LETS LOOK A CHARTS. Occasionally a chart can say something interesting about where things are going. Below is the chart of ETH priced in BTC.
The price is about to hit a 2-year low. Last time it was there, it rallied sharply. After the Merge (which transitioned ETH to proof-of-stake) near the end of 2022, ETH has been down about 30% in BTC terms.
There’re a few ways we can look at this. The first thing is that the market is pricing in the tradeoffs of proof-of-stake and has punished ETH ever since the Merge. The second is that all the talk about a Bitcoin Spot ETF and institutional adoption has been very unilaterally favorable for BTC throughout 2023. There is a strong case to be made that some kind of mean reversion is possible, which means that ETH would outperform BTC.
Amongst all non-BTC crypto, I like the fundamentals of ETH the best. It has the biggest developer network and the most infrastructure to build on top of. Also, there isn’t a great need for alternative L1s when Ethereum’s ecosystem of L2s is already offering very high throughput.
For example, Solana is said to be one of the fastest blockchains. However, Arbitrum, Optimism, and Polygon – all Ethereum L2s – have a similar level of speed. Plus, a lot of the oft-repeated throughput metrics are also misleading.
Moreover, the Ethereum L2s actually have users on them. Look at these metrics from Token Terminal. Arbitrum generates about as much revenue and fees as Solana and Avalanche combined. That should tell you a lot – the fact that one second-layer of Ethereum is generating more value than these other two “ETH Killers” combined. https://seekingalpha.com/article/4657397-ethereum-has-upside
HOW were they able to make CHROMIUM SULFIDE SWORDS 2400 years ago (requires 3500 Fahrenheit and special knowledge) that are still shiny and sharp when found?
NOV 19TH: To answer (confidential) your question YES, GBTC is still at a 11% discount to its holdings (NAV). It looks set to run past parity and on to a premium where it has been before. In fact, GBTC has traded twice in the last 5 years at as much as a 45% premium!!! If that happens again, no only will this Christmas have "come early", but next Christmas as well. ENJOY (and please consider becoming a paid sub with your newfound proverbial "embarrassment of riches" :)
(*not financial advice. do your own due dilligence, as always)
Ark Invest's Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M
BENZINGA
10 mins ago
Ark Invest's Cathie Wood has long been bullish on the cryptocurrency space. She's still optimistic that Bitcoin (CRYPTO: BTC) could trade somewhere between $1 million and $1.5 million.
What To Know: Bitcoin has more than doubled since the start of the year as optimism surrounding a potential spot Bitcoin ETF continues to rise. Wood believes the rally in Bitcoin is just getting started.
In an interview with the Wall Street Journal this week, Wood predicted that Bitcoin would trade up to $650,000 per coin, but that's just her base case. In a bull case scenario, the world's largest cryptocurrency could be worth between $1 million and $1.5 million per coin, she said.
"Last year, a lot of people thought that the bankruptcy of FTX, Celsius and Three Arrows was going to be the end of Bitcoin. And quite the opposite happened," Wood said.
More and more people are starting to understand that FTX was a centralized organization, lacking transparency. Bitcoin is the exact opposite of that, she said.
Bitcoin is decentralized and has a network of developers watching over it, preventing fraud like what we saw with FTX, she explained.
"When FTX went down, the bitcoin blockchain didn't skip a beat, the Ethereum (CRYPTO: ETH) network didn't skip a beat. It was as though it didn't happen," Wood told the Journal.
Check This Out: EXCLUSIVE: Crypto Industry Insider Predicts Bitcoin Spot ETF In Early 2024 -- Why It's 'Not Entirely Priced In'
The Ark Invest CEO suggested that a spot Bitcoin ETF could help push prices higher. It would make it easy for the average person to gain exposure to the asset, she said.
An ETF would be regulated and offer protection. It would also be much less complicated than using Coinbase Global Inc (COIN.NaE) to buy Bitcoin, she said.
Coinbase is one of Ark's biggest holdings. At the time of writing, it was actually the top holding in the Ark Innovation ETF (ARKK.NaE) with a 9.06% weighting.
