I’m sure that you are all incredibly focused on that ETF news. It’s doubtlessly a watershed moment for Bitcoin and it’s my hope that it will supercharge adoption in the years to come.
Of course, the SEC approval of an ETF was bound to happen. You only need take a look at the increasing bullish sentiment that is coming out of financial institutions. One of these was the likes of Bank of America which recently initiated their cryptocurrency research due to “increasing institutional demand”.
To kick off their coverage, they released one of the most comprehensive research reports I have seen to date. Entitled “Digital Assets Primer: Only the first inning”, this report is a literal treasure trove of information. Everything from Bitcoin to NFTs, Defi to CBDCs and more.
There is only one slight problem though…
It’s over 140 pages long!
Of course, that’s why I’m here! In my video today, I break down this behemoth of a report into its most important sections. I analyse what they mean and add my own commentary and thoughts.
So, if you guys really want to see what the institutions have planned, this is a video you don’t want to miss!
You can watch it here
📊 Portfolio Update 📊
Took a bit of profit on my BTC position and I put this into UST. Apart from that, there were no other changes made this week.
Having said that, I may add more to my DOT position. This is mainly because of the fact that we now have a defined timeline for the launch of Polkadot Parachains. As I predicted in my video last week about the imminent launch of these, it could drive a great deal of demand for DOT.
On top of that, I also have to disclose that I have been sent an honourary NFT. As you guys know, I have recently been exploring the NFT space and a project team decided to mint a Guy spacepunk for me!
If you want to keep up to date with my portfolio movements, then feel free to follow me in my Telegram Insider channel. The update portfolio is:
ETH 26.61% | BTC 24.22% | SOL 11.89% | DOT 10.91% | PAXG 3.92% | ADA 3.74% | USDC 3.69% | UST 3.26% | ATOM 3.25% | INJ 1.81% | HNT 1.77% | RUNE 1.65% | AR 1.13% | MATIC 1.12% | LINK 1.04%
📈 Thoughts on Market 📈
Would you believe me if I told you that what we’ve seen this week is just the beginning? If not, pull up the BTC chart on the monthly.
Call me crazy, but I see a massive bull flag. If my measurements are correct, we could hit 100k by the end of the year. There is no guarantee this will happen of course, but the chances are looking pretty good, especially with the approval of those Bitcoin ETFs. More on that below.
Besides current events, there are many macro factors that are taking Bitcoin higher, primarily inflation. Last week we got the latest retail and wholesale inflation numbers for the United States, and I suppose they’re not all that surprising. Retail inflation is up to 5.4% according to the CPI, a 0.4% annualised increase compared to the month before. Wholesale inflation on the other hand is up to a staggering 8.6%, the highest it’s been since 2010.
Although some of this inflation is coming from supply chain issues, inflation was already surging before these supply chain issues came around. This suggests the real culprit is central bank money printing.
As basic economics dictates, the more of something there is, the less it’s worth; prices aren’t actually rising, fiat currencies are losing value. This is why so many institutional investors are turning to Bitcoin to protect their purchasing power.
On chain indicators support this narrative as well. I’ve been watching the percentage of BTC held by whales like a hawk, along with the percentage of BTC on exchanges. Contrary to the price action we saw earlier this year, whales are continuing to accumulate BTC, and the percentage of BTC on exchanges continues to fall.
This means they’re HODLing, not selling, and this means we have a clear runway for new all time highs in the coming weeks.
Here’s the craziest part of all of this price action: nobody is paying attention. Seriously, check out the Google Search Trends for cryptocurrency, Bitcoin, Ethereum etc. They’re all completely flat.
This means the retail FOMO has yet to arrive, and that means we could have a lot more room to the upside this time around for both BTC and altcoins. On that note, make sure to watch this video so that you don’t get rekt if and when you decide to start selling. You can thank me later!
👀 Bitcoin ETF Watch 👀
As I’m sure you’ve all heard by now, it looks like we’re going to see two futures backed Bitcoin ETF begin trading next week. Both of these were approved by the SEC on Friday, and the lucky winners were Valkyrie and ProShares.
The former will be trading on the NASDAQ, and the latter will be trading on the New York Stock Exchange’s Arca platform. Trading may begin as early as Monday or Tuesday, though this has yet to be officially confirmed.
As highlighted by the aforementioned Bank of America report, there are currently 20 ETF applications sitting with the SEC. This leaves 19, because Ark Invest recently filed for a futures backed Bitcoin ETF with the SEC as well. Bloomberg analyst Eric Balchunas earlier implied that this new ETF by Ark Invest could also be approved, given that it was assigned a ticker like the Valkyrie ETF (which was just approved).
As I mentioned in my video about futures backed Bitcoin ETFs, the approval of these kinds of ETFs won’t have a direct effect on the price of Bitcoin. This is because futures backed Bitcoin ETFs are not backed by physical Bitcoin. They’re basically backed by IOU paper trades on the CME futures exchange.
These don’t always reflect the price of Bitcoin properly, can have high management fees, and also lack liquidity which can lead to additional volatility.
This means that the price action we’re seeing now is mostly because of the hype associated with the futures backed Bitcoin ETF approvals, and I reckon that hype is quite warranted. Although a futures backed Bitcoin ETF isn’t ideal, it’s one small step towards a physically backed Bitcoin ETF which would have a profound effect on the price of BTC. If you don’t understand why, be sure to watch my older video about Bitcoin ETFs.
P.S. I’ve mentioned many times that the launch of a Bitcoin ETF could signal the top of the current bull market. However, the launch of a futures backed Bitcoin ETF is probably not a top signal.
