bitcoin.”
President Milei appointed Mondino as the foreign minister following his election victory.
Over the past year, the Argentinian economy has struggled. Inflation has been insanely high at over 140%.
This move from the country’s new government likely marks the first of many innovative ways they aim to stabilise their economy.
It’ll be interesting to see how this plays out.
Can Bitcoin save Argentina’s economy?
And who will be next? 🤷♂️
Saylor seems to think so…
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WHY BITCOIN ISN’T AT $80,000 🚫
Mike Alfred began trading stocks from his college bedroom at Stanford University.
It was the late 1990’s and he saw the entire dot-com boom & bust cycle.
Mike Alfred is a long-term value investor. He has decades of experience trading in markets.
He’s also built multiple financial companies that were sold for tens of millions of dollars.
But his favourite investment?
Bitcoin.
“With Bitcoin you were just betting on it continuing to be adopted over time. That was a bet that made more sense to me than almost anything else on the planet."
In his latest tweet, Mike revealed there’s only 1 reason Bitcoin isn’t already trading between $60,000 and $80,000.
There’s still a tiny chance that the Bitcoin spot ETF won't be approved in January.
Mike also predicts that we will see a new yearly Bitcoin high over the next 48-72 hours.
“There are a confluence of reasons why that I won’t get in to now but it appears the next major Bitcoin uptrend which will carry us in to year end should start at some point tonight or tomorrow. Fasten your safety belts please. Time for takeoff.”
Interesting calls from a value investor with a great track record.
Bottom Line:
Is Mike right?
No one can say for sure. But we will find out over the next 48-72 hours.
One thing is for sure, the appetite traditional finance has for Bitcoin is enormous.
As twitter user @goodalexander pointed out, over the last day, top Bitcoin related stocks traded 8.5x the amount traded by the most popular Gold ETFs.
Although it may be slow out the gate, the medium to long term impact of a spot Bitcoin ETF will be huge.
Do not underestimate it.
BITCOIN ALWAYS MOVES FIRST 🏃♂️
Today we’ll be taking a look at the aggregate 30-day Net Position Change of the largest digital assets.
The chart below measures changes in the Realized Cap of Bitcoin, Ethereum and Stablecoins.
The Realized Cap is used as it is a more accurate depiction of true net capital inflow/outflow from the market. (compared to the market cap)
As a quick reminder, Realized Cap values each coin at the price it last moved on-chain.
🟧 Bitcoin Realized Cap Net Change
🟦 Ethereum Realized Cap Net Change
🟩 Stablecoins Realized Cap Net Change: represents all other altcoins
October marks the first time since 2022 that all three assets turned positive.
This indicates that net capital inflows have returned to the digital asset space. A clear change in investor sentiment. (beginning of the bull)
BUT, here’s the most important thing that this chart tells us:
Bitcoin leads, Ethereum follows a little later, and then stablecoins move last.
And this pattern is already starting to form…
But remember that just because it happened in the past, doesn’t mean that it will happen in the future. 🔮
But we do think this pattern will again hold true this cycle… 😎
If you’re really looking to juice this cycle for all its worth, this chart & pattern is definitely one to focus on. 👀
(don’t forget to DYOR)
CRACKING CRYPTO 🥜
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”)
When did popular altcoin Solana launch? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) March 2020 🥳
Named after a small Southern Californian coastal city, Solana is the brainchild of software developer Anatoly Yakovenko. Yakovenko first proposed this innovative blockchain in 2017, and Solana launched in March 2020.
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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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