The crypto exchange is currently facing an SEC lawsuit claiming the company is an unregistered broker, but Wood isn't worried.
The SEC has been on the losing side of several similar cases and if Coinbase were to lose, she believes the company would appeal the ruling all the way to the Supreme Court, given its importance.
"We need real legislation if this truly is a new asset class, so that's really what the question is here," Wood told WSJ.
$BTC Price Action: Bitcoin is up approximately 119% year-to-date. It was last up 0.64% over a 24-hour period at $36,386 at the time of writing, per Benzinga Pro.
Read Next: Cathie Wood Slams Portfolio Managers' Index-Based Investing As She Highlights Existential Threat Google, A Top Holding, Faces From LLMs
Excerpted from Cathie Wood's recent interview on "The Raz Report"
For those watching, Dogecoin looks set to roar higher on the hourly chart. Nice rising pennant formation. Nice catalyst with the Elon rocket set to launch later this month, funded in part by DOGE!!
CHECK OUT ticker BITW too!! (BITWISE 10 CRYPTO INDEX FUND, buy it like any other stock or etf)
(*not financial advice. DYOR)
MARKET PRICE 24.75, CURRENT NAV (NET ASSET VALUE) 34.49. That's called a MASSIVE discount around 30% still. IF it evaporates as has happened in previous halvening time runs, it could give you and EXTRA 30% over and obove whatever the underlying coins do (current composition is COIN Bitcoin (BTC-USD)67.60% Ethereum (ETH-USD)23.90% XRP (XRP-USD)3.40% Solana (SOL-USD)1.20% Cardano (ADA-USD)1.10% Polygon (MATIC-USD)0.60% Polkadot (DOT-USD)0.60% Litecoin (LTC-USD)0.60% Bitcoin Cash (BCH-USD)0.50% ChainLink (LINK-USD)0.50% https://seekingalpha.com/article/4640179-bitw-simpler-approach-to-crypto-diversification
More on this.. (some of the easiest moves for reduction on #COLLEGE out of pocket costs you'll ever find. You'd be AMAZED how many folks SCREW THIS BASIC STUFF UP!!)
GOT A KID HEADING TO COLLEGE? Is your kid the primary name on ANY UGMA/UTMA savings account? These assets reduce aid by as much as 50% on the dollar saved unless you move them (perfectly legally)
USE THE FAFSA DELAY TO YOUR ADVANTAGE!
There are moves you can make to improve your college financial position if you hurry.
(Not advice. Examples only)
To reduce the impact of assets on eligibility for need-based financial aid, you can shift reportable assets from the student’s name to the parent’s name. If the money is given to the parent, it is weighed at a lower percentage but still must be calculated as a cash asset. Other strategies include shifting reportable assets into non-reportable assets and reducing reportable assets by using them to pay down debt
More on this.. (some of the easiest moves for reduction on college out of pocket costs youll ever find. You'd be AMAZED how many folks SCREW THIS BASIC STUFF UP!!)
LETS LOOK A CHARTS. Occasionally a chart can say something interesting about where things are going. Below is the chart of ETH priced in BTC.
The price is about to hit a 2-year low. Last time it was there, it rallied sharply. After the Merge (which transitioned ETH to proof-of-stake) near the end of 2022, ETH has been down about 30% in BTC terms.
There’re a few ways we can look at this. The first thing is that the market is pricing in the tradeoffs of proof-of-stake and has punished ETH ever since the Merge. The second is that all the talk about a Bitcoin Spot ETF and institutional adoption has been very unilaterally favorable for BTC throughout 2023. There is a strong case to be made that some kind of mean reversion is possible, which means that ETH would outperform BTC.
Amongst all non-BTC crypto, I like the fundamentals of ETH the best. It has the biggest developer network and the most infrastructure to build on top of. Also, there isn’t a great need for alternative L1s when Ethereum’s ecosystem of L2s is already offering very high throughput.
For example, Solana is said to be one of the fastest blockchains. However, Arbitrum, Optimism, and Polygon – all Ethereum L2s – have a similar level of speed. Plus, a lot of the oft-repeated throughput metrics are also misleading.