As I mentioned earlier, the on-chain metrics, social metrics, and even technical analysis are all flashing bullish. I reckon the approval of a physically backed Bitcoin ETF will be the top, and we probably won’t see it until the banks are done setting up their crypto custody solutions. More on that here.
🇨🇳 “Ban Bitcoin” FUD 🇨🇳
If you guys have been following my channel for more than 6 months, you will have heard me cover the Chinese mining crackdown a number of times. Back in May, when the Chinese government first announced that they would be banning mining, FUD filled the air.
News headlines like this and this were plastered everywhere. The price of Bitcoin was falling at its fastest pace since the pandemic crash of last year. Hashpower was also collapsing as those Chinese miners had to cease operations.
At the time, however, I explained why I thought it was one of the most bullish events for Bitcoin network security in the long term. It would lead to a mass exodus of these Chinese miners to jurisdictions that were more friendly to them.
But, the more important point is that it would further distribute and decentralise that Mining power throughout the world. It would help to neutralise the argument that is often used of Bitcoin being “controlled” by Chinese miners.
Well, a few days ago, the folks over at Cambridge released statistics on the mining landscape. It showed that China’s share of global hashrate went from 44% in May to 0 in July. It’s hard to imagine this given that only two years ago, the country accounted for a full 75% of hashpower.
Not only is this development great for the further decentralisation of the Bitcoin network, but it also means that worries emanating from China are less likely to impact the price of Bitcoin. “China bans” bitcoin FUD won’t really have any impact on the price if there was no Bitcoin to ban in the first place.
This is another reason as to why the most recent Chinese ban on cryptocurrency transactions is long term bullish. It will reduce the impact of similar FUD in the future and it will reduce general volatility.
On top of all of this, the episode is further testament to how resilient the cryptocurrency is – the “honey badger” of money. If it can survive a large-scale crackdown by one of the most powerful nations on earth, it can survive anything.
Yes, the Biden administration is looking to tightly regulate cryptocurrency. Yes, Congress is trying to pass legislation that could crimp innovation. Yes, the SEC is dying to bring cryptocurrency enforcement into its purview. But none of these things present challenges as threatening as an authoritarian country unilaterally banning all cryptocurrency overnight.
So, in an era of cancel culture, Bitcoin is the only thing that cannot be cancelled…
🔥 Deals of The Week 🔥
📈 Fastest Growing Crypto Exchange: Those crypto markets have been on a tear recently. Some of you might be new to crypto or looking to top up those portfolios. To make that happen, you’ll need a top crypto exchange.
But what one to go for?
Well, I imagine most of you will want access to a wide selection of altcoins, rock bottom trading fees, fiat deposits and withdrawals and all those bells and whistles. Well, there is an exchange I am using at the moment that ticks all those boxes.
That would be FTX exchange. Here you’ll get access to over a hundred cryptos as well as the lowest trading fees I have ever seen! On top of that, you’ll get your first $30 in trading fees for FREE, after which you will enjoy an exclusive 10% trading fee discount for life!
Not convinced and want to learn more about FTX?
🌍 Watch my dedicated FTX.com deep-dive!
FTX has a US version of the exchange. Learn all about that here!
👉 Sign Up To FTX.com & get $30 OFF trading fees + 10% exclusive fee discount!
👕 New Merch Available In Store 👕
I’ve heard via the grapevine that some of my merch is a little outlandish and in your face. On top of that, I’ve apparently not been doing a good enough job on my ladies merch line either. So, I’ve been working tirelessly to solve that problem and create some more conservative crypto merch.
That has led to the creation of the Coin Bureau Basic’s product line! Here I have begun launching t-shirts and sweatshirts for the more conservative Coin Bureau fans out there! On top of that, I’ve just added an exclusive ladies T-shirt to the store too!
What’s new on the shelves this week?
Of course, I would love to think that the merch designs are the main reason you buy these. However, there is way more to it than that…
These merch store sales are one of the main ways that I am able to keep producing that content and even ensure that those videos remain ad free!
So, by supporting me through my merch store you are helping out Team Coin Bureau bring you even more ad free content. Oh, and you get a to look “fly as a crypto guy” when outside 😉
🗞️ Crypto News Focus 🗞️
– Vlad The Lad – “Cryptocurrencies have a right to exist and can be used for settlements”.
– Fortnite CEO On Blockchain Games – Epic Games CEO welcomes blockchain games after Valve removes them from Steam.
– Big Crypto Regret – Lily Allen turned down 200k in BTC back in 2009. Those coins are now worth $11.5 billion!
🔮 Video Pipeline 🔮
- Coinbase Pro Vs FTX: Which is best?
- ESG and cryptocurrency: What’s happening there?
- XRP lawsuit update: The good, bad & the ugly
- Bitcoin ETF update: Are we nearly there yet?
🏆 What’s New At CoinBureau.com This Week? 🏆
✅ Exodus Wallet Review: Everything You Need to Know
✅ How to Never Miss an Airdrop, Hard Fork, Swap or Block Halving
That’s about all I have time for this newsletter. However, I would like to thank you on behalf of myself and my team for all the wonderful support.
Rest assured that we will not be resting on our laurels and have been creating even more exclusive content on our other socials like Tik Tok, Instagram and much more.
If that sounds interesting then you’ll want to hop over to my socials page and find those official accounts to follow!
Anyhow, I hope you have a cracking Sunday and that you enjoy the latest video!
Guy your crypto guy