Moreover, the Ethereum L2s actually have users on them. Look at these metrics from Token Terminal. Arbitrum generates about as much revenue and fees as Solana and Avalanche combined. That should tell you a lot – the fact that one second-layer of Ethereum is generating more value than these other two “ETH Killers” combined. https://seekingalpha.com/article/4657397-ethereum-has-upside
History Quiz:
HOW were they able to make CHROMIUM SULFIDE SWORDS 2400 years ago (requires 3500 Fahrenheit and special knowledge) that are still shiny and sharp when found?
https://youtube.com/shorts/incd058Lwkw?si=i73bme8lQ1XDPoBY
NOV 19TH: To answer (confidential) your question YES, GBTC is still at a 11% discount to its holdings (NAV). It looks set to run past parity and on to a premium where it has been before. In fact, GBTC has traded twice in the last 5 years at as much as a 45% premium!!! If that happens again, no only will this Christmas have "come early", but next Christmas as well. ENJOY (and please consider becoming a paid sub with your newfound proverbial "embarrassment of riches" :)
(*not financial advice. do your own due dilligence, as always)
Forgot the chart (this is NOT the price chart, but the NAV chart... showing how the discount is narrowing as the crypto bull market has taken off..) Great resource!! https://ycharts.com/companies/GBTC/discount_or_premium_to_nav
10 MINS AGO... Are You Listening?
Ark Invest's Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M
BENZINGA
10 mins ago
Ark Invest's Cathie Wood has long been bullish on the cryptocurrency space. She's still optimistic that Bitcoin (CRYPTO: BTC) could trade somewhere between $1 million and $1.5 million.
What To Know: Bitcoin has more than doubled since the start of the year as optimism surrounding a potential spot Bitcoin ETF continues to rise. Wood believes the rally in Bitcoin is just getting started.
In an interview with the Wall Street Journal this week, Wood predicted that Bitcoin would trade up to $650,000 per coin, but that's just her base case. In a bull case scenario, the world's largest cryptocurrency could be worth between $1 million and $1.5 million per coin, she said.
"Last year, a lot of people thought that the bankruptcy of FTX, Celsius and Three Arrows was going to be the end of Bitcoin. And quite the opposite happened," Wood said.
More and more people are starting to understand that FTX was a centralized organization, lacking transparency. Bitcoin is the exact opposite of that, she said.
Bitcoin is decentralized and has a network of developers watching over it, preventing fraud like what we saw with FTX, she explained.
"When FTX went down, the bitcoin blockchain didn't skip a beat, the Ethereum (CRYPTO: ETH) network didn't skip a beat. It was as though it didn't happen," Wood told the Journal.
Check This Out: EXCLUSIVE: Crypto Industry Insider Predicts Bitcoin Spot ETF In Early 2024 -- Why It's 'Not Entirely Priced In'
The Ark Invest CEO suggested that a spot Bitcoin ETF could help push prices higher. It would make it easy for the average person to gain exposure to the asset, she said.
An ETF would be regulated and offer protection. It would also be much less complicated than using Coinbase Global Inc (COIN.NaE) to buy Bitcoin, she said.
Coinbase is one of Ark's biggest holdings. At the time of writing, it was actually the top holding in the Ark Innovation ETF (ARKK.NaE) with a 9.06% weighting.
The crypto exchange is currently facing an SEC lawsuit claiming the company is an unregistered broker, but Wood isn't worried.
The SEC has been on the losing side of several similar cases and if Coinbase were to lose, she believes the company would appeal the ruling all the way to the Supreme Court, given its importance.
"We need real legislation if this truly is a new asset class, so that's really what the question is here," Wood told WSJ.
$BTC Price Action: Bitcoin is up approximately 119% year-to-date. It was last up 0.64% over a 24-hour period at $36,386 at the time of writing, per Benzinga Pro.
Read Next: Cathie Wood Slams Portfolio Managers' Index-Based Investing As She Highlights Existential Threat Google, A Top Holding, Faces From LLMs
Excerpted from Cathie Wood's recent interview on "The Raz Report"
Are you asking me to participate in capitalism? At what ultimate cost?
Update: Drinks with a Billionaire.
Starting now..
Bitcoin Demand Will 20x When This Happens in 3 Weeks,"
https://www.youtube.com/live/7_fnnVVq8gg?si=VnBsVKvdM7-rlJRb
Morning Update! BITCOIN at 44K again and looks like it wants to blow RIGHT THROUGH. The "pullback" may be over already on the way to 50k-70.
Joy
For those watching, Dogecoin looks set to roar higher on the hourly chart. Nice rising pennant formation. Nice catalyst with the Elon rocket set to launch later this month, funded in part by DOGE!!
https://www.cnbc.com/quotes/DOGE.CM%3D?qsearchterm=doge
CHECK OUT ticker BITW too!! (BITWISE 10 CRYPTO INDEX FUND, buy it like any other stock or etf)
(*not financial advice. DYOR)
MARKET PRICE 24.75, CURRENT NAV (NET ASSET VALUE) 34.49. That's called a MASSIVE discount around 30% still. IF it evaporates as has happened in previous halvening time runs, it could give you and EXTRA 30% over and obove whatever the underlying coins do (current composition is COIN Bitcoin (BTC-USD)67.60% Ethereum (ETH-USD)23.90% XRP (XRP-USD)3.40% Solana (SOL-USD)1.20% Cardano (ADA-USD)1.10% Polygon (MATIC-USD)0.60% Polkadot (DOT-USD)0.60% Litecoin (LTC-USD)0.60% Bitcoin Cash (BCH-USD)0.50% ChainLink (LINK-USD)0.50% https://seekingalpha.com/article/4640179-bitw-simpler-approach-to-crypto-diversification
NAV current discount https://bitwiseinvestments.com/crypto-funds/bitw
Mel Gibson on
"Hugging the Cactus"
Good stuff
https://youtube.com/shorts/cmNpOuqZrYQ?si=uPD7yvB3Q6q18Dqi
Too much money chasing too few goods
Reagan explains
https://youtube.com/shorts/uFi8NEoXFgg?si=c0OsYd-Wyeb2m3F0
Great review of Gold Stocks, from a fav analyst:
Ze time of pain is ending...
https://nftrh.com/2023/11/30/gold-stocks-to-rise-as-positive-leverage-returns/
Not advice, but a just bought more DOGE (on Coinbase)
You should check out the chart. It's beautiful technically
https://coinmarketcap.com/currencies/dogecoin/
AND... the catalyst on Dec 23rd may be an important driver for a quick double or more potentially.. https://www.kitco.com/news/2023-11-29/Dogecoin-prepares-for-moon-mission-as-analysts-predict-double-digit-gains.html
BONUS IDEA: For speculators looking for a alt coin with a CATALYST (Dec 23rd to be exact)
DOGE... check it out
https://www.kitco.com/news/2023-11-29/Dogecoin-prepares-for-moon-mission-as-analysts-predict-double-digit-gains.html
More on this.. (some of the easiest moves for reduction on #COLLEGE out of pocket costs you'll ever find. You'd be AMAZED how many folks SCREW THIS BASIC STUFF UP!!)
https://www.savingforcollege.com/article/how-to-shelter-assets-on-the-fafsa
Changa Saves you Money:
GOT A KID HEADING TO COLLEGE? Is your kid the primary name on ANY UGMA/UTMA savings account? These assets reduce aid by as much as 50% on the dollar saved unless you move them (perfectly legally)
USE THE FAFSA DELAY TO YOUR ADVANTAGE!
There are moves you can make to improve your college financial position if you hurry.
(Not advice. Examples only)
To reduce the impact of assets on eligibility for need-based financial aid, you can shift reportable assets from the student’s name to the parent’s name. If the money is given to the parent, it is weighed at a lower percentage but still must be calculated as a cash asset. Other strategies include shifting reportable assets into non-reportable assets and reducing reportable assets by using them to pay down debt
More on this.. (some of the easiest moves for reduction on college out of pocket costs youll ever find. You'd be AMAZED how many folks SCREW THIS BASIC STUFF UP!!)
https://www.savingforcollege.com/article/how-to-shelter-assets-on-the-fafsa